| Author (Corporate) | European Commission |
|---|---|
| Series Title | COM |
| Series Details | (2013) 708 final (10.10.13) |
| Publication Date | 10/10/2013 |
| Content Type | Policy-making |
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After a joint EU-IMF medium-term financial assistance programme for Romania from spring 2009 to spring 2011, during which €5 billion were disbursed on the European side and €12.9 billion by the IMF, the Council of the European Union adopted on 12 May 2011 a decision on a follow-up precautionary programme, making available EU medium-term financial assistance of up to €1.4 billion for Romania. In the second programme, which was also a joint EU-IMF programme, no funds were disbursed either by the EU or by the IMF in line with its precautionary character. On 4 July 2013, in the light of remaining risks to its balance of payments, the Romanian authorities requested a third EU medium-term financial assistance programme, again jointly with an IMF Stand-By Arrangement. The EU and IMF assistance is expected to be treated as precautionary, with no actual disbursements foreseen. On 9 July, the EFC responded favourably to this request and mandated the Commission to negotiate a new joint EU-IMF precautionary programme. From 17 to 31 July 2013, the Commission services conducted with the IMF staff a joint negotiation mission to Bucharest. Staff-level agreement on the modalities and contents of a new programme was reached. A new programme would continue to provide support to the economic programme of the government aiming, among other things, at consolidating macroeconomic, fiscal and financial stability, increasing the resilience and the growth potential of the economy, enhancing administrative capacity, reforming the tax administration and improving public financial management and control. |
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| Source Link | Link to Main Source http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=COM:2013:708:FIN |
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| Countries / Regions | Romania |
