World Bank Approves EUR400M Disaster Risk Management Loan to Romania
The World Bank’s Board of Executive Directors on Wednesday approved a EUR400 million Disaster Risk Management Development Policy Loan for Romania to support the country’s efforts to effectively prepare for – and respond to – natural disasters and climate change by strengthening institutions and legislation.
The loan includes a Catastrophe Deferred Drawdown Option (CAT DDO).
“Catastrophic events represent a significant financial shock to Romania that can reverse years of economic progress and disproportionately affect the poorest,” said Tatiana Proskuryakova, World Bank Country Manager for Romania and Hungary. “Building resilience to shocks is a central element of our new strategy for Romania and is at the core of achieving a more inclusive growth. We are therefore very pleased to support a program that will enhance Romania’s ability to prepare for and manage natural disasters and provide financing to ensure an immediate help to those in need should a disaster hit.”
Romania faces one of the highest risks of earthquakes among European Union countries, with thousands of lives lost and tens of thousands of buildings damaged in earthquakes over the last 200 years. Romania is also one of the most flood-prone countries in Europe, with nearly 1 million Romanians living in areas exposed to a high risk of floods.
The World Bank seeks to help Romania introduce a more robust national framework for disaster risk management and increase its capacity to better identify and reduce disaster and climate risks, including from a fiscal perspective. The loan will focus on supporting the government’s efforts to comply with international commitments related to disaster risk management and enhancing Romanians’ understanding of and response to disasters.
Support will also include improvements in the building code to reduce the seismic risk in existing buildings and adequately integrate disaster risks into budgetary planning processes, the World Bank said. (puterea.ro)
Romania’s General Consolidated Budget Posts RON8.14B Deficit In January-May 2018
Romania’s general consolidated budget posted a deficit of RON8.14 billion, or 0.88% of the gross domestic product (GDP), in January-May 2018.
It translates into a nearly fourfold increase compared with the same period a year ago, according to Finance Ministry data.
The general consolidate budget comprises both the state budget and the pension and unemployment budgets.
Between January and May 2018, revenues to the consolidated budget amounted to RON110.9 billion, accounting for 11.9% of GDP, and were 12.7% higher in nominal terms compared with the year-earlier period.
Social security contribution collections rose 35.5% in the analysed period. In May 2018, value-added tax collections rose 16.8% versus May 2017, reaching RON21.98 billion in the first five months of 2018, which translates into a 4% increase compared with January-May 2017. Excise duty collections amounted to RON11.06 billion (1.2% of GDP), 13.7% higher than in the same period a year ago. (evz.ro)
Romania Under Code Orange Alert For Floods
Hydrologists issued an orange code warning for floods along rivers in five counties and a code yellow alert for floods in other 24 counties, Wednesday through Thursday morning.
The orange code alert targets river basins of Teleajen (Prahova County), Buzau – superior river basin and middle basin tributaries (counties of Brasov, Covasna and Buzau), Putna – superior basin and middle and inferior basin tributaries (Vrancea County), Rm. Sarat superior basin and middle and inferior basin tributaries (Vrancea and Buzau Counties).
Other 24 counties are under code yellow alert for floods, from Wednesday morning until Thursday afternoon. The alert targets river basins of Arges – superior basin and middle and inferior basin tributaries (counties of Arges, Dambovita, Giurgiu, Teleorman and Ilfov), Ialomita – superior basin and middle and inferior basin tributaries (counties of Dambovita, Prahova and Ialomita), Calmatui (counties of Buzau and Braila), Buzau – superior basin and middle basin tributaries (counties of Brasov, Covasna and Buzau), Putna – superior basin and middle and inferior basin tributaries (Vrancea County), Rm. Sarat (counties of Vrancea and Buzau) and the rivers in Dobrogea (counties of Constanta and Tulcea). (evz.ro)
Germany Exits World Cup With A Loss To South Korea
Germany became the latest defending champion to crash out of the World Cup at the first hurdle, part of a trend but definitely not part of the plan when Germany arrived here loaded with stars and swagger.
A smooth-running scoring machine when it won the Cup in 2014, Germany now appears in need of an overhaul after losing, 2-0, to South Korea here on Wednesday and bidding adieu to Russia about three weeks earlier than many expected.
It was the earliest exit for a German team at the World Cup since 1938, which seems even more distant when you consider Hitler was then the country’s leader and only 15 teams participated. (romanialibera.ro)