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May 18, 2021

Gov’t raises borrowing limit for arrears

The Government has raised the limit of loans local authorities may take to service existing arrears, but nuanced the text of the ordinance noting that the extra sum was for borrowing applications ‘filed within the legal term’, which has actually expired, in order to be able to also grant requests made after the maximum allowed sum is exhausted, Mediafax reports. The draft ordinance prepared by the Ministry of Finance said the additional sum was allocated ‘to meet loan demands’. The payment of arrears by local authorities is one of the main commitments Romania has constantly made to the International Monetary Fund (IMF), yet one never fulfilled.

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