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
Both women and men have been hit by job losses in the downturn, says a new report adopted by the European Commission today.
more »
Unemployed car and construction workers in Sweden, Austria, and the Netherlands will get €15.9 million in EU Globalisation Adjustment Fund aid for training, self-employment and professional orientation services under a plan endorsed by Parliament in plenary on Wednesday.
more »
As the economy recovers, EU countries will need to phase out crisis measures. The question is when?
more »
The European Commission has endorsed, under EU state aid rules, a Polish scheme intended to compensate the Polish Post for net losses incurred in discharging its public service obligations between 2006 and 2011.
more »
The European Commission reports good progress in the implementation of the Small Business Act (SBA) in 2009.
more »
The European Commission approved the first financing decisions in favour of eleven African and two Caribbean countries for a total of € 230 million, including € 215 million under the so-called Vulnerability FLEX mechanism (V-FLEX).
more »
Legal measures to make it easier for people who have lost or risk losing their jobs to get credit to start up their own businesses were backed by the European Parliament on Tuesday.
more »
How can companies and industry help to stop climate change? This is one of the questions on the table when Sweden’s Minister for Enterprise and Energy Maud Olofsson attends the climate change conference in Copenhagen on Monday and participates in a panel discussion organised by Businesseurope.
more »
In a meeting held today in Brussels, the Gas Coordination Group, under the chairmanship of the Commission, has discussed with Russian Gas Company Gazprom the gas supply and demand outlook and investment strategy of the company in both Russia and the EU.
more »
The European Commission has approved under EU state aid rules the impaired asset relief measure and the restructuring plan of Royal Bank of Scotland (RBS).
more »