International Monetary Fund Approves $17.1 Billion Loan for Romania
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The International Monetary Fund has approved a $17.1 billion loan to Romania to cushion the effects of the sharp drop in capital inflows caused by the global financial crisis.
The two-year loan is part of a larger $26.4 billion package to which the European Union, the World Bank and the European Bank for Reconstruction and Development are contributing, among others.
The IMF says $6.6 billion of its loan will be immediately available, and the rest will be paid in quarterly installments subject to the IMF's review of Romania's economy.
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The IMF commended Romania on Monday for developing a comprehensive program to rebalance its own economy.