Finance Ministry will have to refinance EUR 4 bln local debt, survey finds

Business, Daily News | | September 7, 2010 at 2:02 pm

The Romanian Finance Ministry will have to refinance a EUR 4 billion  debt in 2011, found a survey issued by ING Bank. The country’s public debt fell to EUR 41.2 billion in June from EUR 41.5 billion a month earlier. Most of the public debt – over 40 percent was in local currency. Romania had EUR 466 million in general arrears end of June, which was double on what it had agreed with the International Monetary Fund under the two-year standby financing agreement.

The country pledged to reduce its government arrears down to EUR 111.8 million by year-end and reach zero debt by the end of the IMF program in 2011. The IMF has recently expressed concerns over Romania’s Government arrears.

romania-insider.com

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