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Bulgaria Signs USD 150 M PAL 3
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The World Bank loans a USD 150 M Third Programmatic Adjustment Loan for Bulgaria, the last in the series of PALs that is providing a single umbrella of support to reforms across different sectors of the Bulgaria's economy.
Bulgaria's Finance Minister Milen Velchev and World Bank Director for Bulgaria Anand Seth are to sign the PAL 3 loan agreement on Monday.
The World Bank approved June 2 a USD 150 M Third Programmatic Adjustment Loan for Bulgaria, to move forward Bulgaria's structural reform agenda, which would help improve prospects for Bulgaria's successful EU integration.
The World Bank called for further efforts in reforming the judiciary and reducing corruption for a better business environment.
"Public service delivery at national and local levels needs to be enhanced to provide quality service to citizens. Bulgaria should deepen the reforms in education and health to ensure equal access, quality and fiscal sustainability, and to strengthen the skills and human resources necessary for a competitive economy," the World Bank said in a statement.
"A flexible labor market would help improve employment opportunities. Investments in infrastructure are needed for enhanced transport and water services. And reforms in the social protection and social services should continue."
The total amount of the three loans under the PAL program is USD 425 M.
PAL-1 for USD 150 M was approved in February 2003. It was targeted at improvements in the business environment, the restructuring of infrastructure sectors and further deepening of the financial sector.
PAL-2 added another USD 125 M equivalent and had a particular focus on public administration reform.
PAL-3 is worth USD 150 M equivalent. The loan is to be paid over in 17 years, including a five-year grace period. |
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