Half of the money will come from the IMF, subject to approval at a board meeting scheduled for this fall, Schaechter told a news conference.
The agreement will be signed for two years and the authorities in Bucharest will treat the deal as precautionary, meaning they do not plan to draw on the available funds.
This will be Romania’s third financial agreement with its international partners, following the completion of two loan programs unfolded between April 2009 and June 2013.
Romania made significant progress in the past four years and its international programs have helped reduce the country’s fiscal imbalances, which translated into lower CDS spreads and better yields, Schaechter said.
However, macroeconomic stability alone is not enough to fuel a sustainable growth and Romania must carry on with structural reforms, the IMF official said.
“Financial sector policies will seek to strengthen bank balance sheets, in particular, by addressing the banks’ sizable non-performing loans, so as to support credit growth and the economic recovery,” Schaechter said.