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IMF Board first review under Stand-by arrangement with Romania due on June 27

The Board of the International Monetary Fund (IMF) will hold on June 27 the first meeting for the review of the new Stand-by arrangement with Romania, the schedule published on the institution's website informs.

Romania's precautionary Stand-By arrangement with the IMF began on March 31, 2011 and amounts to SDR 3.1 billion, or 3.6 billion euros respectively, representing approximately 300 pct of Romania's share with the IMF.

The new arrangement with the IMF spans 24 months and will run concomitantly with a new EUR 1.4 bln precautionary agreement with the EU, as well as with a EUR 0.4 bln loan agreement with the World Bank.

Since this is an agreement of a precautionary type, the money from the IMF can be drawn only in an exceptional situation, such as an attack on the national currency triggered by a crisis in the region that results in a large loss of reserves and of trust, or if the Treasury fails two - three times to get financing at acceptable costs. Under these circumstances, the entire amount the Fund will make available to Romania based on the new precautionary arrangement is intended for Romania's National Bank (BNR).

Head of the IMF mission to Romania, Jeffrey Franks, announced in early May that he would propose the IMF Board that the first tranche of the loan worth EUR 475 million euros is made available to Romania.

Sursa: http://www.agerpres.ro

Tags: romania arrangement stand board first bnr

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