The budgetary deficit continues to grow, which creates a higher pressure on the public finances, and Romania needs firm and urgent measures to keep its international credibility and economic stability, says the minister of finances, Alexandru Nazare.'The budget deficit continues to grow. I do not have a simple mission, but I will say with full responsibility: Romania needs firm and urgent measures to preserve its international credibility and economic stability. Today, the Ministry of Finance published the budget execution at the end of May 2025, and the data clearly show that the budget deficit continues to increase. In nominal terms, it reached RON 64.23 billion, RON 4.13 billion more than in the same period in 2024, even though in percentage terms it remains almost constant (3.39% of GDP vs. 3.41% in 2024). This widening of the deficit is creating increasing pressure on public finances, in a context in which Romania is under close scrutiny by the rating agencies and the European Commission,' the minister wrote on his Facebook page on Friday. He reiterated that the Fitch Ratings agency said that Romania is risking to lose its recommended investment grade if they do not apply rapid measures for fiscal consolidation, and the European Commission started the procedure for excessive deficit and required a plan for correction credible until the end of June and without it, Romania risks the suspension of European funds.The Finance Minister pointed out that revenues grew by 13.6 per cent, with large contributions from income tax, social security contributions, excise revenues and EU funds. At the same time, expenditures grew by 12.2 per cent, with the largest shares coming from social assistance expenditure, interest costs and public investment expenditure. 'Basically, spending grew at a faster pace than the country's economy managed to grow over the past year. If we do not urgently correct this imbalance, Romania's access to favourable financing may be jeopardised, with dramatic consequences for the economy, interest rates, investment and jobs', Alexandru Nazare pointed out. (Photo:https://www.facebook.com/)
The third breast milk bank in Romania has opened at the Sibiu County Hospital, following a RON 13.5 million (about EUR 2.7 million) investment aimed at modernizing the hospital’s neonatology department. The modernization project, financed through the National Recovery and Resilience Plan, included the replacement of old equipment, a 20% increase in the number of […]
President Nicuşor Dan stated on Wednesday, July 30, in a press conference that the current system, which allows magistrates to retire under the age of 50 with a pension higher than their salary, is absurd. He also criticized the Superior Council of Magistracy, or CSM, for the current “disorderly” state of the Romanian justice system. […]
Forty Romanian firefighters and eight fire trucks left for Greece on Wednesday, July 30, to participate in firefighting missions, the General Inspectorate for Emergency Situations said. Between August 1 and September 15, Romania will take part in the Directorate-General for European Civil Protection and Humanitarian Aid Operations (DG ECHO) program aiming to support the Greek […]
Integrated facility and property management services provider Nazca has opened its first office outside Italy, its domestic market, in Bucharest. Nazca expects revenues of over EUR 1 million next year in Romania, and in the next 3 years, the growth plan aims to reach EUR 10 million, with target sectors being office buildings, retail, industrial […]
The 19th edition of TIFF Sibiu, one of the local editions of the Transilvania International Film Festival (TIFF), the largest film event in the county, will present a program of international films and the latest productions by Romanian fillmakers, who will attend the event. The festival takes place between August 7 and August 10, with […]
Moldovan carrier Flyone will add a route between Bucharest and Munich starting in October. The flights to Munich will be operated on Mondays, Wednesdays, and Fridays. This adds to the flights it has connecting the Romanian capital to Tel Aviv, Brussels, and Verona. With these routes, the airline is responding to the constant demand from […]
