EU Commission disburses Romania 1 bln euros in balance of payments support
Date: 12-03-2010
The European Commission disbursed on Thursday 1 billion euros to Romania, the second instalment of a 5 billion euros loan, which was agreed in May 2009 as part of a multilateral financial assistance package, the EU executive announced in a press release. The disbursement to Romania follows a positive assessment by the Commission of the implementation by the Romanian authorities of the conditions agreed in the Memorandum of Understanding.'I am happy to report that Romania has complied with the policy conditions for the second EU disbursement. The financial assistance by the EU, the IMF and other international financial institutions has helped Romania overcome the worst of the economic and financial crisis,' said Economic and Monetary Affairs Commissioner Olli Rehn. 'Progress made towards fiscal consolidation needs to be accompanied by structural policy reforms, including the adoption and implementation of the fiscal responsibility law and the revised pension legislation,' he added.
The EU now expects Romania to implement the reforms necessary to fulfil the conditions for the disbursement of future instalments. These conditions include the adoption and implementation of the fiscal responsibility act, the unified pension law and the follow up legislation to the unified wage law adopted in October 2009, Agerpres informs.
All these actions are necessary to enhance medium term prospects for job creation and growth, allowing the resolution of the imbalances that have worsened the effects of the crisis and permitting the Romanian economy to catch up with the European mainstream, the release said..
