Ooni Koda
  1. Home
  2. /
  3. Newsfeed
  4. /
  5. FinMin Bolos, about reconfirmation of ratingby Fitch: Strong...

FinMin Bolos, about reconfirmation of ratingby Fitch: Strong signal that Romania is on the right track

October 9, 2023

 Fitch's decision to reconfirm Romania's sovereign rating and maintain the stable outlook is a strong signal that the country is on the right track and that we are viewed with confidence by investors and international partners, the Minister of Finance, Marcel Bolos wrote on his Facebook account on Saturday."Excellent news from Fitch Ratings: They have reconfirmed our stable outlook and country rating. The announcement comes as a recognition of our continued efforts to control the budget deficit, support the business milieu and promote sustainable economic growth. A strong signal that Romania is on the right track, that we are viewed with confidence by investors and international partners", Bolos wrote.According to him, the decision to reconfirm the sovereign rating and maintain the stable outlook is supported by the flows of European money that support the country's investments and macroeconomic stability, as well as by the positive evolution of GDP per capita and governance and human development indicators, which are at higher levels than the countries in the same rating group (BBB)."However, the announcement should not be seen as an achievement in itself, but rather as a continued commitment to fiscal responsibility and efforts to ensure equitable and sustainable growth, to invest in education, health and infrastructure. We are determined to stay on track with reforms and continue to improve our rating and economic outlook going forward. And Fitch tells us as clearly as possible: One of the main factors that can lead to an improvement in the country's rating or outlook is continued deficit reduction budget, which would also support a firm decrease in the public debt expressed as a percentage of the gross domestic product in the medium term,'' he added.The Fitch rating agency reconfirmed, on Friday, the rating related to Romania's government debt at BBB-/F3 for the long-term and short-term debt in foreign currency, as well as the stable outlook, the Ministry of Finance informs on Saturday.The decision to reconfirm the sovereign rating and maintain the stable outlook is supported by the membership status of the European Union and the capital flows from the EU that support the country's investments and macroeconomic stability, as well as the positive evolution of the GDP per capita and governance and human development indicators, which are at higher levels than the countries in the same rating group (BBB), according to the agency's assessment.According to a press release from the Ministry of Finance, sent on Saturday, in the evaluation carried out, Fitch mentions both the economic resilience that Romania has shown in the recent period (2022 and the first half of 2023), as well as the political stability that our country has enjoyed since the end of 2021. At the same time, the agency highlights Romania's stable public debt, as well as the downward trend of inflation in our country.In the agency's opinion, Romania's economy will register a growth of 2.9% in 2023, respectively 3.2% in 2024, under the conditions in which our country will benefit from important European funds, both from the Multiannual Financial Framework 2021-2027 , as well as from the Recovery and Resilience Mechanism (PNRR).The main factors that could lead individually or collectively to the improvement of the country's rating or the outlook are the continuation of the reduction of the budget deficit which would also support a firm decrease of the public debt expressed as a percentage of the gross domestic product in the medium term, as well as the structural improvement of the account position current by reducing external debt and external financing risks.On the other hand, the persistence of large budget deficits that would lead to an upward trajectory of the share of public debt in GDP in the medium term, as well as the significant deterioration of external liquidity reserves, following the maintenance of large current account deficits and the reduction of income of foreign capital, are cited as factors that could lead to a worsening of the country's rating, states the Ministry of Finance.   

Read in full - click here
TikTok launches Election Center ahead of Romania’s May presidential vote

TikTok has launched an Election Center dedicated to Romania's upcoming elections as part of its broader effort to protect "the integrity of the platform" and promote access to reliable information. The initiative is supported by a new media literacy campaign and ongoing collaboration with more than 20 fact-checking partners, the company said in a statement. […]

Romanian interim president meets with OSCE election observation mission

Romanian acting president Ilie Bolojan met on Friday, April 25, with a delegation from the Office for Democratic Institutions and Human Rights, or ODIHR, of the Organization for Security and Cooperation in Europe (OSCE), according to a statement from the presidential administration. The acting president told the delegation that Romania "is faithful to democratic principles […]

Shareholders of Romanian oil giant OMV Petrom approve record dividends for 2025

Shareholders of Romanian oil company OMV Petrom recently approved the distribution of record dividends amounting to RON 2.8 billion (EUR 562.6 million) for the 2024 financial year, as well as the 2025 budget, which provides for investments of RON 8.1 billion (EUR 1.6 billion). The decision was taken during the Ordinary and Extraordinary General Meetings […]

European Film Festival reaches ten cities in Romania for 29th edition

The 2025 edition of the European Film Festival (FFE), which takes place this year in Bucharest and nine other cities, will screen more than 40 feature films, 28 of which are national premieres. The festival will also present two selections of short films, also screened as national premieres. Among them are 11 documentaries, 13 films […]

Update: Russian security service says it arrested Romanian man for spying for Ukraine

Update: The Romanian Ministry of Foreign Affairs said in an official press release that the Romanian citizen was initially detained in the Abkhazia region four months ago and was later transferred to Sochi, Russia. "Steps have already been taken to provide consular protection and assistance with the central and local authorities, in accordance with international regulations," […]

Russian security service says it arrested Romanian man for spying for Ukraine

Russia’s Federal Security Service, FSB, said on Friday, April 25, that it arrested a 23-year-old Romanian citizen on suspicion of spying for Ukraine by sharing the locations of Russian air defense systems. The unnamed man is accused of collecting and transmitting information about air defense sites in the Black Sea resort city of Sochi to […]