The International Monetary Fund is freeing some USD1.17 billion under its 24-month standby arrangement with Romania. The amount brings total disbursements under the program to USD16.12 billion.

Romania is seeking a precautionary loan agreement with IMF and the European Union, which reports say could amount to about euro3.6 billion (USD4.65 billion), The Associated Press reports. Gheorghe Ialomitianu, the country’s finance minister, said Romania will only access the funding if needed.

About the author

  • Ma. Rizza Leonzon

    As a former staff writer, Rizza focused mainly on business coverage, including key donors such as the Asian Development Bank and AusAID.