In April 2011, Romania secured EUR5 billion in financing from the International Monetary Fund and the European Union, the second such package following a EUR20 billion bailout received during 2009-2011. The new deal is supported by a EUR400 million credit line from the World Bank.
The eastern European country has treated the new agreements as precautionary and hasn’t drawn any funds so far.
Earlier this year, the Finance Ministry said it was seeking an additional safety net under the form of a EUR1 billion credit line from the World Bank at an interest rate of 0.25% a year. The loan, maturing in three years, would be used if borrowing costs on international markets become prohibitive, it added.
The World Bank’s board will meet mid-June to decide whether to approve the loan.