“2009 and 2010 will be difficult years to Romania. It needs fiscal consolidation and the primary measure to withstand crisis lays in the reform of the public sector. Romania must do more with less resources”, said Blarel.
He outlined that Romania must continue the reform with focus on public finance management, medium-term expense framework as well as public sector wages.
World Bank has compelled Romania to strengthen the legal framework regarding insolvency proceedings, as a condition attached to the disbursement of the second tranche of the external loan, said Barel.
The first loan of 300-mln euro, of the three convened upon in April between Romanian government and WB officials of a total amount of 1bn euros is pending for approval by the World Bank’s board due in July 16.
The second loan of 360 mln euros is to be approved by year-end , while the second financing of 340 mln euros is due to be granted in mid 2010.
World Bank has compelled Romania to pursue major reforms in three different sectors: administration, financial, and social protection.
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