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February 9, 2023

FinMin Teodorovici: Romania is not facing fiscal sustainability risks

Romania is not facing fiscal sustainability risks and it’s very interesting to see that from all the recommendations that our country has received, 68 percent are fulfilled, declared, Wednesday, Public Finance Minister Eugen Teodorovici at Victoria Palace.

“I can say, as Finance Minister, that there are statements that are not based on arguments and secondly it’s clear that they are statements that serve another purpose, not that of helping, building, trying to propose solutions, and they have the power, purpose, of destabilizing and sadly, creating short term disadvantages. I can give you an example, related to the way Romania is financing itself today, or the cost of financing. Currently, Romania is not facing fiscal sustainability risks [short term fiscal ed. n]. It’s clearly said in today’s document by the European Commission, and such fake news are contradicted. It’s very interesting to see that from all the recommendations that Romania has had in the last years, 68 percent of them are fulfilled and perhaps those that criticize and those that handled the country’s governing in 2016 should come and see, how many of the country’s recommendations were either delayed, or unfulfilled, a fact that produced effects which are difficult to quantify today, in the years that followed,” Teodorovici said.

He specified that Romania currently has three recommendations as a country, and in the European Commission’s report it is specified that progress was made in the field of moonlighting, but also in the area of simplifying public procurement.

“Moreover, last week the commissioner for the internal market [Elzbieta Bienkowska – European Commissioner for internal market, industry, entrepreneurs and SMEs ed. n) clearly said that the documents sent by Romania from the changes regarding public procurement were accepted by the EC,” Eugen Teodorovici said.

According to the data presented by the Finance Minister, one of the European Commission’s recommendations is to include Romania in the Significant Deviations Procedure from the fiscal rule concerning the budget deficit, so that the country must take all measures in order to ensure an annual adjustment of the structural deficit of 0.8 percent, for 2018 as well as 2019.

Romania has to officially reply, in writing, to the European Commission’s recommendations made on Wednesday, until October 15.

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