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World Bank – first installment of the loan provided to Romania

World Bank (WB) approved, a few days ago, a first loan, amounting to EUR 300 M (USD 423 M), within a financing program for Romania, worth EUR 1 bln, in order to help mitigating the effects of the global economic crisis and the resumption of the economic growth and convergence process, as ‘Ziua' newspaper informs.

We remind that the funds from WB are included in the external financing package, amounting to nearly EUR 20 bln, contracted by Romania from IMF, EC and WB.

"This loan supports the implementation of the governmental program to consolidate the management of public expenditures, to diminish the impact of crisis over poor and vulnerable persons, as well as to minimize the risks triggered by crisis on the national financial sector, by approaching the existent and potential vulnerabilities and by consolidating the regulation and consolidation process, with the view of long term supporting a more resistant financial sector, working better," according to a press release by Benoit Blarel, head of WB office in Romania.

On the other side, WB launched, on the same day, the new Partnership Strategy with Romania, a document drafted on the basis of consultations with the Government, laying down the terms to represent the fundament for the activity of the financial institution in the local market over 2009-2013 and support to fight against crisis.

On the other side, Romania will have to contribute, to the EU budget, with EUR 10.2 bln, over 2007-2013, whereas the Structural Funds it has access to are almost double, amounting to EUR 19.67 bln according to the EC data, cited by the World Bank, Realitatea.net informs.

"During 2007-2013, Romania has EUR 19.67 bln budgeted by the EC, out of which EUR 19.21 bln are allotted to Convergence objective and EUR 460 M for the European Territorial Cooperation objective, based on Romania's Partnership Strategy of the World Bank, citing EC data.

The national co-financing amounts to EUR 5.53 bln, which raises the financing required by the cohesion policy to EUR 25.2 bln, over the seven years.

WB recommends Romania to maintain its pension budget deficit to less than 15 pc of GDP

Romania needs to maintain its pension budget deficit to less than 1 per cent of GDP or to identify financing sources for it in case that "deficit widens temporarily as a result of justified policies," according to World Bank Partnership Strategy with Romania over 2009-2013, Realitatea.net informs.

"The Government plans new reforms of the pension system, to improve the fiscal sustainability of the public pills and to increase the capitalization of the privately administered pensions. In order to improve the situation of the public pension system, the contributions for social assistance advanced by 3.3 per cent in 2009," the document reads.

Within the external financing document concluded by Romania with the international financial institutions, reforms are provided for aiming at consolidating the pension system, such as adjusting to inflation or the increase and harmonization of the retirement age. These measures also address the re-stabilizing of the contribution level at pillar II, the privately administered pension system, to which nearly 3.5 million employees contribute.

 

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Tags: romania pension financing world

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