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World Bank: first loan worth 300m euros, transferred to Romania

The first loan extended to Romania from the World Bank worth 300 million euros has been transferred on Tuesday to the Finance Ministry.

The World Bank confirmed Agerpres that on Tuesday the transfer representing the first loan, worth 300 million euros, out of the 3-loan programme, totally worth one billion euros was made. The funds from the World Bank are destined to support governmental reforms in the fiscality sector, social protection and the financial sector. As the preamble to the agreement on the first loan for social policies shows, the goals of the reform are the consolidation of the public spending management system, establishment of a buffer for curbing the impact of the crisis on poor and vulnerable population and curbing the risks of a crisis in the financial sector.

The first loan, designed to contribute to curbing the effects of the global economic crisis and help Romania to resume the process of growth and convergence to the European Union, was approved by the World Bank's Board on July 16.

On Monday the World Bank's delegation might come to Bucharest to discuss the conditions in which they will extend the second loan for development policies but only after Romania's setting up of a new government, approved by Parliament.

Sursa: http://www.agerpres.ro

Tags: romania euros worth first world

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