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.
President Nicușor Dan has nominated Senate president Ilie Bolojan, a leader of the National Liberal Party (PNL) and former interim president, for the prime minister seat. Dan said Bolojan is “the best person to carry out the needed adjustments in the state administration.” He pointed to Bolojan’s track record with reducing spending, and said he has […]
Balkanik Festival – Home of World Music, set to take place at Uranus Garden between September 5 and September 7, lines up this year artists who "celebrate that form of joy that does not ignore reality, but faces it with beauty, energy, and solidarity," the organizers said. The artists performing in September in Bucharest will […]
The mayor of Timișoara, Dominic Fritz, announced on Friday, June 20, that two new bridges over the Bega River will be built in the city. The bridges will be financed with EU-backed funds worth over RON 130 million. The bridges in question are the Solventul Bridge, which will connect Gării Street to Dâmbovița Boulevard and […]
A Sarmatian necropolis nearly 2,000 years old was discovered after archaeological excavations were carried out at the Mehala II site in the municipality of Timișoara, in western Romania. Researchers discovered 15 inhumation graves, most arranged in rectangular pits with rounded corners, although some no longer retain their original outline, having been disturbed by the passage […]
The George Enescu Philharmonic Orchestra will deliver on June 26 a concert marking Romania Day at the Osaka World Expo. Additionally, the Bucharest-based orchestra will present a series of other concerts and recitals, both within the Romanian Pavilion and outside, at Toyonara Hall in Osaka. The George Enescu Philharmonic Orchestra's concerts will be conducted by […]
Sphera Franchise Group, the largest food service group in Romania, has opened its first Cioccolatitaliani store in the seaside resort of Riccione, in Italy’s Rimini tourist area. This marks the official launch of Sphera Group’s development plan for the premium Italian brand of coffee, gelato, and pastry. Under the plan, it will open four locations […]
