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March 8, 2021

Romania may receive instalment of WB loan in January

Romania may receive in January an instalment of EUR 360 M from the World Bank (WB) as part of the agreement with the IMF, EU and other international creditors, that has been already postponed three times, if the changes made to the pension system are kept in place, WB country manager Francois Rantrua said, according to Mediafax.

The EUR 360 M is the second disbursement of the EUR 1 bln loan the World Bank granted Romania as part of the EUR 20 bln package agreed on with the International Monetary Fund (IMF), the European Union (EU) and other creditors. The disbursement of the instalment is conditioned on the Constitutional Court’s respecting the reforms in the pension system, including the increase of the retirement age, Rantrua said. The last instalment of EUR 340 M will be paid function of the progress made with the adoption of the unified wage law, the WB representative added.

The law increasing the age of retirement, approved by the Parliament on December 7, has been challenged by the opposition in the Constitutional Court that is expected to rule this week.

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