EC agreement with Romania was signed
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The European Commission and Romanian authorities reached an agreement on a EUR5 billion balance-of-payments loan, which can help Romania face the current financial crisis.
The agreement is part of the EUR20 billion external financing program coordinated by the International Monetary Fund.
The document was signed by the European commissioner for Economic and Monetary Politics, Joaquin Almunia, premier Emil Boc, minister of Finances, Gheorghe Pogea and NBR governor, Mugur Isarescu.
Romania and the European Commission signed the Memorandum of Understanding (MoU) on the medium-term loan, according to the statements issued by EC, on Tuesday.
The MoU sets the terms for the release of EU financial aid to Romania, starting with a first EUR1.5 billion installment, given in July.
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