Romania: Balance-of-Payments Assistance Programme 2013-2015

Following Romania’s request on 4 July 2013 for a third balance-of-payments programme, and the Commission’s preliminary assessment, the EU’s Economic and Financial Committee agreed on the opening of negotiations in its meeting on 9 July 2013. The ensuing staff mission (17-31 July) reviewed the macro framework, agreed on the mid-year budget adjustment, and negotiated the conditions for, and the modalities of a new programme.

Agreement was reached on a 2-year programme providing precautionary support of up to 4 billion euros (equally split between the EU and the IMF). The Economic and Financial Committee (EFC) agreed on the content and modalities of a new programme on 3 October and the EU's Council of Ministers approved the decisions underlying a programme on 22 October.

• Primary Source

ESO: Background information: Overall assessment of the two balance-of-payments assistance programmes for Romania, 2009-2013 http://www.europeansources.info/record/overall-assessment-of-the-two-balance-of-payments-assistance-programmes-for-romania-2009-2013/

ESO: Background information: Memo: Statement by the IMF and the EC on Joint Discussions on a New Economic Program for Romania http://www.europeansources.info/record/memo-statement-by-the-imf-and-the-ec-on-joint-discussions-on-a-new-economic-program-for-romania/

ESO: Background information: Proposal for a Council Decision providing precautionary EU medium-term financial assistance to Romania http://www.europeansources.info/record/proposal-for-a-council-decision-providing-precautionary-eu-medium-term-financial-assistance-to-romania/

---