Monday, 10. March 2014 - 15:03
13. 06. 12. - 19:00
The World Bank (WB) approved yesterday (Tues) an International Bank for Reconstruction and Development (IBRD) loan of EUR 1 billion for Romania.
The loan will support the Government's commitments under the EU Fiscal Compact, the World Bank said in a communique.
The EUR 1 billion is not drawn immediately by Romania, but rather is available as a fiscal buffer to be called upon if it becomes necessary, and will remain available for the next three years provided Romania follows its macroeconomic and reform programs.
The loan will support reforms which have three aims: enhance the efficiency of public spending and the Government’s revenue-raising capacity through better compliance with tax laws; improve governance of state owned enterprises in the energy and transport sectors to reduce the drain on the budget, generate savings and attract the private capital needed to modernize plants and increase their competitiveness, and pursue the liberalization of energy markets; and enhance the quality of public health care by reducing unjustified outlays and reallocating resources to high-return preventive care and health promotion programs.
"Romania has made good progress in stabilizing the macro-economic and fiscal framework and putting the country on a growth path, despite the challenging economic environment throughout Europe today," said Philippe Le Houérou, World Bank Vice President for Europe and Central Asia. "We commend the new government on continuing the path of stability and confidence through structural reforms, and modernization of the public administration. The Bank is looking forward to continue its partnership with Romania to provide its expertise for sustainable and inclusive growth, and for EU convergence."
The WB loan contributes to the Government’s fiscal buffer created in response to continuing turbulence in export and financial markets. It is following the successful implementation of a series of three Development Policy Loans totaling EUR 1 billion that contributed to Romania’s macroeconomic stabilization and crisis management program as part of a multilateral package of EUR 20 billion co-financed with the International Monetary Fund and the European Commission, in 2009-11.
National History Museum shows ancient gold coins returned from UK
The Romanian National History Museum in Bucharest has exhibited a rare collection of ancient gold coins that had vanished and have now been returned from the UK where the customs had held them.
Romanian woman gives a birth for free in Serbian hospital and then leaves a baby
Hospital staff in the northern Serbian town of Pozarevac where shocked when a Romanian woman entered there, gave birth and then secretly left abandoning the baby.
Arctic opens a new fridge production line in Gaesti
Romanian company Arctic has opened a new fridge production line in the town of Gaesti in the south of the country.
Romanian businessmen discuss cooperation with Oman
Businessmen representing Romanian companies will stay in Oman for two days discussing possible ways of cooperation between the two countries.
Serbia is a homeland of vampires, not Romania, claims American journalist
An American journalist has revealed the homeland of vampires is Serbia, not Romania.
Simona Halep wins a tournament in Sofia
Romanian tennis star Simona Halep has won the WTA tournament in Sofia, the capital of Bulgaria.
Emil Constantinescu meets president of Azerbaijan
Former President of Romania Emil Constantinescu has met the president of Azerbaijan Ilham Aliyev in Baku
Architect of Romanian Parliament Palace dies
The Architect of the Parliament Palace in Bucharest has died.
Solar farm completed near Brasov
French company Voltec Solar have copleted a 2.5 MW solar farm in Romania near the city of Brasov.
Hungarian minority protests in Szekely
The Hungarian minority protested on Sunday demanding autonomy for the Szekely area.
The most popular stories –
last 7 days