Conformed Copy - L3481 - Structural Adjustment Loan - Amendment 1

Page 1 July 24, 1992 His Excellency The Minister of Economy and Finance 17, Apolodor Str. Sector 5, Bucharest Romania Re: Loan No. 3481 ROM (Structural Adjustment Loan) Amendment Excellency: We refer to the Loan Agreement between Romania and International Bank for Reconstruction and Development (the Bank), dated June 2, 1992 for the above mentioned Project, and to our previous discussions on the subject of amending said Loan Agreement to increase the limit for withdrawals thereunder on the basis of statements of expenditure. We are pleased to inform you that the Bank agrees to increase such limit by amending paragraph 3 of Schedule 1 to said Loan Agreement to read as follows: "Withdrawals for expenditures under contracts for the procurement of petroleum products estimated to cost less than $1,000,000 and for other goods estimated to cost less than $5,000,000 may be required by the Bank upon the basis of statements of expenditure under such terms and conditions as the Bank shall specify." Please confirm your agreement, on behalf of Romania, with the foregoing by signing, dating and returning to us the form of confirmation on the enclosed copy of this letter. Very truly yours, /s/ Michael H. Wiehen Director Country Department I Europe and Central Asia Confirmed: by ROMANIA on 8/4/92\1a