Romania Secures Massive Bailout Aid

International lenders will disburse some EUR20 billion (USD27 billion) to help Romania cover its budget deficit amid the weakening global economy. Of the sum, according to

, EUR13 billion will be released by the International Monetary Fund. The European Union, World Bank and European Bank for Reconstruction and Development will provide the rest of the sum. The

said its assistance for Romania will target reforms in the public and financial sectors as well as strengthen the nation's social protection system. Meanwhile,

is looking at investing some EUR1 billion in Romania over the next two years, half of which will be earmarked to boost the financial sector.

About the author

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    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.