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Romania - Financial and Enterprise Sector Adjustment Loan Project and Social Protection Adjustment Loan Project (Inglês)

The outcome of both the Financial and Enterprise Sector Adjustment Loan (FESAL) Project and the Social Protection Adjustment Loan (SPAL) Project were rated as marginally satisfactory. Specific lessons emerge from the two projects include: 1) The design of the SPAL was weighted excessively toward short-term palliatives rather than structural improvements in the safety net. 2) Both loans included too many areas of reform and conditions. 3) Many FESAL and SPAL conditions were linked to processes, such as design and implementation of plans and report preparation, or to outcomes that are difficult to measure, such as "achieving substantial progress" in reform. As a result, monitoring performance became difficult and time consuming. 4) Government ownership, delivery capacity, and control over program implementation were inadequate for FESAL, especially for the revised program of 1997. Government ownership and participation were greater for SPAL, and existing programs and structures were used. 5) Reform programs requiring legal changes must carefully assess the legislative, legal and judicial system's ability to facilitate program implementation. Where impediments exist, the process and system should be strengthened through a separate project. 6) Privatization targets should focus on the percentage of state-owned assets actually transferred to private ownership and control.


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    Relatório sobre Avaliação do Desempenho do Projeto

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    Europa e Ásia Central,

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    Romania - Financial and Enterprise Sector Adjustment Loan Project and Social Protection Adjustment Loan Project

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    state owned bank;state-owned banks;Privatization and Private Sector Development;state owned enterprise;social protection system;institutional structure for privatization;economic and sector work;prudential regulation and supervision;multilateral investment guarantee agency;decades of central planning;project design and implementation;state owned enterprise privatization;foreign investment advisory service;private ownership;poverty alleviation strategy;mass privatization program;financial discipline;balance of payment;institutional development impact;conditions for disbursement;hard budget constraint;competitive private sector;active labor market;income transfer program;country assistance strategy;social protection scheme;Country Assistance Strategies;market economy;reform process;Financial Sector;deposit insurance scheme;privatization of state;total capital stock;position in society;managers of state;tariff adjustment mechanism;maternal mortality ratio;social protection expenditure;reproductive health care;foreign exchange market;cooperation and assistance;weak financial system;capital market development;law and regulation;government's development goal;number of beneficiaries;social protection program;poverty alleviation policy;sound financial system;privatization of enterprise;Promoting Private Sector;public works program;high unemployment rate;social protection reform;structural adjustment loan;bank of japan;financial sector reform;poor legal framework;central government support;tight monetary policy;public sector procurement;social assistance program;labor redeployment program;chart of account;temporary safety net;public pension system;life line rate;pace of privatization;current account deficit;reduction in inflation;unit labor costs;exchange rate appreciation;state enterprise sector;private sector activity;social protection spending;foreign direct investment;credit market development;human resource development;program for enterprise;financial sector development;participation in bank;commercial company;resident representative;severance payment;borrower performance;banking system;private bank;large enterprise;private pension;family allowance;Political Economy;political commitment;floating tranche;vulnerable group;state bank;payment arrears;eligibility criterion;income threshold;Macroeconomic Stability;state ownership;enterprise arrears;reform measure;macroeconomic stabilization;loan condition;government's commitment;bread subsidy;adjustment operation;inflation index;subordinated loan;political difficulty;feeding program;pension reform;government's capacity;judicial system;banking asset;loss reduction;direct transfer;loan preparation;catalytic impact;complementary activities;pig farm;short-term measures;difficult environment;government ownership;Fiscal Sustainability;social insurance;important component;political support;local budget;energy policies;working capital;Finance Sector;private agriculture;living standard;government capacity;financial intermediaries;delivering growth;Cash Transfer;human capital;future redistribution;political ramification;outcome targets;fiscal deficit;project identification;surveillance capacity;political will;monitor performance;fiscal support;labor resistance;enterprise assets;land market;cash benefit;accelerated privatization;soup kitchen;university degree;private enterprise;bank restructuring;legal impediment;adjustment program;bank privatization;government resource;displaced worker;trade share;delivery capacity;disbursement condition;direct credit;stabilization program;increase allowance;political landscape;initial capital;budget support;counterpart fund;natural endowment;economic reform;majority stake;Agricultural Trade;high inflation;real gdp;consumer price;privatization receipt;base year;macroeconomic framework;lifeline rate;program objectives;profitable operation;restructuring program;vested interests;special provision;utility tariff;company liquidation;temporary support;precious metal



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