Development Policy Loan 3 (DPL 3)

closed

Closed

The objective of the Third Development Policy Loan Program for Romania is to support the Government's reforms in fiscal management, social protection and the financial sector, and position Romania to emerge from the economic and financial crisis on a stronger footing, and resume and sustain convergence to the living standards of more advanced European Union (EU) economies and withstand better any further shocks. This Program Document (PD) describes the third loan in a program of three Development Policy Loans (DPLs) to Romania for a total amount of € 1 billion. The third DPL (DPL3) would disburse €400 million in FY12. The Bank operation reinforces and complements programs financed by the International Monetary Fund (IMF) and the EU which were completed in April 2011, as well as the successor IMF and European Commission (EC) precautionary financial assistance agreements that were reached in May 2011, for a two-year period. Consistent with the precautionary agreements that shifted focus from crisis management to the maintenance of macroeconomic stability and enhanced competitiveness, the DPL3 has strengthened the structural policy reform agenda adopted by the Romanian authorities. The DPL3 program supports progress towards a sustainable fiscal framework, improved quality and efficiency of health and education services, the modernization of the social assistance system, and financial sector stability. the program supports Government's structural reforms in three key areas: a) improving fiscal sustainability and management of public finances in general, and in the health and education sectors in particular; b) enhancing social protection systems so that they address the immediate needs of the poor and vulnerable and provide sustainable social protection over the long term; and c) strengthening contingency planning in, and the resilience of, the financial sector. This document does not discuss in detail the general features of the program to be supported by the DPL series.

FY17 - Education,FY17 - Health,FY17 - Public Administration,FY17 - Social Protection

World Bank Group

Project

Government, Education