The World Bank Council approved on Thursday 19 October the Poverty Reduction Support Credit (PRSC) worth 10 mln USD for the Republic of Moldova. The credit, being the first of several planned annual credits, has as aim to support the Government’s actions with a view to accelerating the economic growth and to improving the efficiency of the social programs and public administration. Additional investments are intended for the rehabilitation of the roads, social sector and rural development. According to a press release of the World Bank, Country Manager of the WB for Ukraine, Belarus and Moldova, Paul Bermingham stated that the approval of the credit, which was coordinated in cooperation with the plans for additional budgetary support of the other donors, should help the Government at implementing the Economic Growth and Poverty Reduction Strategy Paper (EGPRSP) and Moldova - EU Action Plan”. According to him, Moldova should consolidate the progresses made in the last years in implementing the necessary economic reforms for accelerating and sustaining the economic growth and poverty reduction. PRSC will support the selected fields of the Government’s reform agenda, which aim at improving the investment climate; at enhancing the efficiency and administration of public resources and at consolidating the pension and social assistance systems. It is expected that the implementation of the reform programs supported by the PRSC to contribute to the improvement of the investment climate and business environment, which will subsequently improve the quality of the economic growth and the poverty reduction process, especially in the rural area. Another essential part of the reform program supported as part of the credit is a public service showing transparency and responsibility for the public finances, as well as the improvement of managing the public expenses and the strategic allotment of the resources. Having the price of the imported power increased, PRSC will offer support to the Government in fortifying the existing networks of social assistance for vulnerable groups by finalizing the pension reform, initiated in 1999, and by improving the social assistance programs. The credit is offered by the International Development Association (IDA). IDA is the agency of the WB that offers support in preferential conditions. IDA assistance aims at the poorest countries, with an annual income of smaller than 885 dollars per capita. The IDA credits bear no interest and have a 40-year-date of payment, including a grace period of 10 years.