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FinMin Pogea: European Community to disburse loan in five instalments by 2011

Bucharest, June 30 /Agerpres/ - The Government approved at its meeting on Tuesday and urgent ordinance on the ratification of the Memorandum of Understanding between the European Community and Romania signed in Bucharest and Brussels on June 23 and of the Loan Agreement worth up to five billion euros between Romania as the borrower, the National Bank of Romania as the Borrower's Agent and the European Community as the lender signed in Bucharest and Luxembourg on June 18 and 23 respectively.

Public Finances Minister Gheorghe Pogea said in the beginning of the meeting the Executive had taken all the steps with a view to achieving the external financing package worth 20 billion euros, of which five billion euros from the EC.

'It is necessary that we approve it (the memorandum - editor's note), with the first instalment to arrive at the end of July. There will be five loan instalments for the five billion euros', Pogea explained.

The minister announced that the 'most substantial' instalment will be the one to arrive at the end of July, worth 1.5 billion euros, the second instalment will be one billion euros in the fourth quarter, the third instalment worth 1.150 billion euros will be in Q3 of 2010, the fourth instalment worth 1.2 billion euros will be in Q4 of 2010 and the last 150 million euro instalment will arrive in Q2 of 2011.

Prime Minister Emil Boc thanked 'the colleagues' for the manner in which they 'got involved and discussed the achievement of this loan agreement with the EC on each of its components'.

The Government also approved a draft urgent ordinance on the ratification of the financing contract between Romania and the European Investment Bank relating the municipal infrastructure for the protection of the environment.

Pogea explained that the financing contract between Romania and the EIB was signed on Oct. 30, 2008 in Luxembourg. 'The urgent ordinance merely ratifies this financing contract', he stressed.

The Government also approved the annual general account for the implementation of the 2008 state social security budget, the annual general account for the implementation of the 2008 unemployment security budget and the annual account for the state budget implementation, the annual account for the implementation of the budget of the single national social health insurance fund and the annual general account of the 2008 debt.

 

Sursa: http://www.rompress.ro

Tags: euros instalment annual account pogea billion community worth romania european euro

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