Romania will receive 1.5 billion euro from the European Commission

The European Commission will deliver a first installment, of 1.5 billion euro, of the total of 5 billion euro loan for Romania by the end of July, Romanian Finance minister Gheorghe Pogea declared on Tuesday.

The executive ratified the agreement with the Commission for the agreed loan. Romania will receive the money from the Commission in five installments until 2011. This year, Romania will receive 2.5 billion euro. The third installment, of 1.15 billion euro will be transferred in the second quarter of 2010 and the fourth installment, of 1.20 billion euro, in the fourth quarter of 2010. Finally, the last 150 million euro will be sent in the second quarter of 2011.

The money are meant for the Finance ministry to cover the budgetary deficit.