BUCHAREST
(Reuters) - Romania's leftist prime minister, Victor Ponta, said on Friday he had appointed the government's EU funds minister, Eugen Teodorovici, as the new finance minister.
Ponta had briefly taken over the portfolio following the resignation earlier this month of Darius Valcov, who faces accusations of corruption -- charges he has denied. Parliament voted on Wednesday to allow prosecutors to arrest him.
Teodorovici, 43, faces potentially difficult talks in April with the International Monetary Fund and the European Commission, where he will seek backing for Romania's plans for sweeping tax cuts in 2016 to 2019.
On Friday, the IMF said the planned tax cuts threatened to undermine five years of fiscal consolidation and urged the cabinet to reconsider their size and timing.
Romania has a standby 4 billion euro aid deal with the IMF and the European Commission, which is tied to its performance in implementing reforms and keeping the deficit in check. The accord expires in September.
The tax cuts were formally approved by the government on Wednesday and will be debated in parliament before a final vote that is expected by June.
Romania's talks with the IMF ended without agreement in February as Bucharest resisted calls for gas price hikes and restructuring state-run coal firms.
Including Ponta's brief stint, Teodorovici will become the sixth finance minister since Ponta took office in May 2012. The premier has jokingly referred to the position as a "kamikaze" role.
Valcov quit after prosecutors alleged he had favored a firm for a public works contract in exchange for about 2 million euros ($2.20 million). Prosecutors subsequently accused him of unlawful gains after they discovered cash, gold bars and a French Impressionist painting in his safe.
Romania will join the Schengen Area with its land borders starting January 1, 2025, according to Romanian prime minister and Social Democrat (PSD) leader Marcel Ciolacu, who was on a visit to Brussels on Monday, November 18. The Romanian PM said during an interview that the decision regarding Romania’s accession with land borders will be […]
Exorigo-Upos, the Polish company that provides IT technology solutions for the retail sector, is preparing to take its presence in Romania to the next level by establishing an innovation hub in Bucharest. The new center will focus on developing and testing cutting-edge technologies tailored to the Romanian market, in line with the company’s long-term strategic […]
Eva and Victor, ages 16 and 17, respectively, will advocate for climate action as members of Romania's delegation at the United Nations Conference on Climate Change – COP29, held in November 2024 in Baku, Azerbaijan. The two teenagers also have clear roles in the conference. Victor, for example, will co-moderate the Climate Youth Forum, where […]
Natural gas producer Romgaz (SNG), a company in which the majority stakeholder is the Romanian state, listed on Tuesday, November 19, its first corporate bonds amounting to EUR 500 million on the Bucharest Stock Exchange. The bonds, also listed on the Luxembourg Stock Exchange since the beginning of October 2024, are part of a tranche […]
The Bucharest Court of Appeal ruled on Tuesday, November 19, to return the case involving Andrew and Tristan Tate to prosecutors at DIICOT, citing several irregularities. The judges also decided to remove several pieces of evidence and statements from the file, according to
Program empowers women in Romania to step into management or advisory board roles Offering actionable advice for women in businesses seeking strong governance Supporting EU gender diversity targets with inclusive leadership programs The European Bank for Reconstruction and Development (EBRD) celebrates Women’s Entrepreneurship Day on 19 November 2024 by highlighting the EBRD Women on Boards […]
