Fitch Ratings on Friday reconfirmed Romania's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BBB-' with a Stable Outlook and the Short-Term Foreign-Currency IDR at 'F3', the Finance Ministry said in a press release.According to the source, the decision to reconfirm the sovereign rating and maintain the stable outlook is supported, according to the agency, by EU membership and related capital inflows that support income convergence, external finances, and macro stability, as well as the positive evolution of GDP per capita and of governance and human development indicators, which are above 'BBB' category peers."Fitch Ratings' decision reconfirms confidence in the measures adopted by the Romanian Government to ensure the sustainability of public finances. This is important because the financing terms and conditions, as well as the appetite of the investment community on the capital market, are strongly influenced in a positive manner by the maintenance of a recommended investment grade rating and a stable outlook. Romania is currently registering a historic level of public investment, largely supported by European funds, in areas vital for improving the quality of life of Romanians. However, it is an announcement that must be accompanied by a sense of responsibility to improve budgetary efficiency and fiscal consolidation in order to ensure the resilience of the economy," said Finance Minister Marcel Bolos, quoted in the press release.The strengths that have led to maintaining the rating and outlook are offset by the level of state budget and current account deficits relative to similarly rated sovereigns, the high level of fiscal rigidity and the net external debt position.In the agency's view, Romania's economy will grow by 2.5% in 2024, the considerable inflows of European funds, including the cohesion funds from the Multiannual Financial Framework (2021-2027) and the recovery and resilience funds will continue to support growth and investment in the medium term. Beyond stimulating direct demand, EU funds will also contribute to the growth potential of the economy, accelerating the catching-up to the EU average.
By teaming up with CC Tax, APTIQ Tax will offer specialized financial solutions for SMEs APTIQ Global has announced the consolidation of its tax advisory division by expanding its integrated services for SMEs, following the affiliation of CC Tax to the APTIQ Tax brand. APTIQ Tax will continue to offer comprehensive accounting, auditing and tax […]
The European Investment Bank (EIB) is providing a EUR 200 million loan to Romanian energy distributor Delgaz Grid to modernize its electricity grid in northeastern Romania. The financing is part of a EUR 630 million investment program by Delgaz Grid, which aims to improve the energy system serving more than 1.5 million households and businesses. […]
The Ministry of Foreign Affairs (MAE) announced Wednesday, November 20, that Romania's embassy in Kyiv has reduced its operations to emergency actions due to escalating security concerns in Ukraine. "Given the security developments in Ukraine, in coordination with allied and EU member state missions, the Romanian embassy in Kyiv has taken additional measures to ensure […]
The Oriental Art Gallery, a new permanent exhibition at the National Museum of Art of Romania (MNAR), is scheduled to open starting November 22. Located on the third floor of the museum’s HQ on Calea Victoriei, the gallery includes close to 600 items from Azerbaijan, Bulgaria, China, Dagestan, Egypt, Greece, India, Iran, Japan, Syria, Turkey, […]
Entrepreneurs in Romania correctly perceive business opportunities in the market but fear failure and see difficult access to financing as a significant barrier to business development. These are two main findings included in the country report on entrepreneurship - research conducted by the Babeș-Bolyai University (UBB)-FSEGA team within the international project Global Entrepreneurship Monitor (GEM). […]
When it comes to saving, Romanians prefer bank deposits, while the level of participation in the capital market is low, according to a research project carried out by Raiffeisen Bank and the Bucharest Academy of Economic Studies. Bank deposits are the main form of savings Romanians resort to. Still, their level is the lowest compared […]
