Public Disclosure Authorized

REPORT ON THE IBRD LOAN ACCOUNT

OF THE MINISTRY OF EDUCATION AND RESEARCH Public Disclosure Authorized LOAN (8481 - RO) FOR THE SECONDARY EDUCATION PROJECT

FOR THE PERIOD STARTING FROM JANUARY 1V, 2019 UP TO DECEMBER 31', 2019 Public Disclosure Authorized Public Disclosure Authorized MINISTRY OF EDUCATION AND RESEARCH LOAN (8481 - RO) FOR THE SECONDARY EDUCATION PROJECT 31 DECEMBER 2019 - all the amounts are expressed in EUR, unless otherwise stated

Contents

IN D EPEN DENT A U D ITO R'S REPO RT ...... 2 LIST O F A BBREV IAT NS...... LI..ST.BB,..,,.N G EN EERA A.N. L IN FO RMAT1 ...... ,EN ..... 9 1. STATEMENT OF RESOURCES AND USES OF FUNDS...... 14 2. STATEM ENT O F EXPEN D ITU RES ...... - . -...... 17 3. FINANCIAL STATEMENT OF THE LOAN...... 17 4. PROJECT COMMITMENTS AS AT 31 DECEMBER 2019...... 19 5. ACCOUNTING POLICIES AND RECORDS...... 22 6. BANK ACCOUNTS UTILIZED WITHIN THE PROJECT, STATEMENT OF DESIGNATED ACCOUNT...... 23 NOTES TO THE PROJECT FINANCIAL STATEMENTS ...... 26 MOORE

MOORE STEPHENS K5C ASSURANCE SRL 175 Calea Floreasca, Floreasca Tower Building, 13th floor, District 1 - T +4 0374 490 074 F +4 0374 094 191 E [email protected] www.rmoorestephens-ksc.ro

We have audited the accompanying financial statements of the Secondary Education Project which comprise the Project Sources and Uses of Funds for the period January 01, 2019 - December 31, 2019 ('the Financial Schedules"). The project is financed by the International Bank for Reconstruction and Development (IBRD) through the Loan no. 8481 - RO signed on April 17, 2015. We have assessed 10% of the beneficiaries of the Project as required within contract. as detailed in Appendix 1 accompanying the report. In our opinion, the accompanying Financial Schedules for the period 1 January 2019 to 31 December 2019 are prepared, in all material respects, in accordance with the generally accepted accounting principles and practices and relevant World Bank guidelines.

We conducted our audit in accordance with International Standards on Auditing (ISAs) including ISA 800 "Special Considerations - Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks" and according to the corresponding requirements of the World Bank. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Project Financial Statements section of our report. We are independent of the Project in accordance with ethical requirements that are relevant to our audit of the financial statements in Romania, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

We draw attention to Note 5 to the Financial Schedules which describes the going concern basis of preparation. Financing has been reduced compared to planned budget for the project. The objectives of the project are delayed due to the aforementioned issue. Our opinion is not modified in respect of this matter.

We draw attention to Point 5 to the Financial Schedules which describes the basis of accounting. The Financial Schedules are prepared to assist the Project in complying with the financial reporting provisions of the contract referred to above. As a result, the Financial Schedules may MOORE not be suitable for another purpose. Our report is intended solely for the UMEFP and IBRD. Our opinion is not modified in respect of this matter.

Management is responsible for the preparation of the Project Financial Statements in accordance with cash basis of accounting and the General Conditions for the loans issued by IBRD and for such internal control as management determines is necessary to enable the preparation of the Financial Schedules that are free from material misstatement, whether due to fraud or error. In preparing the Financial Schedules, management is responsible for assessing the UMEFP's ability to continue as a going concern, disclosing, as applicable matters relating to going concern and using the going concern basis of accounting unless management either intends to liquidate the UMEFP or to cease operations, or has no realistic alternative but to do so. Those charged with governance are responsible for overseeing the UMEFP's financial reporting process.

Our objectives are to obtain reasonable assurance about whether the Financial Schedules as a whole are free from material misstatement, whether due to fraud or error, and to issue and auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on a basis of these Financial Schedules. As part of an audit in accordance with ISAs. we exercise professional judgement and maintain professional skepticism throughout the audit. We also:

* Identify and assess the risks of material misstatement of the Financial Schedules, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion. forgery. intentional omissions. misrepresentations. or the override of internal control. * Obtain and understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Project's internal control. * Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management. * Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Project's ability to continue as a going concern. If we conclude that a material uncertainty exists. we are required to draw attention in our auditor's report to the related disclosures in the Financial Schedules or, if such disclosures are inadequate, to modify our opinion. Our conclusion are based on the audit evidence obtained up to the date of our auditor's report. However. future events or conditions may cause the Project to cease to continue as a going concern. MOORE

We communicate with those charged with governance regarding, among other matters. the planned scope and timing of the audit and significant audit findings. including any significant deficiencies in internal control that we identify during our audit.

The Project accounting policy is to prepare the Financial Schedules on cash basis of accounting principle as described in Note 4 to Financial Schedules. On this basis revenue is recognized when received rather than when earned, and expenses are recognized when paid rather than when incurred. This report relates only to the Financial Schedules as specified above and does not extend to any Financial Schedules of Project Management Unit for the period 1 January 2019 to 31 December 2019 or any other period taken as a whole.

MAMAS KOUTSOYIANNIS

registered on the Romanian Chamber of Financi@ Auditors no. 1515/25.09.2003 registered with the Authority for the Publio Ovtrsight of the Statutory Audit Activity (ASPAAS) with the number 117573 / 23.01.2020/ MOORE STEPHENS KSC ASSURANCE

On behalf of MOOR STEPHENS KSC ASSURANCE S.R.L.:

registered with the Chamber of Financial Auditors in Romania with number 1266 /07.09.2015 registered with the Authority for the Public Oversight of the Statutory Audit Activity (ASPAAS) with the number 117794/ 06.02.2020

Bucharest, 31 July 2020 MOORE

Appendix 1

No Beneficiaries Grant No./approval date Approved Grant Amount

1 Colegiul Tehnic de Posta *i Telecomunicatii "Gheorghe SGUR 1/35/27 06.2017 686.324 Airinei"

2 LICEUL TEHNOLOGIC "GRIGORE MOISIL"BRAILA SGL56/27.06.2017 450.000

3 LICEUL TEORETIC MURFATLAR SGL/RI119/27.06.2017 450.050

4 Liceul Tehnologic "Birsesti" SGUR/137/27.06.2017 686.250

5 LICEUL TEHNOLOGIC "AUREL VLAICU" GALATI SGLR1/142127.06.2017 686.326

6 Colegiul Tehnic,,Matei Basarab"Caracal SGU212/27.06.2017 685.800

LICEUL TEORETIC "PETRE PANDREA" BALS, SGUR11213127.06.2017 450.050 JUD.OLT

8 Liceul Teoretic "lonita Asan" Caracal SGURI/214/27.06.2017 656.326

9 Liceul Tehnologic "Ion Popescu"-Cilieni SGLRI/215/27.06.2017 450.050

10 LICEUL TEHNOLOGIC NR.1 GILGAU SGLIR1/223/27.06 2017 315000

11 Liceul Tehnologic "Gheorghe Pop de Basesti" Cehu SGL/R1/224/27.06.2017 450.050 Silvaniei, Salaj

12 Colegiul Agricol "Dimitrie Cantemir" Husi SGL/R/269/27.06.2017 686 250

13 LICEUL "HOREA, CLO$CA $1 CRI$AN" ABRUD, jud. SGUR1/278/27.06 2017 451.290 ALBA

14 Liceul Tehnologic, Constantin Brincufi" Piteqti SGUR1l/314/01.10.2018 688.217

15 Colegiul Tehnic SGLR/131W01. 10.2018 688.217

16 Colegiul Tehnic "Costin D. Nenitescu" Braila SGLR1l/324/01 10.2018 688.217

17 Liceul Tehnologic "Constantin Brancoveanu" SGLR1I/356(01.10.2018 688.217

18 LICEUL TEHNOLOGIC 'ORDACHE GOLESCU" SGURI/1359/01.10.2018 688.217

19 Liceul Teoretic "" Racari, Dambovita SGLR1l/364/01 10.2018 451.108

20 Liceul Tehnologic "Goga lonescu" Titu SGLR1I/36Y01. 10.2018 685 929

21 LICEUL TEHNOLOGIC "STEFAN ANGHEL" SGURl/368101.10 2018 688.216

22 COLEGIUL TEHNIC ENERGETIC SGLIR1l/372101.10.2018 451.290

23 Liceul Tehnologic "Transporturi Cai Ferate" Craiova SGUR1l/375401. 10.2018 688.216

24 LICEUL TEHNOLOGIC SPECIAL "BEETHOVEN" SGUR111376101.10.2018 451.290 CRAIOVA

25 Liceul Tehnologic "Horia Vintila" Segarcea SGUR1/383101.10 2018 451.290

26 Liceul Tehnologic Turceni SGL/R/l/396(01.10 2018 688.216

27 Liceul Tehnologic de Transport Feroviar "Anghel SGL/R1l/424/01.10 2018 450.000 Saligny" Simeria

28 Liceul Tehnologic "Al. loan Cuza" Slobozia SGL/R1l/428101 102018 688.216 MOORE

No Beneficiaries Grant No./approval date Approved Grant Amount

29 Liceul Tehnologic "Anghel Saligny" Fetesti SGLRiI/437/01.10.2018 450.000

30 Colegiul Tehnologic "ioan C Stefanescu" lasi SGURII/440/01 10.2018 688 217

31 Liceul Teoretic "Mihail Kogainiceanu" SGURII/45301. 10.2018 688.217

32 LICEUL TEHNOLOGIC "BARBU A STIRBEYBUFTEA SGLRIl/457/01.10.2018 451290

33 Colegiul National Pedagogic "Stefan Odobleja" SGURII/479/01.10.2018 688 217

34 LICEUL TEHNOLOGIC "TUDOR VLADIMIRESCU" SGLRII/480/01 10.2018 688.217

35 Liceul Tehnologic "Domnul Tudor" SGLRII/481/01.10.2018 686.326

36 Liceul Tehnologic "Halinga" SGLRII/483101.10 2018 688 217

37 Liceul Teoretic "Dr. Victor Gomoiu" SGURII/485é01 10 2018 451.290

38 Liceul de Transporturi Auto SGURII/487/01.10.2018 688.217

39 Colegiul Tehnic,,Gheorghe Cartianu" Piatra Neamt SGURIl/500/01.10.2018 688.217

40 Colegiul Tehnic "Miron Costin" SGLRII/501/01.10.2018 688.217

41 LICEUL ECONOMICALEXANDRU IOAN CUZA, SGURII/503/01.10.2018 688 217 PIATRA NEAMT

42 Colegiul Tehnic "" Roman SGLRII/504/01.10.2018 688.217

43 COLEGIUL TEHNIC "FORESTIER" PIA TRA NEAMT SGLRII/505'01 10.2018 451 290

44 Colegiul Tehnic de Transporturi SGLRII/506101.10.2018 451.290

45 COLEGIUL TEHNIC DANUBIANA SGLRII/511/01.10.2018 688.180

46 LICEUL TEHNOLOGIC NR.1 BALS SGLIRII/515'01.10.2018 451.290

47 Liceul Tehnoiogic "Izvoareie" SGUR/517/01.10.2018 451.290

48 Liceul Tehnologic "Danublus" SGURI/51/01. 10.2018 688.217

49 LICEUL TEHNOLOGIC "ALEXE MARIN" SGURII/520/01.10 2018 688.200

50 LICEUL STEFAN DIA CONESCU SGLRII/522/01.10.2018 451.290

51 Colegiul Tehnic "Independenta" Sibiu SGLRII/527/01.10.2018 688.216

52 LICEUL TEHNOLOGIC "AUTOMECANICA" MEDIAS SGUR11/53W01.10.2018 688.217

53 COLEGIUL ENERGETIC RM. VALCEA SGURI/547/01.10.2018 450.300

54 Colegiul de Sivicultura si Protectia Mediului SGLRII/549/01 10.2018 688 216

55 Liceul "Preda Buzescu" Berbesti SGLRII/550/01.10.2018 688.200

56 Liceul Tehnologic "Ferdinand 1" Rm. Vaicea SGL/Rii/558101.10 2018 451.288

57 LICEUL ,,CONSTANTIN BRANCOVEANU" HOREZU SGLRII/560101.10.2018 688.216

58 Colegiul Tehnic Auto 'Traian Vuia" Focýani SGURiI/564/01.10.2018 451.290

59 LICEUL PEDAGOGIC "NICOLAE IORGA"BOTOSANI SGURI/628101.10.2018 688.216

60 Colegiul Tehnic luliu Maniu SGLRII/658101.10.2018 688.612 MOORE

No Beneficiaries Grant No./approval date Approved Grant Amount

61 Colegiul Comercial, Carol I" Constanta SGUR1l/679/01.10.2018 451.290

62 LICEUL TEHNOLOGIC "POARTA ALBA" SGUR1l/685'01 10.2018 451.290

63 Liceul Tehnologic Nicolae Titulescu Medgidia SGL/R1l/693101.10.2018 451 290

64 LICEUL ENERGETIC CONSTANTA SGUR/695/01.10.2018 451.290

65 LICEUL TEHNOLOGIC "ANGHEL SALIGNY" GALA T SGLR1l/700/02.10.2018 688 217

66 LICEUL CU PROGRAM SPORTIV GALA TI SGL/R1l/701/02.10.2018 451.290

67 Colegiul National de Agricultura si Economie Tecuci SGUR1l/703/02 10.2018 688.217

68 LICEUL TEHNOLOGIC,,ELENA CARAGIANI" TECUCI SGUR1l/704/02.10.2018 688 217

69 LICEUL TEHNOLOGIC "1 MAI' MUNICIPIUL PLOIESTI SGLR1l/719/02.10.2018 688 190

70 Liceul tehnologic Toma Socolescu Ploiesti SGURIl/721/02.10 2018 688.216

71 Liceul Tehnologic "Tama Mare" SGURil/734/02.10.2018 451 289

72 Liceul Tehnologic "Tasnad" SGUR1l/737/02.10.2018 451.290

73 Colegiul Silvic "Bucovina" Campulung Moldovenesc SGUR1/76002.10.2018 688.217

74 Colegiul National de Informatics,Spiru Haret" Suceava SGLIR1l/764/02.10.2018 451.290

LICEUL TEHNOLOGIC "VASILE DEAC" VATRA SGUR111765102.10.2018 451290 DORNEI

76 Colegiul Economic Francesco Saverio Nitti SGLR1l/767/02 10.2018 450.000

77 Uceul Tehnologic,.Valeriu Braniste" SGUR1l/771/02.10.2018 688.217

78 Liceul Tehnologic TransporturiAuto SGLRIl/777/02.10.2018 688.217

79 Universitatea Stefan cel Mare din Suceava SGU/107/PV/ll/24.09.2019 560.412

80 UNIVERSITA TEA DIN CRAIOVA /Facultatea de Drept SGU/108/P VI /24.09.2019 560.370

81 Universitatea,Alexandni loan Cuza" din la§i SGU/110/PVIl/24.09.2019 510.800

82 UnIversitatea "Babef-Bolyai" SGU/116/PV/I/U/ Ob 2019 b60 412

83 Universitatea Tehnica "Gheorghe Asachi" din lasi SGU/1 19/PV11l07.05 2019 552.597

84 UNIVERSITA TEA ALEXANDRU lOAN CUZA IASI SGU/1 22/PVII/07.05.2019 441 380

85 Universitatea,,Al.l. Cuza" din lasi SGU/125/PV/ll/07.05.2019 500.000

86 Universitatea din Oradea,Facultatea de Stiinte SGU126/P V111109.05.2019 560412 Economice

87 UMF,Gr. T. Popa" Iasi SGU/1 30/PV/Il/09.05.2019 560.412

88 UMF,Gr. T Popa"lasi SGU/135/PV/ll/09.05.2019 560.370

89 Universitatea din Oradea SGU/136/P V/1/09.05.2019 551.750

90 UNIVERSITATEA DIN CRAIOVA SGU/138/PV/II/13.05.2019 560.361

91 Universitatea Babes-Bolyai -Facultatea de Psihologie si SGU1401PVIII3.05.2019 560.412 92 Stiintea Educte d SGU/140/PV/ll/13.05.2019 150.589

92 Universitatea POLITEHNICA din Bucuresti SGU/144/PV/ll/13.05.2019 1.304.589 MOORE

No Beneficiaries Grant No./approval date Approved Grant Amount

93 Universitatea din Bucuresti SGU/1451PV/1/1i 305.2019 373.604

Facultatea de Transporturi, Universitatea POLITEHNICA SGU/149/PV/II/10 09.2019 697.532 94 din Bucuresti

95 Facultatea de Inginerie Industriala si Robotica SGU/1501PV/II/02.09.2019 697.532 96 Universitatea,,Alexandru loan Cuza" din la§i SGU/1561PV/II10.09.2019 699.300

97 Universitatea ,Alexandru loan Cuza" din la§i SGU/157/PV//10.09 2019 699 500

98 Universitatea,,Alexandru loan Cuza" din Ia§i SGU/161PV/II/I10.09.2019 698.500

99 UNIVERSITATEA BABES-BOLYAI CLUJ SGU/162/PV/II/10 09 2019 351.191

100 Universitatea Babes-Bolyai, Facultatea de Geografie SGU/163/PV/l/10. 09.2019 700.165

101 Universitatea Babes-Bolyai SGU/1 651PV/1/1 0.09.2019 700.515

102 Academia de Studii Economice din Bucurejti SGU/1741PV/l/10.09 2019 700.463

103 UNIVERSITATEA DIN PITESTI, FACULTATEA DE SGU/179/PVII1.09.2019 698225 MECANICA SI TEHNOLOGIE

104 FizicaUniversitatea si Sport Babes-Bolyai-Facultatea de Educatie SGU/182PV///1.09.2019 351 192

105 Facultatea deStiinte, Universitatea "Vasile Alecsandri" SGU/191/PVI/12.09.2019 666.430 din Bacaii

106 Universitatea Tehnica "Gheorghe Asachi" din lasi, SGU/1961PV/II/12.09 2019 700.515 Facultatea de Stiinta si Ingineria Materialelor

107 Universitatea din Oradea SGU/204/PV/l/16 09.2019 700.284

108 VeterinaraUniversitatea din de BucureSti, Stiinte Agronomice Facultatea SiM.D.R. Medicina SGU/2131PV/II/18 09.2019 646.341 I I I MINISTRY OF EDUCATION AND RESEARCH LOAN (8481 - RO) FOR THE SECONDARY EDUCATION PROJECT 31 DECEMBER 2019 - all the amounts are expressed in EUR, unless otherwise stated

LIST OF ABBREVIATIONS

MoER - Ministry of Education and Research

UMEFP - Unit for the Management of Externally Financed Projects, which ensures the implementation of the Romania Secondary Education Project

ROSE - Romania Secondary Education Project

IBRD - International Bank for Reconstruction and Development

Loan - the Loan Agreement (8481 - RO) for the Romania Secondary Education Project

MoPF - Ministry of Public Finance

GoR - Government of Romania MINISTRY OF EDUCATION AND RESEARCH LOAN (8481 - RO) FOR THE SECONDARY EDUCATION PROJECT 31 DECEMBER 2019 - all the amounts are expressed in EUR, unless otherwise stated

GENERAL INFORMATION

Reporting entity

The Loan Agreement is implemented by the Ministry of Education and Research of Romania by means of the UMEFP within the entity.

Loan Agreement Romania has received the loan no. 8481-RO in amount of 200 million Euros from the International Bank for Reconstruction and Development (IBRD) to support the implementation of the Secondary Education Project. The Loan agreement no. 8481 RO between Romania and IBRD was signed at Washington on April 17, 2015 and ratified by law 234/08 October 2015. The subsidiary agreement between Ministry of Public Finance (MoPF) and Ministry of Education and Research (MoER) was signed on December 24, 2015. The project will be implemented by the UMEFP within the Ministry of Education and Research.

The Project expenditures are initially pre-financed from State Budget funds and, later, the eligible expenditures are reimbursed from the loan. MoER would use pre-financing from State Budget funds and then the MoPF would disburse funds from the loan using the reimbursement method for Project eligible payments. The Treasury makes the monthly budgetary openings as requested, and the Project would receive its allocations in the Treasury system. IBRD loan funds would reimburse the Project eligible expenses pre-financed from the State Budget funds. The Borrower would submit withdrawal applications for the eligible expenditures. The supporting documentation for disbursements would include summary sheets and statement of expenditures. No designated account would be used.

The Project Development Objectives (PDO) are to improve the transition from upper secondary into tertiary education and increase the retention in the first year of tertiary education in project-supported education institutions. It is structured in three components, as described below.

The Project was declared effective on October 14, 2015, and will be implemented by MoER until 22 December 2022, through the UMEFP.

Destination of Borrowed Funds

The Project is structured in three components, as described below: Component 1 - School-based and Systemic Interventions This component finances supply-side interventions at the school and system levels to address the academic and personal factors hindering Romanian students from transitioning from upper secondary to tertiary education, including dropping out, declining to take the Baccalaureate, or scoring a low mark on the Baccalaureate.

Sub-component 1.1 - School-based Interventions This sub-component supports the transition of students from upper secondary into tertiary education using a decentralized approach based on non-competitive grants to low-performing public high schools. MINISTRY OF EDUCATION AND RESEARCH LOAN (8481 - RO) FOR THE SECONDARY EDUCATION PROJECT 31 DECEMBER 2019 - all the amounts are expressed in EUR, unless otherwise stated

GENERAL INFORMATION (CONTINUED)

Sub-component 1.2 - Systemic Interventions

This sub-component finances: (i) revision of the upper secondary education curriculum, with specific consideration for the needs of disadvantaged students including Roma; (ii) training of teachers and public school directors on implementing the revised curriculum, on adapting the curriculum to the needs and abilities of different students (inclusive education), student-centered teaching approaches, intercultural competence and on formative assessment; (iii) improving teaching conditions within Teachers Houses through provision of goods; (iv) revising and updating Grade 8 and Baccalaureate exam banks of items, and providing training and improvement of existing information and technologies platform; (v) development and implementation of a Grade 10 learning assessment, to be administered at the end of the compulsory education cycle; (vi) development of digital teaching and learning materials; (vii) development and implementation of campaigns to raise student and teacher awareness, including, when applicable, for Roma students; (viii) strengthening of MoNE's capacity to use educational information to monitor upper secondary education and the transition of students into tertiary education and (ix) supporting the participation of Romanian students at international assessments through financing of associated costs including management, administration, participation fees.

This sub-component will also finance the development and evaluation of interventions aimed at improving socio-emotional skills of students in high schools supported by the ROSE Project in order to increase retention and promotion to post-secondary education.

Component 2 - University-Level Interventions and Bridge Programs This component supports activities designed to address the needs of students who are at risk of dropping out of faculties in the first year of study in tertiary education, as well as summer bridge programs for high school students to familiarize them with the university context. It finances three grant schemes - one non-competitive and two competitive - for public faculties/universities that serve these at-risk students. Approximately 85 percent of Romanian public faculties would benefit from this component.

Component 3 - Proiect Management, Monitoring and Evaluation This component finances day-to-day project management activities, Monitoring and Evaluation (M&E) activities, as well as incremental operational and staffing costs of the MoER's UMEFP. This component also finances the carrying out of: (i) surveys concerning high school students attending bridge programs; (ii) an impact evaluation of the high school grants program to assess improvements in student outcomes and school management processes; (iii) a revision of the existing student loan scheme developed for tertiary education students; (iv) an analysis of existing demand-side programs addressing the needs of disadvantaged upper secondary students that are currently under implementation; and (v) other M&E studies, as needed.

This component is also financing the costs of the ROSE Project audits.

The following table sets forth the Categories of items to be financed out of the proceeds of the Loan, the allocation of the amounts of the Loan to each Category and the percentage of expenditure for items so to be financed in each Category: MINISTRY OF EDUCATION AND RESEARCH LOAN (8481 - RO) FOR THE SECONDARY EDUCATION PROJECT 31 DECEMBER 2019 - all the amounts are expressed in EUR, unless otherwise stated

GENERAL INFORMATION (CONTINUED)

Loan allocation

In compliance with the Loan Agreement, the categories of expenditures financed through IBRD loan proceeds comprise of the following:

Component Component Description Amount allocated from the loan (EUR)

1 School-based and Systemic Interventions 143.689.597 2 University-Level Interventions and Bridge 49.057.500 Programs 3 Project Management, Monitoring and 7.252.903 Evaluation

Total project financing 200.000.000

The Project is financed from the State Budget through the State Treasury. The MoPF makes withdrawals from the Loan based on the statement of expenditures (SOEs). All expenditures are 100% eligible from the Loan.

For the purposes of this Schedule: a) the term "foreign expenditures" means: expenditures in the currency of any country other than that of the Borrower for goods or services supplied from the territory of any country other than that of the Borrower; b) the term "local expenditures" means: expenditures in the currency of the Borrower or for goods or services supplied from the territory of the Borrower;

c) the term "Operating Costs" means: expenditures incurred by the UMEFP, on account of Project implementation, including: * salaries of the staff (other than civil servants) of the UMEFP; * office furniture and equipment (rent for offices, equipment and furniture, refurbishment of offices, office supplies, office equipment); * fuel costs for vehicles; * communication expenditures and travel expenditures of the UMEFP staff (including mobile phones, telephone lines, fax, internet); * domestic and abroad travel expenditures including daily allowance and accommodation; * office software; * advertising and translation services; * bank charges; * operating, maintenance and insurance costs for vehicles and office equipment; * rent of office spaces; MINISTRY OF EDUCATION AND RESEARCH LOAN (8481 - RO) FOR THE SECONDARY EDUCATION PROJECT 31 DECEMBER 2019 - all the amounts are expressed in EUR, unless otherwise stated

GENERAL INFORMATION (CONTINUED) d) the term "Statement of Expenditures" means: expense reports used by the Borrower to forward to the IBRD the application for reimbursement of payments already made. e) the term "State Treasury Account" means: a bank account opened at the State Treasury of Bucharest where MoER is receiving the requested money from the Ministry of Public Finances. The Ministry of Public Finance advances the required amounts for the implementation of the Project and withdraws amounts from the IBRD based on application for disbursement of payments already made. MINISTRY OF EDUCATION AND RESEARCH LOAN (8481 - RO) FOR THE SECONDARY EDUCATION PROJECT 31 DECEMBER 2019 - all the amounts are expressed in EUR, unless otherwise stated

GOVERNMENT OF ROMANIA - MINISTRY OF EDUCATION AND RESEARCH IBRD LOAN (8481-RO) FOR THE SECONDARY EDUCATION PROJECT

Project Financial Statements

for the period starting from January 0 1st 2019 up to December 3 1st 2019 MINISTRY OF EDUCATION AND RESEARCH LOAN (8481 - RO) FOR THE SECONDARY EDUCATION PROJECT 31 DECEMBER 2019 - all the amounts are expressed in EUR, unless otherwise stated

1. STATEMENT OF RESOURCES AND USES OF FUNDS

1.1 Statement of the IBRD Loan Account of the Ministry of Education and Research as of 31 December 2019

Loan No 8481 RO - The Secondary Education Project

31 decembrie, 31 decembrie, 31 decembrie, 2017 2018 2019 Loan amount approved 200.000.000 200.000.000 200.000.000 Less: Total drawings from loan 3.396.025 5.836.681 19.661.833 Loan amount not disbursed 196.603.975 194.163.319 180.338.167

31 decembrie, 31 decembrie, 31 decembrie, IBRD loan 2017 2018 2019

Opening disbursed amounts 107.740 3.396.025 5,836.681 Disbursements 3.288.285 2.440.656 13.825.153 Closing disbursed amounts 3.396.025 5.836.681 19.661.833

Net amounts 200.000.000 200.000.000 200.000.000 Not disbursed amounts in balance 196.603.975 194.163.319 180.338.167

1.2 Statement of the IBRD Loan Account of the Ministry of Education and Research as of 31 December 2019

Transferred Transferred Transferred Cumulated Sources - IBRD Sources Sources Sources Sources contribution January 01, 2016 January 01, 2018 January 01, until per component 2019 December 31, December 31, 2018 December 31, December 31, 2017 2019 2019

Component 1 2.226.875 87.902 6.527.973 8.842.750 Component 2 598.640 2.200.076 6.620.019 9.418.734 Component 3 570.510 152.678 677.161 1.400.349

TOTAL 3,396.025 2.440.656 13.825.153 19.661.833

During the year 2019, the withdrawal application no. 7 for the period 01.01.2018-30.06.2018, for annexes 4a and 4c, and 27.06.2017- 21.06.2018, for annex 4b, in amount of Euro 2,018.223 was MINISTRY OF EDUCATION AND RESEARCH LOAN (8481 - RO) FOR THE SECONDARY EDUCATION PROJECT 31 DECEMBER 2019 - all the amounts are expressed in EUR, unless otherwise stated disbursed, the withdrawal application no. 8, for the period 01.07.2018 - 30.09. 2018, for annexes 4a and 4c, and 27.06.2017 - 20.08.2018, for annex 4b, in amount of Euro 1.322.451,05, the withdrawal application no. 9, for period 01.10.2018 - 30.12.2018, for annexes 4a and 4c, and 27.06.2017- 15.11.2018 for annex 4b, in amount of Euro 4.535.226,52, the withdrawal application no. 10, for the period 01.01.2019 - 31.03.2019,for annexes 4a and 4c, and 27.06.2017 - 31.12.2018, for annex 4b, in amount of Euro 1.301.700,47, the withdrawal application no. 11, for the period 01.04.2019 - 20.05.2019, for annexes 4a and 4c, and 27.06.2017- 28.02.2019, for annex 4b, in amount of Euro 2.987.166,93, the withdrawal application no. 12, for the period 21.05.2019 - 30.05.2019, for annexes 4a and 4c, and 27.06.2017- 30.04.2019, for annex 4b, in amount of Euro 1.660.384,44. MINISTRY OF EDUCATION AND RESEARCH LOAN (8481 - RO) FOR THE SECONDARY EDUCATION PROJECT 31 DECEMBER 2019 - all the amounts are expressed in EUR, unless otherwise stated

1. STATEMENT OF RESOURCES AND APPLICATION OF FUNDS (CONTINUED)

1.3 Summary of Funds Received and Uses of Funds as at 31 December 1.4 2019 January 1, January 01, January 01, Description 2016 - 2018 - 2019- Cumulative at December December31, December 31, December31, 31,2017 2018 2019 2019 Opening cash balance - - -

Add: cash receipts 5,836.681 7.875.901 12.219.990 25.932.572 Funds pre-financed by MoPF and 107.740 - - 107.740 disbursed by IBRD in 2016 Funds pre-financed by MoPF and 3.288.285 - 3.288.285 disbursed by IBRD in 2017 Funds pre-financed by MoPF and 2.440.656 - 2.440.656 disbursed by IBRD in 2018 Funds pre-financed by MoPF and - 7.875.901 5.949.252 13.825.153 disbursed by IBRD in 2019 Funds pre-financed by MoPF and - 6.270.738 6.270.738 disbursed by IBRD in 2020 Less: project expenditures related to: 5,836,681 7.875.901 12.219.990 25.932.572 Component 1 - School-based and 2.301.404 3.451.670 7.159.084 12.912.158 Systemic Interventions Component 2 - University-Level 2.810.887 3.962.640 4.539.038 11.312.565 Interventions and Bridge Programs Component 3 - Project Management, 724.390 461.591 521.868 1.707.849 Monitoring and Evaluation Closing cash and cash equivalents - - - - balance

Note: The total payments for 2019 are 80.677.266 lei, equivalent of EUR 17.001.868. Comparative to the funds received and uses of funds as of 31 December 2019 - expenses incurred in SOEs, in amount of EUR 12.219.990, the project execution includes also expenses incurred by High Schools (Component 1) as of the end of 2019, but not yet included in SOE, in an amount of EUR 4.781.878. The total payments from project funds, from 15.10.2015 till 31.12.2019, are RON 172.317.362, equivalent of EUR 36.314.036. The amounts in RON are translated into EUR using the annual average rate of 4.7452, published by the National Bank of Romania. MINISTRY OF EDUCATION AND RESEARCH LOAN (8481 - RO) FOR THE SECONDARY EDUCATION PROJECT 31 DECEMBER 2019 - all the amounts are expressed in EUR, unless otherwise stated

2. STATEMENT OF EXPENDITURES

2.1 Uses of funds - IBRD contribution

Using of funds - IBRD Period end at Period end at Period end at December31, December31, December31, contributions 2016-2017 2018 2019

Payments through treasury account 5.836.681 7.875.901 12.219.990

Total 5.836.681 7.875.901 12.219.990

2.2 Uses of funds - IBRD contribution

Using of funds - IBRD Period end at Period end at Period end at contributions per component December31, December31, December 2016-2017 2018 31, 2019

Payments through Treasury account Component 1 2.301.404 3.451.670 7.159.084 Component 2 2.810.887 3.962.640 4.539.038 Component 3 724.390 461.591 521.868

Total 5,836.681 7.875.901 12.219.990

3. FINANCIAL STATEMENT OF THE LOAN Total disbursements as at 31 December 2019 Loan IBRD 8481 - RO December31, December 31, December 31, 2016-2017 2018 2019 Opening disbursed amounts - 3.396.025 5.836.681 Total Opening disbursed - amounts 3.396.025 5.836.681

Disbursements 3.396.025 2.440.656 13.825.153

Total Disbursements 3.396.025 2.440.656 13.825.153

Closing disbursed amounts 3.396.025 5.836.681 19.661.833

Total closing disbursed amounts 3.396.025 5.836.681 19.661.833

Net amount - loan amount 200.000.000 200.000.000 200.000.000

Unused loan account 196.603.975 194.163.319 180.338.167 MINISTRY OF EDUCATION AND RESEARCH LOAN (8481 - RO) FOR THE SECONDARY EDUCATION PROJECT 31 DECEMBER 2019 - all the amounts are expressed in EUR, unless otherwise stated

During the year 2019, the withdrawal application no. 7 for the period 01.01.2018-30.06.2018, for annexes 4a and 4c, and 27.06.2017- 21.06.2018, for annex 4b, in amount of Euro 2,018,223.18 was disbursed, the withdrawal application no. 8, for the period 01.07.2018 - 30.09. 2018, for annexes 4a and 4c, and 27.06.2017 - 20.08.2018, for annex 4b, in amount of Euro 1.322.451,05, the withdrawal application no. 9, for period 01.10.2018 - 30.12.2018, for annexes 4a and 4c, and 27.06.2017- 15.11.2018 for annex 4b, in amount of Euro 4.535.226,52, the withdrawal application no. 10, for the period 01.01.2019 - 31.03.2019,for annexes 4a and 4c, and 27.06.2017 - 31.12.2018, for annex 4b, in amount of Euro 1.301.700,47, the withdrawal application no. 11, for the period 01.04.2019 - 20.05.2019, for annexes 4a and 4c, and 27.06.2017- 28.02.2019, for annex 4b, in amount of Euro 2.987.166,93, the withdrawal application no. 12, for the period 21.05.2019 - 30.05.2019, for annexes 4a and 4c, and 27.06.2017- 30.04.2019, for annex 4b, in amount of Euro 1.660.384,44. о о о о о о о ¸ о ¸.-i о¸о о  о о о _ о о о о о о о о о о о о о П% S2 > _£È . . rn ³V ,-i ³ .=Á ; ;I Q Q а ¼ ° о °Á  о .1 ¸ .1 оо ³v ³Â ³ о¸о ¸ ¸Â ¸n Âо оо  ¼ Е о ¹ о Âоо ¸¹ оо . ³n оо о ¹ о¼ ¸t оо ¼¹ ¸оо а - ´ ¸ i ¸ ¸ оо о rn rn ¸ о ¸ ´ о о ¼ .-i .-i .-i о ¿i а° >° È = Gc `-' ¸ М О --1 00 N N N lfl N М 01 О 00 О1 ¡ М О --1 ¸ ³-1 о0 .--1 о0 01 М 01 01 О'1 о0 1 t . ° ¹ О 00 ¹ О tF  .--1 1 --1 М l0 00 l0 00 f0 01 О М l0 00 .-I М N l0 01 О ¸ 00 М Q1 N à о -1 ¸ lC1 00 Â-1 1 О О l0 01 1 --1 1 О V1 _°` О М a-i --1 01 i--1 l0 N °.' ci > È ` w -¡ -- - ³ È о . о ¸ ¸ о о ¸ о о о ° оо о .- ¸ rn ³  » ³ о t ¸ о о ³ È - ^ ³¿ о оо ¹ ¸ ¸ ³ ai ¿i , о  ri о U 7 Н ci О М О ¸ Q1 N l0 N 00 О 1 N l0 ¸ ¡ 3 Q ` ¸ l0 .-1 00 М 00 Á -1 00 а--1 1 М l0 1 \% О М N 1 ° V -1 U> а М N _.+о N ` " о а¹ ` Á U ¡ ¡ ° Z р Z Z Z Z Z Z Z Z Z Z Z Z Z È ° о о о о о о о о о о о о о о О V ¸ È È оÁ оÁ оÁ о о о оI оÁ оÁ z оÁ о aW N z = ' о о о о О а рÈр ¸ о о о о о о о о о о о¡ ° о¡ оÁ о¡ о¡ о¡ о¡ z U à U ¡ È О Q È ° N = О _О lb J ¡ 7 7 7 И È Q О , о » о ra ¹ ° = И ¸ V ¹ ³о ¨ z Q ´ ° ` È ¸ ¸ v Á U о И ¨ Q v ¹ `n Á = Á Á > °_° ¥ > о È z 7 О j Á È ¹ а È È ¨ ¸ Q р о о о ' о а '_ ¤ ¸ ' ' ¸ ++ ¹ £ р_ 1-=- ~ È È о ³а Á È È е0 rn ³`°-' Á ` '-'-'° ° о ' . U È° Á° о Е Н Ã È ¸ оÁ ¸ ¸ ³¸ ³о ³ О ¸ ¸ Á) Â È ³ ¸ а Q ¸  ¸ È а U р О Á U 0 о °Á I- `È _, rn ¸ ¸ rn rn ¸  rn rn rn rn  rn rn rn rn W U à о о о о о о о о о о о о о о о о È È ¸ , N N ³¸ N ³¸ ³v N N N N N N N N ³ ³v  = V 0 " о,--i о¿ i оni о¼ о¿ i о¿i о¿i о о о о о о оri tOо оÈ U а U i--1 О О О О -1 О О О О N N --1 О О М i ¸ Q 0 о ¸ t оо ¸ ° » » » » » » ¼ U Q ¡) Z ° `- rv ¼ ¸ о о о о о о о о о . о о о о о о о о о à о о о о о о о о о  о о о о о о о о t à о о о о о о о о о о о о о о о о о ¸ > È 'а ¸о Âо Â\' Е .-i ¹ ri .=¡ ¿ Q Q

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aW z О а а ¹ v а vw а ¹ z ' о о о È а ¸ а оz ³ , о È `V È О оÂо g  = z_ а ° ¼ MINISTRY OF EDUCATION AND RESEARCH LOAN (8481 - RO) FOR THE SECONDARY EDUCATION PROJECT 31 DECEMBER 2019 - all the amounts are expressed in EUR, unless otherwise stated

ACCOUNTING POLICIES AND RECORDS

Basis of preparation

The special purpose Project Financial Statements are prepared under the historical cost convention, in accordance with and complying with relevant World Bank guidelines. The amounts presented in these financial statements are expressed in EUR. These amounts have been derived by applying the RON/EUR exchange rate as at the time of payment, for the internal payments using NBR exchange rate and for the external payments using auctions exchange rate given by the Bank (Raiffeisen Bank).

Fixed assets

Fixed assets are recognized at acquisition cost under property, plant and equipment category. Following their accounting transfer to the beneficiaries on the basis of the handover minutes, they are recognized on costs (after all documents have been submitted by the vendor).

Liabilities

0 Recording the loan

The loan will be recorded as a use of funds as the withdrawals take place. The entire amount of the loan will not appear as a debt element in the accounting of the Project Management Units. fi) Acquisition of goods and services

The acquisition of goods and services is recorded as assets and expenditures respectively at the time of the payment, and is allocated between the different components and activities to which they refer.

Funding

PMU does not record the loan amounts received from the IBRD, this being done at MFP level.

Use of funds

Using of funds represents the amounts paid for the purpose of the Project by the UMEFP, funds pre- financed by the Ministry of Public Finances.

Foreign currency translation

Project expenditures are pre-funded from the State Budget, and then the eligible expenses are reimbursed from the Loan. The RON amounts were converted into EUR at the exchange rate RON/EUR in force at the date of payment of services/goods suppliers. MINISTRY OF EDUCATION AND RESEARCH LOAN (8481 - RO) FOR THE SECONDARY EDUCATION PROJECT 31 DECE M BER 2019 - all the amounts are expressed in EUR, unless otherwise stated

6. BANK ACCOUNTS UTILIZED WITHIN THE PROJECT, STATEMENT OF DESIGNATED ACCOUNT

All the funds are received through the State Treasury Account. The internal payments are done through this account and for the external payments the funds are transferred to the bank account from Raiffeisen Bank.

Based on the Order of the Public Finance Ministry no 2004/2013, starting with 0 1st of January 2014 the UMEFP does not represent a separate entity from the Ministry of Education and Research in relation to the Treasury account and will only use the following treasury account for the reimbursable funds:

Account No. R097TREZ23A6501006501 0OX Depository Bank State Treasury Treasury Activity and Public Accounting of the Bucharest Municipality Branch Bucharest Municipality Address No. 6-8, Splaiul Unirii, 4 th District, 040032 Related loan/credit Loan no. 8481 - RO Account Currency RON MINISTRY OF EDUCATION AND RESEARCH LOAN (8481 - RO) FOR THE SECONDARY EDUCATION PROJECT 31 DECEMBER 2019 - all the amounts are expressed in EUR, unless otherwise stated

6. BANK ACCOUNTS UTILIZED WITHIN THE PROJECT, STATEMENT OF DESIGNATED ACCOUNT (CONTINUED) State treasury account as at 31 December 2019 IBRD Total

Opening balance 1 January 2016 Cash receipts from MoPF for funds approved by funds providers Other cash receipts from MoPF: - - pre-financing for costs to be supported from IBRD funds 636.109 636.109 - other - - Total cash receipts 636.109 636.109 Total payments from the State Treasury Account (636.109) (636.109) Closing balance 31 December 2016

Opening balance 1 January 2017 Cash receipts from MoPF for funds approved by funds providers Other cash receipts from MoPF: - - - pre-financing for costs to be supported from IBRD funds 5.200.572 5.200.572 - other - - Total cash receipts 5.200.572 5.200.572 Total payments from the State Treasury Account (5.200.572) (5.200.572) Closing balance 31 December 2017

Opening balance 1 January 2018 Cash receipts from MoPF for funds approved by funds providers Other cash receipts from MoPF: - - pre-financing for costs to be supported from IBRD funds 7.875.901 7.875.901 - other - - Total cash receipts 7.875.901 7.875.901 Total payments from the State Treasury Account (7.875.901) (7.875.901) Closing balance 31 December 2018

Opening balance 1 January 2019 Cash receipts from MoPF for funds approved by funds providers Other cash receipts from MoPF: - pre-financing for costs to be supported from IBRD funds 12.219.990 12.219.990 - other Total cash receipts 12.219.990 12.219.990 Total payments from the State Treasury Account 12.219.990 12.219.990 Closing balance 31 December 2019 - - MINISTRY OF EDUCATION AND RESEARCH LOAN (8481 - RO) FOR THE SECONDARY EDUCATION PROJECT 31 DECEMBER 2019 - all the amounts are expressed in EUR, unless otherwise stated

Note UMEFP uses a treasury account for several projects including the current one. MoPF provides financing according to the budgets requested by the UMEFP, therefore in case the budgets are not used, the remaining available financing may be reallocated to other projects. MINISTRY OF EDUCATION AND RESEARCH LOAN (8481 - RO) FOR THE SECONDARY EDUCATION PROJECT 31 DECEMBER 2019 - all the amounts are expressed in EUR, unless otherwise stated

NOTES TO THE PROJECT FINANCIAL STATEMENTS

Note 1. Sources of funds, collections through state treasury account during 2019

SOE No. Payment details Amount requested from State CCY Total Treasury Account 10 State Treasury Account 1.301.700 EUR 1.301.700 11 State Treasury Account 2.987.167 EUR 4.288.867 12 State Treasury Account 1.660.384 EUR 5.949.251 13 State Treasury Account 4.852.612 EUR 10.801.863 14 14 EUR (partially) State Treasury Account 1.418.127 12.219.990

Note 2. Expenditure by components

Expenses made Expenses Expenses Cumulative in made in made in Expenses January 31, January 01, January 01, December 31, 2016- 2018- 2019- 2019 December 31, December 31, December 31, 2017 2018 2019

1. School-based and Systemic 2.301.404 3.451.670 7.159.084 12.912.158 Interventions 2. University-Level Interventions 2.810.887 3.962.640 4.539.038 11.312.565 and Bridge Programs 3. Project Management, 724.390 461.591 521.868 1.707.849 Monitoring and Evaluation

TOTAL IBRD financed 5.836.681 7.875.901 12.219.990 25.932.572

Note 3. Legislation and Fiscal Environment In Romania

The legislation and fiscal environment in Romania and their implementation into practice change frequently and are subject to different interpretations. Over recent years, Romania has undergone substantial legal and economic changes.

Therefore, it is not possible to estimate what changes may occur or the resulting effect of any such changes on the Project development or future results of its development. MINISTRY OF EDUCATION AND RESEARCH LOAN (8481 - RO) FOR THE SECONDARY EDUCATION PROJECT 31 DECE M BER 2019 - all the amounts are expressed in EUR, unless otherwise stated

NOTES TO THE PROJECT FINANCIAL STATEMENT (CONTINUED) Note 4. Project financial statements presentation

The special-purpose Project Financial Statements are prepared on the cash basis of accounting. On this basis sources of funds are recognized when received rather than when earned, and uses are recognized when paid rather than when incurred. The special - purpose Project Financial Statements were prepared for complying with the Loan requirements and with the appropriate World Bank guidelines, and are not intended to be a complete presentation of the Project's operations. Note 5. Going concern

Special purpose financial statements are prepared based on the going concern principle. At the beginning of 2019 the ROSE Project received Euro 13.348.858 budgetary credits and the same amount of commitment credits, representing 26% of the necessary and requested budget. At the budget rectification from September2019, Euro 26.342.409 commitment and Euro 3.161.089 budgetary credits have been allocated. In 2019, another budget rectification took place at the beginning of December and Euro 1.053.696 commitment credits and the same amount of budgetary credits were allocated. The insufficient budget allocated at the beginning of 2019, both for budgetary and commitment credits, had as result the impossibility to allocate the necessary tranches for grants in the 1st and 2 nd batch, in time and according to the requested amounts, to the delays in signing the grant agreements for university non-competitive grants in the 2 nd batch, impossibility to sign contracts essential for the implementation of the project, such as the consultancy contract for communication and awareness raising). The positive budget rectification in September 2019 allowed signing of the university non- competitive grant agreements in batch 2, signing of the university competitive grant agreements for Learning Centers in batch 3. The budgetary credits withdrawn at the end of 2019 could be reopened and used, at the beginning of 2020, according to the legal provisions. During 2019, UMEFP received 2 implementation support visits from the World Bank, in May and December 2019, meant to analyze the project's progress. The review mission in May 2019 represented the mid-term review. Following these missions, the World Bank representatives issued reports indicating the state of implementation, aspects regarding noticed delays, which may lead to non-compliance with the objectives set out in the Loan Agreement and provided recommendations for their achievement. Insufficient and late allocation of the ROSE Project budget was mentioned as the main reason for the delays noticed, which an impact on the project implementation, especially on the subprojects financed from the grant schemes. The possibilities to restructure the project, by reallocating the savings, was also analyzed.

Note 6. Subsequent events

Under the Grant Scheme for Universities - Summer Bridge Programs, 9 grants will be signed in July 2020, while the other 37 have been signed in June 2020. Under the Grant Scheme for Universities, advances have been granted for summer programs (Round 2 and Round 3), totaling EUR 250.991. Furthermore, SOE 13 (01.06.2019-30.09.2019, for annexes 4 a and 4c, and 27.06.2017-31.07.2019, for annex 4b) in amount of EUR 4.852.611,57 was sent to MoPF and collected on March 17, 2020, SOE 14 (01.10.2019-31.03.2020 annexes 4 a and 4c) in amount of EUR 5.246.682,64 was sent to MoPF and cashed on May 6, 2019, SOE 15, (01.04.2020-31.05.2020, for annexes 4 a and 4c, and 27.06.2017- 10.02.2020 annex 4b), in amount of Euro 3.502.478,04, was sent to MoFP and cashed on June 24, 2020, SOE 16, (01.06.2020-11.06.2020, for annexes 4 a and 4c, and 27.06.2017-31.03.2020, for annex 4b), in amount of Euro 1.354.369,25, was sent to MoFP and cashed on June 30, 2020. MINISTRY OF EDUCATION AND RESEARCH LOAN (8481 - RO) FOR THE SECONDARY EDUCATION PROJECT 31 DECEMBER 2019 - all the amounts are expressed in EUR, unless otherwise stated

Under the Grant Scheme for Universities - Student Support, around 46 grants, which are now under evaluation, will be signed in September 2020. Underthe Grant Scheme for High Schools, 155 projects in batch 3 are included in the list to be approved through a ministerial order.

Date: July 31, 2020 MAi,

Ms. Liliana Preoteas Ms. Tatiana Stuparu

Director UMEFP 0 Financial Deputy Director

Ministry of Education a a p