Romania Unlikely To Tap Into IMF Funds In 2011 - Mission Head

05.09.2011 By Florentina Dragu

Romania is highly unlikely to access the funds made available through a EUR5 billion precautionary deal from the International Monetary Fund and the European Union in 2011, IMF mission chief Jeffrey Franks said Monday.

Franks said the probability for such a scenario is less than 25%, or "even below 10%."

Joint teams from the IMF, the EU and the World Bank arrived in Bucharest on April 27 for the first review of the precautionary loan agreement, successor to a larger EUR20 billion bailout package that ended in April this year.

The IMF contributes EUR3.5 billion to the new deal, while the EU and the World Bank will provide EUR1.4 billion and EUR400 million, respectively.