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Government approves emergency ordinance to receive the last installment from the EC

The Government on Wednesday adopted an emergency ordinance concerning the ratification of an additional memorandum of understanding (the 4th addendum to the memorandum of understanding) between the European Commission and Romania concerning the payment of a last disbursement of 150 million euros of a 5-billion-euro financial assistance extended to Romania in 2009, Finance Minister Gheorghe Ialomitianu told a news conference on Wednesday.

'As you may know, Romania has received EU financial assistance worth 5 billion euros that was paid out in installments that become due in more than seven years each, on the average. We are currently in a final phase where the last disbursement of 0.15 billion euros is to be received. The money is to remedy the government deficit and pay public debt,' said Ialomitianu.

He also said the Government met the requirements for the disbursement, which entailed fiscal consolidation and the continuation of reforms.

'We are talking about a government deficit of 4.4 percent in 2011, staying within a public pay envelope of RON 39 billion, and prudence about payment arrears. Cutting the arrears is also a target in the arrangement with the International Monetary Fund (IMF); all these targets have been achieved, so there is no problem with the last disbursement of the loan from the European Commission,' said Ialomitianu.

One month ago, Romania received a fourth disbursement, worth 1.2 billion euros, to help the Government with the balance of payments, out of the total loan worth 5 billion euros approved in May 2009 as part of a multilateral financial assistance package extended by the European Commission (EC) the IMF and the World Bank.

Sursa: http://www.actmedia.eu

Tags: billion government euros disbursement euro

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