FinMin Nazare: Fiscal measures, if postponed, would have had double, devastating impact in autumn

The adoption of the fiscal measures package preserves Romania's economic decision-making freedom and access to market financing, and delaying this step would have had a devastating impact in autumn, Finance Minister Alexandru Nazare told a conference on agricultural topics on Monday.'This is essentially an effort to restore Romania's credibility. It's a very strong signal we're sending, that we want a completely different approach to how we manage public finance. This is only a first step in that direction, and unfortunately, there were no alternatives to taking these measures.The alternatives would have been much harder. If we had postponed these steps now, they would have had double the impact, and from my point of view, a devastating one this autumn, under much more difficult circumstances. Adopting this package today maintains our freedom of economic choice and our freedom to raise financing from markets. It may seem like a small thing, but it's a necessary condition, though not a sufficient one. What really matters is what we do from now on, because we will have to do much more with less money, due to the situation we're in,' said the minister in an online intervention.Nazare explained that he could not attend the event in person because work was still ongoing on the amendments submitted Monday morning to the initial fiscal package adopted last Friday in a Government meeting, with a new meeting to be held soon to review and approve them.He also emphasised the need to 'accelerate the pace' of reforms and implementation, and noted he would initiate efforts to revive lending in the agricultural sector.In his view, with the current and upcoming fiscal measures, Romania's economic situation can be stabilized by the end of next year.The Finance minister acknowledged that the fiscal package is not perfect and won't please everyone, but said there were no viable alternatives.According to Nazare, investment must continue, but the way it is carried out should be rethought and monitored for effectiveness.Finance Minister Alexandru Nazare participated on Monday in the 'Investments in Agriculture, Strategy for the Future' conference, organised by the Association of Cattle, Sheep and Pig Breeders and Exporters of Romania (ACEBOP) and ProAgro, in partnership with Carmistin The Food Company.