Romania's public debt will reach 49.1 - 49.2 pct of GDP at the end of the year, down from about 49.5 pct where it currently stands, Finance Minister Dan Vilceanu said on Tuesday, emphasizing that the nominal GDP will increase."We estimate that the public debt will get somewhere at 49.1-49.2 [percent of GDP, ed.n.], at the end of the year, given the projections of GDP after the revision. So we are on schedule. What I want to tell you is that, as you know, we have a loan plan - and a public debt management strategy based on which we make these loans - and we do nothing but what you know - because I already saw news yesterday, that the Ministry of Finance has borrowed again. You know very well that we have bids on Monday and Thursday," Dan Vilceanu mentioned.Regarding the budget deficit, the Minister of Finance specified that the authorities are focused on maintaining the negative balance at 7.13% of GDP."Today at 5:00 pm there will be a discussion in the Coalition and after this discussion we will know exactly if there are any changes and what they are. (...) We are very focused on maintaining the deficit. From the moment the handover-reception of the ministry with the prime minister was carried out, I was given this task not to exceed a 7.13 deficit. We are paying attention to this and to the way in which the ministries carry out their execution. We would not want to allocate money and that money not be spent. We borrow money and later the ministries do not spend the money and we all pay the interest," Vilceanu underlined.According to the estimates of CFA Romania analysts, the public debt will reach, in a 12-month horizon, approximately 52 pct of GDP.
Ionuț Costea, former head of EximBank, and Sebastian Vlădescu, former finance minister, were released on November 5 following an extraordinary prescription procedure, according to a statement from Romania's High Court of Cassation and Justice (ICCJ). The two had been sentenced in 2023 to six and seven years in prison, respectively, for taking a EUR 5.5 […]
Prime minister Ilie Bolojan, who also serves as president of the Liberal Party (PNL), stated on November 4 that, at the meeting of the party's National Political Bureau the same day, support was renewed for resolving the issue related to special (magistrates') pensions this month, but also for the reform in public administration, according to
Knauf Insulation Romania, the local subsidiary of a division of the German group Knauf, has officially inaugurated its new glass mineral wool factory in Târnăveni, Mureș County, after an investment of EUR 140 million, for which the company also received EUR 18 million in state aid. "Our factory in Târnăveni, equipped with state-of-the-art technology, has […]
Corden BioChem, an expert in industrial biotechnology, could resume production at the bioethanol factory it took over from Swiss Clariant in southern Romania (or "Lesser Wallachia" as indicated by the company) at Podari, after the Competition Council authorised the takeover of the steam and electricity supplier. The company announced on its website that the Podari […]
Romania’s general government budget deficit can drop below 6.5% of GDP next year, possibly approaching 6% of GDP, to further drop below 5% of GDP if the tax evasion and tax avoidance are addressed, the head of the Fiscal Council, Daniel Daianu, said, speaking in a conference organised by Curs de Guvernare, as reported by […]
The Purchasing Managers' Index (PMI) compiled by BCR Romania for the manufacturing sector plunged to 47.6 points in October – the weakest reading in seven months – dragged down by the deterioration in the volume of new orders and volume of actual output. The decline wipes out the progress seen over the past six months, […]
