69951
    Romania: Development Policy Loan with Deferred Drawdown Option (DPL-DDO)

                                 SUMMARY OF DISCUSSION
                                                  
                                 Meeting of the Executive Directors

                                           June 12, 2012


        Executive Directors approved the Development Policy Loan with Deferred Drawdown
Option (DPL-DDO) for Romania in the amount of EUR 1 billion (US$ 1.333 billion equivalent)
on the payment terms and conditions set out in the President’s Memorandum (R2012-01115).

        Directors expressed support for the objectives of the project which would enhance the
Government of Romania’s capacity to manage the potential adverse impact of ongoing
turbulence in financial markets, consolidate progress made towards macroeconomic stabilization,
increase competitiveness of the energy sector and fiscal sustainability of the health care system,
and facilitate access to markets for financing of the sovereign debt. Directors noted that the
project complements longer term institutional and structural reforms that are being supported
through other instruments. Directors highlighted the need for improved governance of the state-
owned energy enterprises and welcomed the market-oriented reforms in the sector. Directors
encouraged the Government to continue focusing on sustainable economic growth and the
necessary reforms which would strengthen the country’s resilience and preparedness for crisis
mitigation and management.





 This summary is not an approved record.