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December 1, 2021

Ministry of Finance has a buffer of EUR 6.2 bln

The Ministry of Finance currently has a reserve of EUR 6.2 bln, PM Victor Ponta announced Wednesday, in the opening of a Cabinet meeting, adding that the buffer serves to finance the debts that reach maturity and which reflect the deficit. Ponta mentioned that there is also the reserve of the Central Bank, exceeding EUR 35 bln, “so there is no problem in paying the tranches to the IMF, which are the responsibility of the National Bank to a larger extent than of the government.” “I know, when I took over the government, the EUR 4 bln buffer left there was a big reason of pride, and (some said) that we raised salaries and pensions from that buffer. Wrong. With that buffer we financed the deficit, as there was no possibility to use it for raising salaries and pensions” Ponta explains.

The premier assured that Romania “totally” met the budget deficit reduction targets, but warned that any mistake can reverse anytime the positive trend that is seen now. “This is the first time in a while that we really have a deficit of the commercial balance which is better than 10 years ago,” Ponta stated. He added that the National Agency of Fiscal Administration released Wednesday a sum of RON 4.8 M necessary to pay the wages of Mechel employees.

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