BUSINESS

Romania repays over 1.56 bn euros to IMF, EU and WB since start-2015

Romania has repaid, since the start of this year, over 1.567 billion euros to the International Monetary Fund (IMF), European Union and World Bank, in the account of the stand-by loan taken out in 2009, according to data released by the Ministry of Public Finance.

The bulk of the money, over 1.546 billion euros respectively, was paid on January 1 to the EU, of which 1.5 billion euros represented capital repayments, and 46.2 million lei – interest rates and fees. On February 1, the Romanian state paid 18.3 million lei to the World Bank (interest rates and fees), and on February 5 it paid 3 million euros to the IMF (interest rates and fees).

The total sum that Romania has to repay to the three financial institutions amounts to some 1.860 billion euros in 2015.

The repayments are made in the account of the financial package extended to Romania by the international creditors in 2009, which has a total value of 19.95 billion euros. In 2009, Romania initialed a 24-month stand-by loan of 12.95 billion euros with the IMF, part of a support package worth 19.95 billion euros from the IMF, EU and the World Bank. Of this arrangement with the IMF, Romania has taken possession of seven of the eight installments stipulated, in the amount of 10.57 billion SDR (approximately 11.9 billion euros).

The eighth installment was considered, at the request of the Romanian authorities, of cautionary type and, in the context of a favourable macroeconomic context, has not been used.

 

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