Romania Likely To Seek New Loans

resizer134Romania’s Finance Minister says Romani will probably soon start negotiations with the International Monetary Fund or the European Union for a grant aimed at protecting its slowing economy from the global financial crisis.

“It is better to avoid a crisis, than to face it. And no loan is too expensive if we have to secure financial stability for Romania”, Georghe Pogea said in an interview. 

He suggested that the Balkan country has only two options, to get a loan from the IMF or to get a loan from the EU. He did not elaborate further . Economic analysts say Romania should be the next east European country after Hungary and Ukraine to ask for international assistance programmes.

They say that the country needs around 10 billion euros for short-term debt servicing and to cover public spending. Romania’s economy is expected to slow to less than 2 percent growth in 2009, down from last year’s buoyant growth rates of 8-9 percent.

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