The disbursement of the other installments depends on Romania's compliance with a series of measures and goals set by the European Commission. Some of these measures include reducing the budget deficit, freezing salaries and making redundancies in the public sector, increasing pensions in keeping with the inflation rate and increasing the retirement age.
This year, the Romanian government must adopt the Single Payment System Law for employees of state institutions and the Fiscal Code, reform the pension system and improve the tax collecting system.
The loan granted to Romania by the European Commission is meant to redress the balance of payments and is part of a 20 billion foreign funding agreement, co-ordinated and supported by the IMF, the EU, the World Bank and the European Bank for Reconstruction and Development. The funds will be used by Romania to overcome the current global economic crisis.