11/03/2010 - Romania's progress towards fiscal consolidation will need to be accompanied by structural reforms.
This disbursement of €1 billion is the second instalment of a €5 billion loan as part of a multilateral financial assistance package agreed in May 2009. It follows a positive assessment by the Commission of the implementation by the Romanian authorities of the conditions attached to the Memorandum of Understandind (MoU).
>> Press release of 11 March 2010. IP/20/269. Commission pays €1 billion in Balance of Payments support to Romania
The Commission now expects Romania to implement the reforms necessary to fulfil the conditions for the disbursement of future instalments. These conditions are set out in the Memorandum of Understanding (MoU) signed on 23 June 2009 and in the Supplemental MoU signed by the Romanian authorities on 18 February 2010 and by Commissioner Olli Rehn on 22 February 2010.