Marcel Bolos, the finance minister, mentions on Facebook the warnings made by the International Monetary Fund about reducing budget deficit and the additional measures to be adopted by Romania to fight evasion. “They appreciated out efforts to implement economic reforms and policies but pointed out that we need fiscal-budget sustainability, we should reduce budget deficit and take additional measures to fight evasion. In themeantime EU countries which 'donate' for us are watching us shrug,” Bolos wrote on Facebook, on Tuesday. On Monday, the finance minister met the IMF team present in Bucharest, headed by Jan Kees Martijn, the head of the mission for Romania. The latter reminded that the European Commission had also warned Romania recently about budget deficit, which in his opinion could reach “alarming levels”, unless measures are adopted. According to a press release of the Finance Ministry, fiscal policy, recent macroeconomic evolutions and structural reforms assumed by Romania through the National Plan of Recivery and Resilience are some of the topics analysed on Monday by the ministry official and the IMF team. “The annual inflation rate has continued its descending trajectory, reaching a single figure in July. Compared to similar economies in the area, we recorded a lower inflation level against Hungary, Poland and Czechia. The drop of the inflation rate in the first seven months of the year was triggered mainly by the dynamics of energy and fuel prices. As for the labour market, Romania shows resilience, the number of employees growing to historic levels, on behalf of private sector employees. The dynamic of the purchase power remains positive, in the context of a salary increase of the inflation rate. As for resources, services remained the main growth engine, with a contribution of 1.8% in the first semester, while the structure of economic growth in the first half of the year was more favorable to investments, compared to the same period of last year”, minister Bolos explained to the IMF delegation. The IMF team said it appreciated and encouraged engagement and efforts made by the Romanian government to implement responsible economic reforms and policies, to ensure a climate favorable to durable development. Also, it pointed out the need to identify and implement measures of fiscal consolidation, including the reduction of non essential expenses and improving income collection. Moreover, representatives of the international financial institution pointed out the importance of continuing structural reforms to stimulate economic growth and creating an evironment favorable to investments. The sides decided to have a new series of talks next week. In the meantime, IMF will meet National Bank representatives, pther government agencies, representatives of the private sector and non-governmental organizations. An IMF team, headed by Jan Kees Martijn will be in Bucharest over September 25 – October 4, 2023, for the annual analysis of Romanian economy, based on Article IV. Such consultations take place periodically with all IMF member states and are a mandatory supervision exercise for all member states.
Romania’s Superior Council of Magistracy (CSM) issued its first response to the Recorder documentary alleging systemic manipulation within the justice system, calling the investigation an amplification of a “campaign to destabilize judicial authority.” The council said on Thursday, December 11, that it will evaluate what measures need to be taken following the report. In a […]
MedLife, Romania’s largest private medical services network, announced on Wednesday, December 10, that it reached a market capitalization of EUR 1 billion on the Bucharest Stock Exchange (BVB). The milestone secures its position as “the most valuable healthcare company” in the country. The achievement came nine years after MedLife’s listing on BVB in December 2016, […]
The Buzău Land UNESCO Global Geopark in Romania has become a “living laboratory” this week as a team of American researchers arrived to study microorganisms capable of surviving in extreme environments. The scientists, part of the interdisciplinary research organisation The Two Frontiers Project, are examining methane seeps, sulfur and petroleum springs, saline sources, and other […]
A moose has been unexpectedly spotted in the Hunedoara county area, specialists from the conservation group Rewilding Romania announced on Wednesday, December 10, sharing footage of the animal on social media. The sighting is considered “an important discovery for Romania’s wildlife,” though experts caution that it remains unclear how the animal reached this region. According […]
Trade unionists will continue to require the Presidential Administration to mediate the conflict with the government on issues such as the minimum wage or the collective labour agreement, said Bogdan Hossu, president of the Cartel Alfa trade union confederation, as reported by
Prime minister Ilie Bolojan said on Wednesday, December 10, that Romania’s state budget for 2026 will be adopted only at the end of January, citing the need for Parliament to first approve legislation required to ensure predictability and compliance with the country’s deficit targets. His comments came as the government has been working to align […]
