A delegation from the International Monetary Fund (IMF) will arrive in Romania on Wednesday for a two-week visit to discuss a possible loan to the crisis-hit country, the IMF said today.
'The mission that starts work on March 11 will continue assessing the macroeconomic situation and hold discussions on a potential International Monetary Fund programme for Romania,' the IMF statement said.
'The programme would be part of a pro-active, insurance-based multilateral financing package to be supported by the European Union and the World Bank, among other international financial institutions,' it added.
The announcement came as Romanian President Traian Basescu told parliament that Romania needed 'a safety belt in the form of an international loan' to see it through the global economic crisis because of high private sector debt.
Fellow former Soviet bloc nations Hungary, Latvia and Ukraine have also received billions of euros in recent months as the crisis has taken a heavy toll on once-buoyant economies in the region.
