The Government "has reached an agreement" with the European Commission on the fiscal plan to reduce the deficit, Prime Minister Marcel Ciolacu said on Wednesday, stressing that it is essential that the EC experts agreed that Romania needs the required period of 7 years to carry out major investment projects in the economy."We have reached an agreement with the European Commission on the fiscal plan. It is essential that the Commission experts agreed that Romania needs a period of 7 years to make massive investments in the economy. This is the only way we will reach the EU average in terms of development, citizens' incomes and living standard in general. There is also an agreement on the idea that if the deficit is lower than investments, then we are on a healthy trajectory," Ciolacu said at the beginning of the Government meeting.He added that, obviously, in parallel, the state "must make an effort to reduce spending, so that the economic balance be consolidated in the coming years.""Therefore, investments will grow in the coming years and we will continue to invest massively in the economy and in infrastructure," the prime minister said.But a Commission spokesperson for economic affairs told Reuters that it has agreed with Romania to extend its deadline to file the medium-term plan to Jan. 31."Since we have not received Romania's plan yet, we cannot comment on its content," the spokesperson said."Ahead of the submission of the plan, the Commission is engaging in technical dialogues with member states, including with Romania, with the objective of ensuring that the plans comply with all the requirements set out in the legislation."Romania has yet to unveil a 2025 budget plan, but analysts and ratings agencies expect some measure of tax hikes to be enforced to shore up public finances.The coalition government has raised the minimum wage and has raised state pensions twice this year.Romania has the EU's fastest rise in wage costs and its widening budget deficit is limiting the central bank's room to cut interest rates.
The agency plans to expand its team and reach a turnover of EUR 450,000 by year-end. June Communications (JUNE), a business-to-business PR and integrated communications agency, has appointed Bianca Caragea as its new Operations Manager. The step strengthens the agency’s management team as it enters a new stage of growth after seven years of sustained […]
The Babeș-Bolyai University of Cluj-Napoca (UBB) has established an endowment fund, which the institution described as a "strategic" financial mechanism aimed at supporting academic excellence and ensuring the long-term sustainability of university projects. The initiative is a first of its kind in the local academia, UBB said. The endowment fund involves attracting donations/financial resources and […]
Romanian authorities are reportedly considering imposing an access fee for the Transfăgărășan mountain road. The funds would be used for setting up decent parking areas, selecting merchants, and similar initiatives. The beautiful, winding road is one of the most visited tourist attractions in the country. Local authorities say the funds from an eventual toll would […]
Colombian reggaeton superstar J Balvin will perform in Dubai for the first time this November, headlining Untold, the globally recognized festival born in Romania. The event will take place from November 6 to 9 at Dubai Parks and Resorts, featuring more than 100 international acts across five stages. The festival is staged in partnership with […]
More than 17% of Romania’s population faced severe material and social deprivation last year, which was one of the highest shares in the EU, according to the statistical bureau of the European Union - Eurostat. In 2024, 6.4% of people in the European Union faced severe material and social deprivation, a slight decrease compared to […]
The Freedom and Respect for Every Earthling association will hold the March for Animal Rights in Bucharest on October 4, to mark International Animal Day. The march will start at 11 AM at the National Theater Park, and will go on to Piața Victoriei. Organizers say they aim to bring to the forefront the suffering […]
