Support for Reform Agenda
BUCHAREST, December 23, 2011 - The World Bank’s Board of Executive Directors approved an International Bank for Reconstruction and Development (IBRD) loan worth €400 million for Romania on December 19. The objective of this loan is to support the Government’s reforms in fiscal management, social protection, and the financial sector in order to position Romania to emerge from the economic and financial crisis on a stronger footing, and resume and sustain convergence to the living standards of more advanced EU economies and withstand better any further shocks.
“The Government of Romania decided some time ago, in cooperation with its international partners, that, in the context of the global crisis, it needed to urgently address existing challenges if it was to have success in the medium term,” said Peter Harrold, World Bank Country Director for Central Europe and the Baltic Countries. “Please know that as Romania moves forward, the international community, the World Bank included, is ready to support this agenda. We look forward to continuing to build on the achievements so far, and to supporting the implementation of reform, to see a better social and economic future for all Romanians.”
This is the Third Development Policy Loan (DPL-3) to be disbursed to Romania, in a series totaling €1 billion. The program is part of the International Monetary Fund (IMF) - European Commission (EC) - World Bank support package amounting to €20 billion to Romania, launched in May 2009.