The government paid in Q1 record interests of 8.6 billion lei, in the context where the public debt exploded last year, with a budgetary deficit of 102 billion lei, and the state continues with a very high deficit this year as well, which would reach from 80 billion lei to almost 83 billion lei following the budgetary adjustment, and makes plans for expenditure, such as the National Plan for Investments Anghel Saligny which would have a budget of 50 billion lei between 2021 – 2028, Profit.ro says. For the whole year, the expenditure with interests and commissions for the governmental public debt is estimated to 16.63 billion lei, a record sum. In the first six months of the previous year, the interests went up to 8.35 billion lei and for the whole year 2020 at 13.9 billion lei. The revenue of the budget for the first six months of this year was 176.38 billion lei, and the expenses 210.19 billion lei, with a deficit of 33.8 billion lei. According to the data published by the ministry of finances and quoted by Profit.ro, the level of state indebtedness was 49.5% of GDP in June, dropping slightly from 49.7% in May. The threshold of 50% was, probably, surpassed in July, month for which the ministry did not publish any data, after the state borrowed at the beginning of the month 3.5 billion euro (17.2 billion lei) from the foreign market. The fact that they used the foreign market is explained by the need to cover the necessary for financing in the context of months when they borrowed from the domestic market more.
London’s New Bond Street has been crowned the world’s priciest retail destination for the first time, while Bucharest’s Calea Victoriei is in 39th place globally, according to Cushman & Wakefield’s latest Main Streets Across the World report. Rents in Calea Victoriei recorded the 3rd highest growth among the 50 analysed markets worldwide. Calea Victoriei, the […]
The European Commission announced earlier this week that it has selected four electrification projects developed by Romanian companies to receive funding of EUR 29.33 million from the Connecting Europe Facility fund. The CEF funding round involves a total of over EUR 600 million in EU grants, which will support...
Romania has won the international competition for a judge position at the UN Dispute Tribunal (or UNDT), with judge Adina Elvira-Ghiţă set to take over a seven-year term, according to the Ministry of Foreign Affairs (MAE). Romania secured 109 votes in the UN General Assembly during the international competition for filling a judge position at […]
The Defense Ministry said early Wednesday, November 19, that its Air Force detected a drone entering national airspace overnight, prompting the scramble of German and Romanian fighter jets amid ongoing Russian attacks near Romania’s border with Ukraine. Two German Eurofighter Typhoon jets stationed at the Mihail Kogălniceanu Air Base took off at 00:25 on November […]
The government will radically amend the legislation on foreign labour and repeal the current law, said Ciprian Văcaru, state secretary at the Ministry of Labour, Family, Youth and Social Solidarity (MMFTSS), as reported by Economedia.ro...
The Romanian government is preparing an emergency ordinance to ban salary-pension cumulation in the public sector, according to the document consulted by Economedia.ro. The draft ordinance includes other measures to reduce spending in public administration, such as suspending secondments and transfers. The...
