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.
Romania was formally designated the 43rd country to join the US Visa Waiver Program (VWP) on Friday, January 10. According to the Romanian ambassador to Washington, Andrei Muraru, Romanian citizens will be able to travel to the US without the need for a visa starting March 31, 2025. "Romania becomes the first country in the […]
Cluj-Napoca, the city in Romania with some of the highest rents and a fast-growing IT industry, is closer to banning smoking in playgrounds and parks after mayor Emil Boc expressed his support for the measure. The mayor cited the prioritization of public health as the reason behind such a ban. He mentioned that he has […]
Romania's Sibiu County Emergency Clinical Hospital will receive a robotic system to prepare cytostatic drugs needed by cancer patients, along with other equipment, after the County Council obtained funds from the European Regional Development Fund. With an estimated value of EUR 1 million, the "Robotic Composition System for Sterile Preparations of Cytostatic Drugs" is among […]
Romania’s government adopted in its January 10 meeting a decision granting an extra day off to public sector employees at the beginning of May. Thus, Friday, May 2, will be an official day off for public sector workers, linking the legal holiday of May 1 (Labor Day) with the weekend (May 3-4). This...
The Ministry of Environment announced that 2024 was the hottest year in the history of Romania's meteorological records. Red alerts for heat waves began in June of 2024, with the longest consecutive periods of persistent and intense heat waves, six consecutive days, between July 13-18 and August 15-20. "The year 2024 is the hottest year...
Supporters of former presidential candidate Călin Georgescu gathered outside the Parliament Palace in Bucharest, which houses the Constitutional Court, on January 10, demanding a rerun of the second round of the presidential elections. The protest, dubbed "The Great Judicial Union," was initiated by Georgescu, who called on his supporters to challenge the election annulment, as […]
