Commission asks Council to provide a medium-term loan to Romania as part of coordinated multilateral financial assistance
The European Commission today agreed to propose to the Council to provide medium- term financial assistance to Romania of up to €5 billion.
article created 21 April 2009 The financial assistance is conditional upon the implementation of a comprehensive economic programme to which the Romanian authorities committed to and which will, ultimately, put the Romanian economy on a sound and sustainable footing.
"EU support to Romania underlines our solidarity to our Member States. In return, the support is conditional upon the implementation by the Romanian authorities of a major programme of fiscal, financial and structural adjustment. This will ultimately put Romania in a position to return to a sound and sustainable convergence path, " said European Economic and Monetary Affairs Commissioner Joaquin Almunia.
The proposed medium-term financial assistance to Romania will consist of a European Community loan under Council Regulation 332/2002. The proposal is expected to be on the agenda of the next meeting of the EU finance ministers on 5 May.