EC approves loan for Romania while IMF delays

Yesterday, the European Commission submitted an official request to the Council of EU Finance Ministers to approve a loan for Romania, and these are due to meet on 5 May to approve that loan. “The European Commission agreed today to propose to the Council that medium-term financial assistance be offered to Romania in the amount of €5 billion,” according to a European Commission press release. “Support offered by the EU will allow Romania to get back on a path of solid and sustainable convergence,” according to a declaration yesterday by Europe’s Commissioner for Economic and Monetary Affairs, Joaquin Almunia.