Commission pays 1.5 billion in Balance of Payments support to Romania
The loans back the implementation by the two countries of fiscal, financial and structural adjustment programmes...
The European Commission on Monday paid a first instalment
of €1.5 billion to Romania part of a Balance of Payment loan agreed by
the EU. On the same day, it also paid a second instalment of €1.2
billion to Latvia (see IP/09/1194). The loans back the implementation
by the two countries of fiscal, financial and structural adjustment
programmes turned necessary by the global economic crisis.
"The balance-of-payment loans provide vital support by the EU for those among its members severely affected by the financial crisis and major imbalances. They underline the EU commitment to help overcome the crisis which, among other measures, is also visible in the increased advance payments through the European structural funds," said European Economic and Financial Affairs Joaquín Almunia, adding: "I am happy that the EU has now been able to raise at very favourable terms the €2.7 billion necessary to assist Latvia and Romania which takes to €9.2 billion the amount raised in the markets for medium-term financial assistance purposes since December 2008."
"The balance-of-payment loans provide vital support by the EU for those among its members severely affected by the financial crisis and major imbalances. They underline the EU commitment to help overcome the crisis which, among other measures, is also visible in the increased advance payments through the European structural funds," said European Economic and Financial Affairs Joaquín Almunia, adding: "I am happy that the EU has now been able to raise at very favourable terms the €2.7 billion necessary to assist Latvia and Romania which takes to €9.2 billion the amount raised in the markets for medium-term financial assistance purposes since December 2008."
