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Theodore Ahlers: WB further supporting Romania

The World Bank continues to fully support Romania in its efforts to deal with the economic and financial crisis in close cooperation with the European Commission and the IMF, and also to advance the reform program for sustainable and equitable growth in the medium term, said the World Bank's Operations Director for Europe and Central Asia, Theodore Ahlers, who met the Romanian authorities on Wednesday, in Bucharest, on the occasion of the arrival of the new Country Manager in Romania, Francois Rantrua.

A World Bank mission led by Swati Ghosh is visiting Romania over Jan. 20 - 27, 2010, concomitantly with International Monetary Fund and European Commission teams to discuss progress made with the reform program supported by the World Bank and assess whether the conditions are met for the grant of the second Development Policy Loan (DPL2).

During talks with Romanian authorities, the World Bank experts will focus on the reform of the public sector, including the implementation of the Law on the unitary pay system, of the ‘collect-as-per-contribution pension system, social assistance, as well as financial sector reforms.

Between 1991-2009, the World Bank provided support for about 55 operations that involved a total commitment of approximately USD 6 billion. The WB-financed portfolio in Romania comprises 13 active projects totaling a net commitment of 1.13 billion USD, as well as several analysis and consulting activities.

The most recent WB operation was the release of the first Development Policy Loan - DPL1 worth 300 million euros, which is part of a set of three loans worth an aggregate 1 billion euros. The DPL1 was approved by the World Bank Board of Executive Directors on July 16, 2009, was signed on September 1, 2009 and was effectively released on October 20, 2009.

'Romania has made significant progress notwithstanding the challenging international and internal conditions. Our Romania Country Team looks forward to providing further assistance and technical advice based on Romania's needs', Theodore Ahlers added.

'First, let me say that as a European I am very pleased to work in Romania and to help the country address its European convergence agenda. I am convinced that the World Bank can financially and technically support Romania during the crisis but can also develop a partnership with the Government and other stakeholders to help implement necessary reforms and boost sustainable and equitable growth,' said Francois Rantrua, the World Bank's new Country Manager for Romania.

'In order to build such a partnership we need to work closely with the Government and partners to strategically identify Romania's priorities where the World Bank has a comparative advantage and to then quickly mobilize the best expertise and the ideal financing mechanism,' he added.

The World Bank delegation has meetings scheduled with the Romanian President, Traian Basescu, Prime Minister Emil Boc, Minister of Public Finance, Sebastian Vladescu, the governor of the National Bank of Romania, Mugur Isarescu, along with various ministers, and leaders of the main parliamentary parties, with talks expected to highlight the critical importance of continued structural reforms to establish fiscal sustainability, restore economic growth, and the shared commitment to develop the Bank's partnership with Romania.

Sursa: http://www.agerpres.ro

Tags: romania world ahlers theodore

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