The government approved on Thursday the government debt management strategy over 2024 - 2026, as presented in a memorandum by the Finance Ministry, the Executive said in a release.With budget deficits running high and Romania subject to an excessive deficit procedure, the Finance Ministry's goal is to ensure financing for the budget deficit and the refinancing of the public debt, mainly in national currency, in order to continue the development of the internal market in correlation with its absorption capacity for RON-denominated government securities, in parallel with accessing external financial markets according to the opportunities offered by these markets, with the aim of extending the average maturity for the total debt and diversifying the investment base.Also, the policy of contracting loans from international financial institutions will continue, in order to ensure robust sources of financing and minimizing costs in the medium and long term.The 2024 - 2026 government debt management strategy represents the continuation of the previous strategy for the period 2023 - 2025 and is designed in compliance with the best practices defined in the World Bank and International Monetary Fund guidelines for designing public debt strategies, and in consultation with the National Bank of Romania.The strategy is limited to the debt contracted directly or guaranteed by the government, through the Finance Ministry, but does not include loans from the general current account of the State Treasury ("temporary financing"), cash management instruments and guarantees granted in the name and account of the state by Exim Banca Romaneasca, which were included in the public debt structure starting in 2022, as per the Court of Accounts Ruling No. 3/11.01.2023.The Memorandum presents the structure of the government debt portfolio by the type of currency, interest rate and debt instruments.
President Nicusor Dan signed on Thursday the decree appointing Prime Minister Ilie Bolojan as interim Vice Prime Minister on the areas coordinated by Dragos Anastasiu, the Presidential Administration informed.On 27 July, Dragos Anastasiu announced he was stepping down from the vice prime minister office, mentioning that he could no longer accept "being denigrated and thus […]
Prime Minister Ilie Bolojan continued consultations on Thursday with representatives of the Association of Communes of Romania, telling them there is a strong chance to overcome the current difficult period if the approach of "responsibility toward public funds" is maintained."The reform of local public administration will be part of the second package of government measures […]
Financing the National Recovery and Resilience Plan (PNRR) projects will continue for those already initiated and will stop only in case investment has not begun, where not a single euro was spent for construction, Development minister Cseke Attila explained on Thursday. “PNRR will not stop, neither will financing investments which have already been initiated, […]
The Justice Ministry announced on Thursday having developed in cooperation with the Finance Ministry and the National Tax Administration Agency a set of proposals to amend the Insolvency Law, which will be included in the second reform package.Some of the amendments provide for a higher recovery rate of the taxes and fees owed by insolvent […]
Romania is in the antechamber of recession, with the risk that its economy will decline in the third or fourth quarter, especially amid an increase in taxes, a significant drop in sales and record inflation at European level, says business consultant Adrian Negrescu."We are currently in the antechamber of recession. It is a moment […]
The Ministry of Culture announced on Thursday that is set to adapt national legislation for enforcing the European Media Freedom Act (EMFA), which supports media pluralism, editorial responsibility, protects journalists from abusive surveillance and intimidation, and provides protection for sources.According to a Culture Ministry release, the implementation in Romania of Regulation (EU) 2024/1083 of the […]
