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November 30, 2021

Romania will pay EUR 300 M in interests to IMF in 2011

Romania is expected to pay SDR 266 M (approx. EUR 300 M), this year, to the International Monetary Fund (IMF), representing interests on the instalments transferred by the end of December, an amount fairly similar to the amount paid up to now, and the payment of the first instalment of 2011, of about EUR 78 M, is scheduled for February 1, Mediafax reports.

At the end of December, it was announced Romania had paid the IMF interests worth approximately EUR 300 M since the signing of the stand-by agreement, and, as of August 2012, the central bank and the Ministry of Finance will start reimbursing the instalments corresponding to the actual loan. The first payment of the principal is scheduled for August 6, 2012, and will amount to SDR 546 M, the equivalent of over EUR 600 M at SDR’s current exchange rate.

Special Drawing Rights (SDR) is a currency introduced by the IMF, based on four international currencies, and is used as the currency in which the financial institution grants loans. At present, 1 SDR corresponds to approximately EUR 1.16. Romania pays an annual interest of 3.5 per cent to the IMF, applicable on the balance of draws operated to date and non-reimbursed.

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