World Bank Launches Country Partnership Strategy With Romania For ’09 – ’13

“As the global financial crisis exerts a huge strain on the Romanian economy and society, the strategy sets out how the World Bank Group will support Romania’s efforts to restore sources of sustainable and equitable growth in order to emerge from the crisis on a stronger foothold, while reducing the immediate impact of the crisis on the poor, the World Bank said in a statement.

The World Bank’s program will support the government’s goals of further EU convergence, mainly focusing on reforming the public sector, encouraging growth and competitiveness, and promoting social inclusion, according to World Bank’s statement.

"The new CPS forged out of nationwide consultations with Government and various development partners has a two pronged approach in supporting the Government manage the short-term crisis while restoring the sources of a sustainable and inclusive growth consistent with medium-term EU convergence priorities, "the World Bank’s country manager for Romania Benoit Blarel said.

The Bank also plans to offer support for returning to growth through an improved business environment, skillful labor force, a better infrastructure network and a more efficient agriculture.

“The Government of Romania has moved rapidly to take fiscal measures aimed at containing the impact of the crisis, to mobilize an international financial package spearheaded by the IMF, the EU and the World Bank, and to resume the structural reform agenda,” the statement reads.

Romania and the International Monetary Fund, or IMF, signed in May a EUR12.95 billion two-year stand-by arrangement, as part of a EUR19.95 billion financial support package that also includes funds from the European Commission, the World Bank, the European Investment Bank, and the European Bank for Reconstruction and Development.

The World Bank approved Thursday the first tranche worth EUR300 million of the loan granted to Romania.