Romania: Structural Adjustment And Institution Building Efforts Receive World Bank Recognition
Published:
18 September 2004 y., Saturday
The World Bank’s Board of Executive Directors yesterday approved a US$150 million loan, which is part of the multi-annual Programmatic Adjustment Loan (PAL) to support the Government’s structural and institutional reforms. The PAL actions are synchronized with the European accession goals and the precautionary standby agreement with the International Monetary Fund, and support the continuation of privatization and other structural reforms initiated under the previous Private Sector Adjustment Loan programs.
Under PAL I, Romania embarked on a phased reform program in the judicial, civil service and public expenditure management areas. In addition, the Government is taking measures to complete the privatization agenda, energy sector reforms, improvement in the business environment, and reform of the labor code and the capital market. These measures will contribute to Romania’s efforts to achieve a fully functioning market economy.
The successful completion of PAL I marks a transition to the next phase of structural reform, focusing on strengthening the institutional independence of the judiciary, developing a professional, transparent and efficient civil service, and strengthening corporate governance of the enterprise sector. Implementation of the follow-up PAL II is underway and is expected to be completed by the end of 2005.
The World Bank has been a committed partner in Romania’s development process since 1990, with loans totaling over US$3.8 billion. Its current investment portfolio is worth over US$1.2 billion, in 27 active operations covering all sectors of the economy.
Šaltinis:
web.worldbank.org
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.
The most popular articles
European Commission Vice-President Siim Kallas, responsible for transport, today presented to the College a preliminary assessment of the economic consequences for the air transport industry of the volcanic ash crisis.
more »
Boosting economic recovery, investing in Europe's youth and in tomorrow's infrastructures are the priorities of the 2011 draft budget adopted by the Commission on 27 April 2010.
more »
European Competition Commissioner Joaquín Almunia welcomes proposed commitments by Visa Europe to significantly cut its multilateral interchange fees (MIFs) for debit card payments.
more »
Because of the Icelandic volcano, flower growers in Colombia couldn't get their stems to markets in Europe.
more »
The Second Vice President of the Spanish government and Minister of Economy and Finance, Elena Salgado, on Sunday played down the importance of apparent fissures within the EU concerning the Greek financial crisis, expressing her confidence that all countries would support the aid package for this country, which will be accompanied by a tough budget-tightening plan.
more »
Commission launches an information campaign on the CE conformity mark - designed to ease the free movement of goods around Europe and protect consumers.
more »
If Europe's airports ever open again the introduction of new security measures like body scanners will be expensive.
more »
After Eurozone Finance Ministers agreed measures to address Greece’s financial woes last Sunday, MEPs quizzed leading economic figures, including the chairman of Goldman Sachs - former financial advisors to the Greek government - on how to strengthen EU economic governance and improve reporting of national statistics.
more »
The European Tourism Stakeholders Conference, being held in Madrid today and tomorrow, will explore ways and means to strengthen the visibility of tourism at a European level and to verify how the actions to promote a competitive EU tourism industry.
more »
The European Bank for Reconstruction and Development (EBRD), World Bank Group member IFC, and The Netherlands Development Finance Company (FMO) have joined up with the Asia Debt Management Hong Kong (ADM Capital) to establish a regional fund to invest in midsize companies facing financing difficulties as a result of the financial crisis.
more »