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Law No. 28 Of 20 January 1998

Original Language Title:  LEGE nr. 28 din 20 ianuarie 1998

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LEGE no. 28 28 of 20 January 1998 on approval Government Ordinance no. 13/1997 for the ratification of the Loan Agreement between Romania and the International Bank for Reconstruction and Development on the adjustment of the agricultural sector, in the amount of 350 million U.S. equivalent, signed in Washington on July 1, 1997
ISSUER PARLIAMENT
Published in OFFICIAL MONITOR no. 29 29 of 27 January 1998



The Romanian Parliament adopts this law + Article UNIC Approval Government Ordinance no. 13 13 of 7 August 1997 for the ratification of the Loan Agreement between Romania and the International Bank for Reconstruction and Development on the adjustment of the agricultural sector, in the amount of USD 350 million equivalent, signed in Washington on July 1, 1997, adopted pursuant to art. 1 lit. a) of Law no. 134/1997 for the empowerment of the Government to issue ordinances and published in the Official Gazette of Romania, Part I, no. 190 of 11 August 1997, with the following amendments: 1. The title of the ordinance shall read as follows: "Ordinance for the ratification of the Loan Agreement between Romania and the International Bank for Reconstruction and Development on the adjustment of the agricultural sector, signed in Washington on July 1, 1997" 2. Article 1 shall read as follows: "" Art. 1. -The loan agreement between Romania and the International Bank for Reconstruction and Development on the adjustment of the agricultural sector, in the amount of 350 million U.S. dollars equivalent, signed in Washington on July 1, 1997, is ratified. " 3. Article 2 shall read as follows: "" Art. 2. -The Ministry of Agriculture and Food, the Ministry of Industry and Commerce, the Council for Reform and the State Property Fund will bear responsibility for the implementation of economic policy measures to which the Government has committed under the programme covered by this Agreement. '; 4. Article 3 shall read as follows: "" Art. 3. -It is authorized the Romanian Government that, through the Ministry of Finance, in agreement with the International Bank for Reconstruction and Development, to introduce, during the loan, in relation to the concrete conditions for the loan, amendments to its contents concerning reallocations of funds, changes in the structure of the loan, changes in terms, as well as any other changes that are not likely to increase the financial obligations or conditions economic, set out in Annex no. 3 to the agreement, from Romania to the International Bank for Reconstruction and Development. The Romanian Government will periodically report to the Romanian Parliament on the amendments introduced in the framework of the Report on Romania's external public debt. " 5. Article 4 shall read as follows: "" Art. 4. -The amounts in foreign currency, drawn by the Ministry of Finance, according to this agreement, shall be transferred to the currency reserve of the state and shall be administered by the National Bank of Romania, as an agent for the implementation of the loan, in a separate account, from which the National Bank of Romania, within the framework of its policy for the administration of the foreign exchange reserve of the state and for the purpose of streamlining transactions on the foreign exchange market, will use in full or parts of the above mentioned loan, in accordance with the destination established on the basis of decisions of the Romanian Government The equivalent in lei of the amounts in foreign currency will be transferred to the state treasury to finance the budget deficit, under the law. " This law was adopted by the Chamber of Deputies at the meeting of December 23, 1997, in compliance with the provisions of 74 74 para. (2) of the Romanian Constitution. p. CHAMBER OF DEPUTIES PRESIDENT VASILE LUPU This law was adopted by the Senate at the meeting of December 23, 1997, in compliance with the provisions of art 74 74 para. (2) of the Romanian Constitution. p. SENATE PRESIDENT CRISTIAN DUMITRESCU ---------------