EU, IMF, World Bank Head To Romania Jan 20 To Review Bailout

The three lenders will spend a week in Bucharest studying the country's 2009 fiscal performance and the government's delayed 2010 budget plan. The commission, the European Union's executive arm, said a positive assessment will allow it to give Romania a further EUR1 billion, the second part of its EUR5 billion share of the aid package. The commission and the IMF in August agreed to loosen their budget requirements for Romania to avoid deepening the country's economic problems. The lenders said Romania could have a budget deficit of 7.3% of gross domestic product in 2009, well above the 4.6% agreed when the country's bailout was arranged last spring. For 2010, the lenders want Romania to reduce its deficit to 5.9% of GDP.

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