Financial Assistance

A core responsibility of the IMF is to provide loans to countries experiencing balance of payments problems. This financial assistance enables countries to rebuild their international reserves; stabilize their currencies; continue paying for imports; and restore conditions for strong economic growth. Unlike development banks, the IMF does not lend for specific projects.

IMF Facilities

Over the years, the IMF has developed various loan instruments, or "facilities," that are tailored to address the specific circumstances of its diverse membership. Low-income countries may borrow at a concessional interest rate through the Poverty Reduction and Growth Facility (PRGF) and the Exogenous Shocks Facility (ESF). Non-concessional loans are provided mainly through Stand-By Arrangements (SBA), and occasionally using the Extended Fund Facility (EFF), the Supplemental Reserve Facility (SRF), and the Compensatory Financing Facility (CFF). The IMF also provides emergency assistance to support recovery from natural disasters and conflicts, in some cases at concessional interest rates. As part of its Medium-Term Strategy, the IMF has been considering a new financing instrument designed for emerging market countries that have strong economic policies, but that remain vulnerable to shocks. The instrument would provide a substantial, contingent line of financing to help support confidence and reduce the risk of a crisis.

Since 1972, Romania has used the IMF resources on eleven occasions (detailed below) in support of the Government´s Economic Programs. On July 7, 2004 the Executive Board of the International Monetary Fund (IMF) approved the tenth arrangement, a 24-month Stand-By Arrangement for an amount equivalent to SDR 250 million (about US million). The Romanian authorities did not intend to make any drawings and they were treating the arrangement as precautionary.
On May 4, 2009 the IMF Board approved a Stand-by Arrangement for a period of 24 months, in the amount equivalent to SDR 11.44 billion (EUR 12.95 billion). The arrangement was in conjunction with EU's balance of payment financing facility of EUR 5 billion, EUR 1 billion form the World Bank and aprox. EUR 1 billion form other multilateral commitments.

Total Fund credit and loans outstanding at end-October 2009 amounted to SDR 6088 million, 690.95% of quota.

Type of Arrangement	Approval Date	Expiration or Cancellation Date	Amount Approved (SDR million)	Amount Drawn (SDR million)
Stand-by	10/03/75	10/02/76	95.0	95.0
Stand-by	09/09/77	09/08/78	64.1	64.1
Stand-by	06/15/81	01/14/84	1,102.5	817.5
Stand-by	04/11/91	04/10/92	380.5	318.1
Stand-by	05/29/92	03/28/93	314.0	261.7
Stand-by	05/11/94	04/22/97	320.5	94.3
Stand-by	04/22/97	05/21/98	301.5	120.6
Stand-by	08/05/99	02/28/01	400.0	139.75
Stand-by	10/31/01	10/15/03	300.0	300.0
Stand-by precautionary	07/07/04	07/07/06	250.0	0*
Stand-by	05/04/2009	03/15/2011	11443	6088

* the amount drawn is 0 because it was a precautionary SBA. However, the arrangement has not been finalized and it expired in July 2006, with only one review completed in September 2004.