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Finance Minister Marcel Bolos at the IMF and WB spring meetings in Washington
Romania will keep the macroeconomic balance and commitment to continue the reforms assumed through the National Recovery and Resilience Plan (PNRR) and the Multiannual Financial Framework 2021 – 2027, substantial European funds which will contribute to investments with significant multiplying effects, said the Romanian delegation, led by the minister of finances, Marcel Bolos, at the spring reunions of the IMF and WB in Washington.
According to a post on the Facebook page of the ministry of finance, the agenda included on Wednesday, the first day of the visit, working meetings with Antonella Bassani, vice-chair for Europe and Central Asia in the World Bank (together with her technical team) and Eugene Ruggenaath, executive manager of the Dutch Constitution of the World Bank.
The WB representatives offered insurance that they will accelerate the process of contracting for loans of approximately one billion euro for development policies which aim at green and inclusive growth (Development Policy Financing/Loan – DPF/DPL) and Catastrophic Deferred Drawdown Option – CAT-DDO).
‘Given the importance of the loans for development policies in the promotion of reform measures, we are grateful for the remarkable support in the implementation and successfully finalization of the two operations for green growth and favourable to inclusion in 2022 and 2023’ stated minister Marcel Bolos.
The Romanian party mentioned that Romania will keep the macroeconomic balance and firm commitment to continue the reforms assumed through the PNRR 2021 – 2027, substantial European funds which will contribute to investments with significant multiplying effects. The Romanian officials said that the continuous support of the Bank is necessary for complementary financing, so that all these opportunities be put to value, the post shows.
The Romanian Finance Minister also told World Bank officials that he continues to rely on International Finance Corporation (IFC) support for private investment in Romania by identifying new financing opportunities to help bridge infrastructure gaps in transport, renewable energy, waste and water treatment. To this end, he invited the World Bank's technical teams in Romania to collaborate with the MF team.
‘We keep our commitment to promote macroeconomic stability and we are firmly committed in an ample reform process, which have as a result the growth of the Romanian economy and the support of a new sustainable, just and inclusive development framework’ said Marcel Bolos.
Similarly, IFC wants to actively participate in the support of the implementation in the priority projects of public-private partnership (PPP) in the domain of health (Timisoara, Ploiesti) or the management of waste/circular economy (Brasov,Constanta).
The spring reunions of the IMF and WB take place between 15 and 20 April 2024. Among the themes approaches in the reunions, there are world economic perspectives, poverty eradication, economic development.
Relative to the size of IFC's exposure in the region, Romania ranks first in IFC's portfolio and in the top 10 countries in the world, with a portfolio of $2.1 billion, representing the 10th largest exposure globally, with over $7 billion invested in various sectors since 1991.