EC conditions loan to Romanian authorities' commitment to consolidate fiscal policy

The European Commission announced on Wednesday that it will offer Romania a loan to improve the macro-economic situation and support its balance of payments, a common European Commission and EU Presidency press release reads. However, the financial assistance is conditioned to a commitment ruling that Romanian authorities must ensure macro-economic and financial stability and consolidate its fiscal policy.

The Commission is currently undergoing consultations with both Romanian authorities and the IMF to elaborate a common approach to improve Romania’s macro-economic situation and support its balance of payments by a pro-active, multilateral financing pack, the press release reads.

EC representatives point out that Romania needs to mobilize all interested parties and make use of all political instruments in order to ensure a macro-economic and financial stability and consolidate the fiscal policy.

However, the press release does not mention the exact sum that Romania will receive. An IMF delegation is currently in Bucharest to talk about a multilateral financing program sustained by the EU and the World Bank, as well as other international financial institutions.