Experts from the International Monetary Fund (IMF) are recommending modifications to the recently adopted pension law by the Government. According to government sources cited by Agerpres, the IMF estimates that the expenses resulting from the implementation of the new pension law will be approximately 0.5% of the GDP in 2024 and an additional 1% of the GDP starting in 2025. The IMF mission, following its visit to Romania, is preparing the final Article IV report on the financial situation of Romania, which will be presented to the board. In light of the new pension law, the report will include a paragraph emphasizing that “the projection presented in the report does not include the expenses resulting from the application of the new pension law, estimated at approximately 0.5% of GDP in 2024 and an additional 1% of GDP starting in 2025,” as stated by the source cited by Agerpres. Additionally, it will be mentioned that these additional expenses imply a deficit trajectory inconsistent with fiscal consolidation and achieving the 3% of GDP target. The cited source further highlighted that IMF representatives emphasize the need for the component of the law involving these expenses to be “reconsidered, or the implementation of the law in the proposed form to be reconsidered.” The controversial pension law project, approved by the Executive on Thursday, has sparked debates within the Coalition. According to the Minister of Labor, Simona Bucura Oprescu, 2024 will be the first year in which a government will grant two pension increases—one based on inflation plus 50% of the real increase in the average gross wage, and the other through recalculation. She stated on Thursday that the additional impact compared to the increase in the current law, with recalculation from September to December 2024, amounts to 10 billion lei.
Armenian Street Pop-Up: All That Jazz, an event focusing on the city’s Armenian neighborhood, community and living heritage, takes place on the weekend of May 24 – May 25. The first edition, meant as an overture to the Armenian Street Festival, brings to the fore the cultural heritage of the Armenian community in Romania and […]
One year after its launch, Attractive Romania/România Atractivă - part of Romania's first national program dedicated to cultural tourism - announced major milestones, including more than 280,000 active users and over 60,000 downloads of its mobile app. The platform has become the second most popular Romanian tourism app, after Munții Noștri. Initiated by the Ministry […]
The oldest house on display in a museum in Romania is a wooden dwelling from Hunedoara County, 225 years old, located in Sibiu’s Astra Museum, according to an announcement from the Sibiu County Council. Created in 1800, the oak wood house from Țara Zarandului is coated in clay and covered with straw. It was brought […]
The entrepreneur George Iacobescu, who had a major role in building London’s financial district, was decorated by interim president Ilie Bolojan with the National Order "Star of Romania" in the rank of Grand Officer. The Romanian Presidency said that the medal is for the exceptional services rendered to the Romanian state through the constant promotion […]
Documentary Mondays and Fiction Tuesdays, the established programs of the Czech Center in Bucharest, are set for new editions between May 19 and June 10, every Monday and Tuesday. The Bucharest public can attend eight screenings of contemporary and classic European cinema, with free admission. Documentary Mondays, the Czech Center’s longest-running film program, will present […]
The 16th edition of the Namaste India festival will take place in 2025 not only in Bucharest but also for the first time in Cluj-Napoca. The event is scheduled for June 14-15 at Bucharest’s “D. Brandza” Botanical Garden and July 5-6 at Iulius Parc in Cluj. Over two days in each city, attendees can enjoy […]
