Ooni Koda
  1. Home
  2. /
  3. Newsfeed
  4. /
  5. Romania PM picks EU funds minister as new...

Romania PM picks EU funds minister as new finance minister

March 28, 2015

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.

The text of this article has been partially taken from the publication:
Read in full - click here
Wizz Air establishes permanent base at Bucharest’s Băneasa airport

Low-cost carrier Wizz Air announced three new routes from Bucharest, two additional aircraft, and a permanent base that will be established in the Romanian capital at the Băneasa Airport. The new base will open starting April 1, 2025. The move will see the airline increase its Bucharest fleet to 21 aircraft. "Bucharest is of crucial importance […]

Northeastern Romania: M Core acquires Shopping City Suceava from Argo Capital

Shopping center developer Argo Capital sold Shopping City Suceava in northeastern Romania to M Core for an undisclosed sum. The property offers a leasable area of 43,100 square meters, hosting over 100 retailers. According to real estate consultancy company iO Partners, which advised Argo Capital, this marks the largest transaction in the past five years […]

Migrants and refugees taught Romanian in “Language Buddy” project

“Language Buddy,” a project launched in the city of Brașov, aims to support young migrants and refugees in learning the Romanian language. The same project trains students as mentors in intercultural pedagogy. “Language Buddy” is a model simultaneously implemented in eight European countries (Greece, Italy, Romania, Bulgaria, Spain, Portugal, Malta, and Austria) and is based […]

Romanian officials mark International Day of Commemoration of the victims of the Holocaust

President Klaus Iohannis and prime minister Marcel Ciolacu reaffirmed Romania’s intention to combat anti-Semitism and promote the memory of Holocaust victims with the occasion of the International Day of Commemoration of the victims of the Holocaust. The head of the Romanian executive attended the ceremony dedicated to the international day and the remembrance of the […]

Analysis: Bucharest, Ilfov and Timiș lead Romania’s mortgage market in 2024

Bucharest, Ilfov, and Timiș emerged as the regions with the highest number of registered mortgages in Romania in 2024, followed by Iași and Constanța. According to an analysis conducted by online broker Ipotecare.ro and financial consultant and mortgage lending company SVN Credit Romania, roughly 86,600 mortgages were recorded nationwide last year, marking a 26.5% increase […]

Crevedia Retail Park opens near Bucharest following EUR 15 mln investment

Crevedia Retail Park, one of the largest strip malls in Romania, with a total leasable area of ​​11,400 sqm, opened on the Bucharest-Târgoviște road close to Bucharest on Monday, January 27. The total investment, by REPACO Capital and its partner Weststar Real Estate, amounts to EUR 15 million, partly co-financed by Banca Transilvania through an investment […]