Romania to get €20 billion in rescue loans

Crisis-hit Romania will receive €20 billion in rescue loans from a group of lenders led by the International Monetary Fund, officials said Wednesday. Jeffrey Franks, the head of the two-week IMF mission to Romania, told reporters that the IMF had agreed to a two-year bailout loan of €12.95 billion ($17.49 billion). The first part, €5 billion, will be available in the summer. Franks said another €5 billion will come from the European Union, €1.5 billion from the World Bank, and the rest from the European Bank for Reconstruction and Development.