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January 31, 2023

Presidency: World Bank representatives optimistic about Romania’s economic performances

President Klaus Iohannis met on Wednesday representatives of the World Bank who showed their optimism regarding Romania’s economic performances, underscoring however that certain possible risks and vulnerabilities should not be overlooked, a Presidential Administration release informs.

“The discussions carried out during the meeting envisaged the opportunities to consolidate the collaboration between Romania and the World Bank, with a highlight on the World Bank’s interest in further supporting the economic and institutional reforms meant to endorse the long-term development. In this respect, the results of the existing cooperation between Romania and the World Bank were appreciated,” the release reads.

According to the release, the WB representatives mentioned certain reform directions mainly aimed at the state-owned enterprises and corporate governance improvement, solving the cadastre problem, but also the need to develop and modernise some key sectors, such as transport, an area in which they said Romania has a lot to make up for.

The head of the state highlighted the need for ongoing projects and programmes to be successfully completed, so that the governance quality be improved and consistently reflect into economic prosperity and living standard enhancement, the release also shows.

The discussions also tackled some regional and global economic developments, in relation to their possible impact on Romania, with the World Bank representatives voicing their optimism in respect to our country’s economic performances.

The World Bank’s status as an important partner to Romania was reiterated during the meeting, as well as the fact that Romania represents one of the World Bank’s most important partners in the region.

The WB delegation is headed by Cyril Muller, regional vice president for Europe and Central Asia.

The Romanian Government and the World Bank) signed on Monday a memorandum of understanding for further technical assistance to public institutions until 2023, to support the structural reforms and the modernization of the public administration..

The document was signed by European Funds Minister Aura Raducu and by Elisabetta Capannelli, World Bank Country Manager for Romania. Attending were Prime Minister Dacian Ciolos and WB Vice President for Europe and Central Asia Cyril Muller.

“This is the second memorandum in this context with the World Bank. The first one was carried out in 2012-2015, when 26 financing agreements were signed for 20 institutions, for a total of approximately 32 million euros, financed from European programmes. The second agreement will also be financed from European programmes, the technical assistance programme for 2015-2020. It was signed in the context of talks between the European Commission and the Romanian Government, for which financing agreements were signed and will be signed with the three international financial institutions [the World Bank, the International Monetary Fund and the European Commission], minister Raducu declared on the occasion.

WB VP Muller estimated that Romania’s economic condition is significantly better than five years ago. He mentioned the continuous support of the WB for various programmes such as the reform of Romania’s administration, education and healthcare systems. Further assistance will be provided to the Romanian Government for reforms and for the efficient use of available European funds, and for reaching the country’s economic growth and living standard goals, he added.

According to a release of the European Funds Ministry, the assistance will be financed by the European structural and investment funds (ESIFs).

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