Romania in line to receive EUR20 billion IMF package.

Romania could receive about €20bn in an International Monetary Fund-led (IMF) rescue package as the result of negotiations between Bucharest and the IMF due to resume tomorrow.

The multilateral support package, aimed at averting an economic crisis in one of the European Union's poorest member states, is likely to be similar in size to the €20 billion made available to Hungary in November, according to an official familiar with the issue.

A delegation from the 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.

'"The program would be part of a pro-active, insurance-based multilateral financing package to be supported by the EU and the World Bank, among other international financial institutions," it added.

Romania will also ask the EU for financial help to balance its budget this year, the EU's top economy official said on Monday. EU Economic and Monetary Affairs Commissioner Joaquin Almunia would not estimate how much Romania might need. The EU's 27 nations have up to €25 billion to lend to member states in trouble that don't use the euro currency. The bloc has already spent €9.6 billion bailing out Hungary and Latvia.