World Bank sets EUR 750 million budget for Romania under new 2014-2017 program
Romania has a EUR 750 million budget from the World Bank under the new country partnership strategy recently agreed with the bank's board of directors.
The 2014-2017 program will include a series of loans which will support measures to strengthen public debt management, enhance the quality of public spending, and improve the performance of state-owned enterprises and the functioning of property, energy, and capital markets, according to a statement from the bank.
The new World Bank program supports Romania’s goal of converging with EU income levels, focusing on improving living conditions for the poorest 40 percent of the population while ensuring gender equality.
The strategy will be split into three parts: a 21st century government; supporting economic growth and job creation.
“I am optimistic about Romania’s future and, if the reform process is deepened and sustained, I am convinced that convergence with the European Union average income will return to a pace similar to pre-crisis level and will benefit every citizen in Romania.” Elisabetta Capannelli, World Bank Country Manager for Romania, said.
Romanian officials are optimistic about the country's prospects, while acknowledging the challenges. “Romania is now stable from a macroeconomic perspective and better prepared than before 2008 to absorb global and regional markets volatility. Reaching a growth above 3.5 percent in the medium term, and catching up with the rest of the European Union will require better infrastructure, a policy environment capable to attract significant amounts of private sector investment, and improved utilization of EU funds. We are aware of these challenges, and we hope to reach these ambitious objectives with the technical and financial assistance of the World Bank," said Liviu Voinea, Minister Delegate for Budget and Romania’s Governor of the World Bank Group.
Shaun Turton [email protected]