A Supplemental Memorandum of Understanding (SMoU) in the context of the Balance of Payment (BoP) assistance to Romania was signed by the Romanian authorities on 18 February 2010 and by Commissioner Olli Rehn on 22 February 2010.
The SMoU complements the Memorandum of Understanding signed in June 2009, which sets out the economic policy criteria for EU medium-term financial assistance. The signature of the SMoU paves the way for the second disbursement of €1 billion by mid-March 2010.
The SMoU reflects the continued commitment of the Romanian authorities to rigorously implement the agreed macro-financial stability programme and to adopt fiscal governance, financial market and structural reforms in a timely manner. Such reforms are essential to enhance medium term prospects for job creation and growth, allowing the resolution of the imbalances that have worsened the effects of the crisis and permitting the Romanian economy to catch up with the European mainstream. With these objectives in mind, the EU will continue to work closely with the Romanian authorities and the IMF to ensure a successful implementation of the economic reform program and a timely repayment of the loans provided within the context of the multilateral financial assistance package.
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Balance of payments assistance for Romania
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The financial and economic crisis - facts and policies