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The European Commission and Romania sign Memorandum of Understanding (MoU) on EUR 1.4 billion pre-cautionary balance-of-payments assistance

29.06.2011 - Joint EU/IMF precautionary financial assistance requested to support the re-launch of the economic growth

In February 2011, the Romanian authorities requested a follow- up joint EU/IMF precautionary financial assistance program to support the re-launch of economic growth. The Council adopted the relevant decisions on 12 May 2011, making available precautionary EU BoP assistance of up to EUR 1.4 billion.

The programme continues the economic, fiscal and financial system reforms of the previous BoP programme (2009 – 2011). Moreover, it will address the underlying structural causes for macroeconomic imbalances. The assistance comes in conjunction with an IMF Stand-By Agreement of SDR 3.09 bn (around EUR 3.5 bn, 300% of Romania's quota), which the authorities also treat as precautionary.

The MoU was signed by Commissioner Olli Rehn, Romanian Prime Minister Emil Boc as well as the country's finance minister Gheorghe Ialomiţeanu and Central Bank Governor Mugur Isărescu.

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