The 2025-2026 budget correction package can avoid the downgrading of Romania's sovereign risk and there is no alternative to a severe correction, says the Fiscal Council, which published an Opinion on the package of fiscal measures for which the Government assumed responsibility."The 2025-2026 budget correction package can avoid the downgrading of Romania's sovereign risk. There is no alternative to a severe correction. The optimality of the package of correction measures examined is difficult to assess, especially since distributional aspects (including equity) and second-round effects come into play. The budget correction, which means a reduction in internal absorption (affecting personal income, corporate revenues), is the price we must pay to ensure the sustainability of public debt and avoid an even more severe correction," argues the Fiscal Council.According to the same document, the substantial fiscal adjustment package will have an important effect in terms of narrowing the external imbalance.In the context, the Fiscal Council showed that the analysis of the budget execution for the first 5 months of 2025 is likely to worsen the Fiscal Council's adoption of the draft budget, which saw a cash deficit of around 7.7% of the GDP. Thus, in the absence of the adoption of measures to correct the budget deficit, the dynamics of the main categories of income and expenditure in the first part of 2025 appear compatible with a cash budget deficit of more than 8.5% of the GDP, the same source estimates."The Fiscal Council estimates that the adoption of a consistent package of measures to correct the budget imbalance represents an absolute emergency. In the absence of a credible, firm package of measures, the risk of blocking access to financing and refinancing becomes imminent," the Opinion also states.The Government assumed responsibility, in Parliament, on Monday, for the first package of fiscal measures to reduce the budget deficit.
The famous show "Ovo" ("egg" in Portuguese), created in 2009 by Cirque du Soleil, is scheduled for April 23–26, 2026, at BT Arena in Cluj-Napoca. So far, the classic Cirque du Soleil show has delighted over 7 million spectators in 40 different countries. Despite its age, it has been reimaged, with a new set, acrobatic […]
The state-owned group Electrica is set to list the largest green corporate bond issuance in Romania, worth EUR 500 million, on the Luxembourg and Bucharest stock exchanges. According to the company's press release, the European Investment Bank is one of the key participants in the issuance. Overall investor demand at the final price exceeded the […]
Low-cost airline Wizz Air announced a major expansion of its operations in Bucharest, adding a second aircraft to its base at Băneasa Airport starting this October. The airline will relocate nine routes from Otopeni to Băneasa, five of which will be operated exclusively from the secondary airport. At the same time, six new routes will […]
The annual inflation rate in Romania rose to 5.7% in June, up from 5.45% in May, according to data published on Friday, July 11, by the National Institute of Statistics. It is the highest level this year. The consumer price index, compared to May, was 0.45%. The inflation rate from the beginning of the year, […]
A taxi driver who refused to pick up a passenger at Bucharest’s Henri Coandă International Airport on Thursday night, citing the rule that prohibits the second car in line from leaving the queue, was fined and had his professional license suspended, according to the Romanian Police. Local news channel Digi24...
Local authorities in Buzău County, in the south-east of Romania, announced the opening for traffic of the new bridge over the Buzău River on Friday, July 11. At over 1.3 km in length, it is the second-longest road bridge in the country and is part of the Lot 1 Buzău – Vadu Pașii of the […]
