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Catalin Pauna: World Bank approves EUR 300 mn loan for Romania

The World Bank Board of Directors on Thursday approved a second loan for Romania totalling 300 million euros as part of the Development Program Loan (DPL), chief economist of the World Bank Office in Bucharest, Catalin Pauna told Agerpres.

The Development Program Loan for Romania, that totals one billion euros, is part of a support package worth 20 billion euros given Romania by the International Monetary Fund, the European Commission and the World Bank in May of 2009.

'The money will go to the Public Finances Ministry as budgetary support. According to procedures, the loan agreement, after it is approved by the World Bank Board of Directors, is to be ratified by the Romanian side, a thing to take place in the shortest possible time', Pauna explained.

DPL-2 is extended Romania in order to 'consolidate the public finances by the budgetary process reform, adopt the laws on the wage and pension reform, take measures in social assistance and health care and achieve the financial sector reform, where the law on the financial settlement authorities' independence had to be adopted, among others', the World Bank official stressed.

He underscored that the reforms 'established by Romania with the World Bank have been made, which in fact made it possible that the DPL-2 be put to the World Bank Board approval'.

DPL-1 was approved by the WBank on July 16, 2009, it was signed on Sept. 1, 2009 and it was released on Oct. 20, 2009. DPL-1 amounted to 300 million euros.

DPL-2 had been originally scheduled to be disbursed in 2010, with the entire programme 'being conceived to end at the same time with the IMF loan', the World Bank Country Director for Romania, Poland, Bulgaria and the Baltic States Peter Harrold had told a news conference in Bucharest on Tuesday.

He had stressed Romania's next accord with the World Bank, the IMF and the European Commission was likely to be a two-year one, with its continuation beyond the 2012 electoral year being likely to boost the global financial markets' trust in Romanian reforms.

Sursa: http://www.actmedia.eu

Tags: world romania pauna

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