World Bank approves EUR 300 million loan tranche for Romania

The World Bank on Thursday approved the disbursement to Romania of a EUR3 00 million installment of its EUR 1 billion financial loan aimed to support structural reforms in key economic and social areas. This is the second tranche of the loan, which is part of a larger EUR20 billion International Monetary Fund-led financial package Romania secured early 2009 to cope with the effects of the recession. So far, Romania has received EU R10.7 billion in IMF money, EUR 3.65 billion from the European Commission and another EUR 600 million from the World Bank. The Romanian government has recently announced plans for a follow-up agreement once the existing financing arrangement one expires in the coming months. Mediafax