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Romania to Sign EU Bailout Loan Monday
World | June 18, 2009, Thursday // 20:32
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President of Romania's Senate, Mircea GeoanДѓ, announced the Romania-EU bailout loan will be signed Monday. Photo by EPA/BGNES
Romania is going to sign Monday with the EU the contract for a bailout loan, according to Mircea GeoanДѓ, President of the Romanian Senate.
GeoanДѓ is quoted by the BGNES news agency as saying Thursday in Brussels that the singing of the bailout aid should proceed as scheduled on Monday, June 22.
According to GeoanДѓ, Romania must receive the first transfers of EU bailout aid in the second part of July.
At the end of March, Romania signed an accord for roughly EUR 20 B in bailout aid. The EU is contributing EUR 5 B. EUR 12,95 B are to come from the IMF, EUR 1,5 B - from the World Bank, and about EUR 1 B - from other international financial institutions.
The interest paid by Romania will be 3,5 percent per year so the two-year credit is supposed to be paid back by 2015 at the latest, according to the agreement.
The bailout loan is aimed at restoring faith in the economy, propping up the exchange rate, helping with the deficits and with the lending resumption and supporting small and medium-sized companies through banks.
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