The International Monetary Fund(IMF)
approved a standby loan of nearly 2 billion euros to match a backup loan of
the same size requested from the European Union.
The IMF loan is a
two-year standby arrangement for 1.98 billion euros, to give the government
space to continue reforms.
Romania has progressed under economic programs supported by
two previous IMF standby loans, the Fund said, cutting its fiscal deficit and
shortfalls in external accounts, and launching other structural reforms.
"The economy
is still vulnerable to external shocks, including volatile capital flows, and
the reform agenda remains unfinished," said Nemat Shafik, IMF first deputy
managing director.
However, the IMF
said the Romanian economy had not rebounded to its pre-crisis level.
