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January 25, 2022

Romania-WB negotiations for EUR 1 bln loan

Romania and the World Bank (WB) are in talks over a EUR 1 bln credit line to support the Balkan nation’s budget, the bank’s country manager Francois Rantrua said for Bloomberg, quoted by Mediafax. Prime Minister Emil Boc’s government, which is carrying out an austerity program, is negotiating with the Washington-based lender the terms of the precautionary accord, which will let it to decide at a later stage whether to draw from the funds or not, Rantrua said and he continued: “The duration of the credit line can be as long as three years.” WB will join the International Monetary Fund and the European Union in a precautionary agreement with Romania, signed in March, once the credit line is approved. The IMF and the EU set aside EUR 5 bln for the government to access on in case of market turmoil. Romania hasn’t drawn any money so far.

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