The World Bank has provided Romania with euros 400 million of emergency financial aid to help it respond to the effects of the coronavirus pandemic.
The financing is for strengthening the health services, minimizing the losses to the public and private sectors, and to safeguard people’s livelihoods, a press statement said.
“The World Bank is ready to support Romania in confronting the COVID-19 pandemic and its effects on people by providing fast disbursing financial support as well as through our long-term engagement,” said Tatiana Proskuryakova, the World Bank Country manager for Romania and Hungary. “While the situation is still developing, we will continue support Romania to overcome this crisis.”
Romania was able to benefit from a existing loan with an option to for catastrophes and natural disasters that the government negotiated with the World Bank in June 2018.
The facility is used to strengthen the institutional and legal framework to manage the wide-ranging effects of health emergencies, natural disasters and climate change.
The program also allows for the government to access financing within 48 hours in response to a natural disaster or health emergency, the press release said.
The World Bank Romania Country Office is also currently working to restructure the existing portfolio, especially in the health sector, to some of the unused funds to finance crisis-related equipment purchases, and also in crisis-affected areas outside the health sector, such as providing advice on the likely economic impacts of the developing crisis.
The World Bank Group is rolling out a $14 billion fast-track package to strengthen the COVID-19 response in developing countries and shorten the recovery time.
The immediate response includes financing, policy advice and technical assistance to help countries cope with the health and economic impacts of the pandemic.
The International Finance Coprporation, a World Bank group is providing $8 billion in financing to help private companies affected by the pandemic and preserve jobs.
World Bank groups, IBRD and IDA are making an initial US$6 billion available for the health-response. As countries need broader support, the World Bank Group will deploy up to $160 billion over 15 months to protect the poor and vulnerable, support businesses, and bolster economic recovery.
Twenty-five countries worldwide will receive a total of nearly $2 billion from this first batch of funding under the World Bank’s fast-track COVID-19 facility.
