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July 31, 2021

World Bank: Romanian Government to be vigilant, in context of difficult head winds the region is facing

The difficult head winds the region is facing require the Romanian Government to be vigilant, stay on course with its reforms, and avoid pressures that could threaten its fiscal consolidation efforts, even if Romania’s growth rates and its economic performance remain very positive, said Cyril Muller, World Bank Vice President for Europe and Central Asia.

The representative of the international financial institution paid a three-day visit to Romania, together with the newly appointed World Bank Country Director for Operations in European Union countries, Arup Banerji, and Executive Director, Frank Heemskerk, representing Romania at the World Bank Board of Directors.

“During the visit we had excellent discussions on how the Bank could help support the agenda and we shall work together on state owned enterprise reforms, the modernization of social assistance system and the cadaster, as well as continue to focus on health and education. I was positively impressed by the optimism I found in Romania and the pragmatism of the new Government,” Cyril Muller showed in a release to Agerpres.

According to the release, the World Bank noted the positive economic situation of Romania which has achieved one of the highest growth rates in the EU in 2014 and 2015, and the major efforts made by authorities in the last years which have helped the country achieve fiscal consolidation. The World Bank delegation welcomed the new Government’s intentions to accelerate reforms in key areas of the economy, in particular for the development of an efficient public sector administration, the acceleration of the corporate governance in state owned enterprises, and measures aiming at promoting equitable growth in rural areas.

“The delegation reconfirmed the Bank’s position as a supportive partner in implementing the structural reform agenda in Romania aiming at continued and sustainable economic growth and EU convergence. During the visit, a new Memorandum of Understanding to extend the partnership between the Bank and Romania until 2023 was signed by the two sides,” the release points out.

The WB Vice President’s visit included meetings with President Klaus Iohannis, National Bank governor Mugur Isarescu, Prime Minister Dacian Ciolos, Chamber of Deputies Speaker Valeriu Zgonea, Public Finance Minister Anca Dragu, European Funds Minister Aura Raducu, as well as ambassadors and private sector representatives.

The World Bank has provided assistance to Romania to achieve its national priorities since 1973, when the first economic mission to Romania took place. Since then, the World Bank has supplied 12.6 billion dollars in form of loans, guarantees and grants for a wide range of sectors.

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