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WB Unlikely To Revise Romania 2011 GDP Forecast After Review Mission

The conclusion of the World Bank's review mission on Romanian economic and fiscal progress under a EUR20 billion international bailout will not prompt a revision of the country's growth forecast for 2011, an official of the World Bank said Thursday.

Speaking in a press conference in Bucharest, World Bank's senior economist Sudharshan Canagarajah said the institution will not change its estimation regarding a 1.5% economic growth this year. In 2009, Romania and the IMF signed a EUR13 billion two-year standby loan agreement, part of a larger EUR20 billion package that includes funds from the EU, the World Bank and other foreign lenders. Joint teams from the IMF, the World Bank and the EU are in Bucharest until February 8 for the seventh and final review of the two-year agreement and for discussions on a possible follow-up deal.

WB prepares two new financing programs for Romania worth 750 million euro

World Bank prepares two new supplementary financial assistance programs for Romania, that target the Health sector and the social aid sector, World Bank Senior Economist Catalin Pauna said. The official explained that the total value of the programs amounts to 750 million euro.

In the health sector, the program, worth 250 million euro targets the improvements f services by introducing quality standards. For the social aid sector, worth 500 million euro, the program sees the reorientation of sums allocated by the state to those who really need support.

The sums are not final yet, but it is important to underline that these funds are conditioned on a series of reforms, WB Chief Economist for Europe and Central Asia Roy Canagarajah declared. He said that installments and reference points will be established together with the Romanian authorities. Catalina Pauna, WB Bucharest office chief economist, said the two projects target the healthcare and social assistance sectors and will span several years.

End-January, the WB approved the disbursement of a second tranche in the amount of EUR300 million, which was supposed to be released in the first half of last year, but was postponed several times as Romania did not meet the set conditions.

On Thursday, at the World Bank's Romanian office, lead economist for economic policy with IBRD Washington, DC, Roy Sudharshan Canagarajah and Catalin Pauna had a meeting with the press on the challenges Romania is confronted with in achieving economic recovery and sustainable growth.

Sursa: http://www.actmedia.eu

Tags: million economist world romania review euro

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