Loading ...The arrangement with the International Monetary Fund (IMF) will be sheltering Romania for the next three years, Chief Economist of Banca Comerciala Romana (BCR) Lucian Anghel told a specialist conference on Thursday.
'Romania has a far better IMF arrangement than Hungary's.
'Romania has a far better IMF arrangement than Hungary's.
I think Romania will n the end draw less money than the available amount, but it is essential that we focus on long-term projects and find the strength to avoid the short-term ones. In these times, it is necessary that each of us think about how to save money, to find savings instruments, instead of lending instruments. Big banks have to continue their support for the economy, and Banca Comerciala Romania will continue lending,' said Anghel.
The conference on the housing, security and protection needs of the citizens organised by Banca Comerciala Romana under a banking and finance information and education programme called 'Minute realities, between needs and solutions,' synthesized a series of information about the current state of the economy.
'The year 2009 will be quite a difficult year for us all, because the current situation is occurring after eight years of economic growth and we are not accustomed to such developments. The consumption patterns of the citizens will change, but a quarter of Romania's banks will continue to provide lending to support the economy,' said Anghle.
Romania is to receive external foreign assistance worth 19.95 billion euros that covers 2 years.The International Monetary Fund will grant a loan of 12.95 billion euros; the European Union will contribute 5 billion euros, the World Bank 1.5 billion euros, and other financial institutions will provide another 1 billion euro.
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