Romania, IMF Sign €475M Loan Fund Deal

Romania and the International Monetary Fund (IMF) have signed a deal to make available €475 million in funds under its new precautionary loan, Taipei Times reports. The fund’s board will make available the first installment of the €5 billion precautionary accord with the IMF and the European Union after Bucharest meets its quarterly budget-deficit target.

The government does not plan to draw the funds, which will be stored in Washington for emergency withdrawal. The government plans to offload minority stakes in its utilities, Transgaz and Transelectrica, and oil company, OMV Petrom, to finance investments.

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