The International Monetary Fund Board on Monday approved the first review of the precautionary up deal with Romania and will make the second tranche available, worth around EUR 480 million, people close to the matter told Mediafax.

The IMF officials evaluated Romania's performance in the first quarter, as well as reforms which the authorities have pledged to implement.

In March, Romania and the IMF signed a EUR 5 billion loan agreement, successor to a larger EUR 20 billion bailout package that ended in April this year. Under the new deal, the IMF will disburse Romania EUR 3.5 billion, while the EU and the World Bank contribute with EUR 1.4 billion and EUR 400 million, respectively. However, Romania will access the funds only in case of economic distress.

Mediafax