The government adopted on Friday this year's second budget rectification, maintaining the deficit target of 7.13 pct of GDP, announced the Minister of Finance, Adrian Caciu."The rectification of the state budget has been adopted, we maintained the deficit target of 7.13 pct of GDP. We provided the necessary resources for this year, until December 31, and we managed to find a solution to unblock the critical situation at CEC Bank," said the minister.He recalled that CEC Bank has been looking for the solution for two years so that, after the share capital increase in 2019, it could comply with the rule requested by the European Commission to be able to have the necessary exposure and guarantees to enter the lending market."As a result, we have established that we will grant a loan of 1.4 billion lei to CEC Bank for several purposes. Firstly, the Romanian state will immediately receive 900 million lei in dividends. Secondly, this banking company and the other banks will support us in implementing the government program because it contains not only money from the state budget, but also European funds and we need co-financing, so that the beneficiaries of European funds have a place from where to get loans that are targeted at the implementation of the public policy programs that the Government will adopt in the next period. As far as I am concerned, this was a key moment. From this moment on, from the point of view of CEC Bank, we no longer have a risk on the banking system," the government official maintained.According to Caciu, having to reallocate money for pensions and salaries from other budgets at the end of the year has been a structural mistake, one that will not happen again the following year."Today's rectification shows us some structural shortcomings in the way the budget projections are made in Romania, because we end up in the last month of the year having to allocate additional amounts for pensions and salaries, but the saddest thing is that we have to take money from European-funded projects, from investments, not because you have to take money from somewhere, but because those investments only existed on paper in a budget. This is a lesson I am quickly learning myself, and so is the Government and which we must not repeat in 2022," the minister gave assurances.According to a press release of the Ministry of Finance, the deficit of the general consolidated budget, in absolute amount, calculated according to the national methodology (cash), increases to 84.905 billion lei, while standing at 7.13 pct of GDP.
Homedit, a Romanian brand of premium furniture and home décor, announces the official opening of its first showroom, located in an interwar house in central Bucharest ("The Bamboo House”, located at No.3, Dumbrava Roșie St.). With a total investment of approximately EUR 12 million, the business was founded in 2016 as an online store by […]
The 32nd edition of the Sibiu International Theatre Festival (FITS) begins on Friday, June 20, bringing over 5,000 artists from 82 countries to the city. The events will take place over ten days and will transform the city into an "open-air stage, with large-scale productions, impressive installations, parades, fire shows, live music, aerial dances, and […]
The well-known science and nature channel Discovery is currently marking four decades since its global launch in 1985 with a special series titled "Discovery Changed My Life,” bringing testimonies from personalities whose vision was shaped by Discovery. Among those featured is also Romanian mountaineer and conservationist Alex Găvan. The series premieres on Sunday, June 22, […]
Meta Estate Trust (MET), a holding company operating in the real estate sector, has invested approximately EUR 2 million in a new retail park currently under development in Ciolpani, a commune located on the Bucharest–Ploiești corridor (DN1), it said. The project is scheduled to be completed and handed over to tenants this year, with an […]
Romania benefits from a series of favorable factors that facilitate the growth and expansion of data center capacity and could emerge as a developing market, according to an analysis conducted by the real estate consultancy company Cushman & Wakefield Echinox. A diversified energy mix, with over 50% of energy production coming from renewable sources, along […]
The German company DEHN, a manufacturer of electrical engineering solutions for critical infrastructure, including lightning and surge protection, as well as safety equipment, will open a production site in Piteşti, southern Romania. The facility, the company's first in the country, will expand its capacities to serve customers in Europe. It fits seamlessly into the company's […]
