Romania gets 2 billion euro IMF standby aid

9/30/2013
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. 
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