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October 26, 2020
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FinMin Citu: Budget deficit was financed in April at an average interest rate of 3.5 pct per year

The budget deficit was financed in April at an average interest rate of 3.5 pct per year, compared to 4.5 pct in the same month of 2019, the money saved being allocated to health, furlough, investment, Finance minister Florin Citu said on Sunday on his Facebook page.

“We succeeded the impossible. In April 2020 we financed the budget deficit at an average interest rate of 3.5 pct per year, while the Socialist (Social Democratic Party, PSD, ed. n.) government in April 2019 financed the budget deficit at an average interest rate of 4.5 pct per year. A one-point percentage saving that means significant savings in the budget. We saved money that we allocated to health, furlough, investment,” the minister wrote.

According to him, performance is all the more important as it comes in the context of the biggest economic crisis and the estimates, exaggerated from his point of view, about the deterioration of the Romanian economy in the coming period.

“I guarantee you that Ciolacu’s socialist gang would have gone into default today because no one would have funded them anymore. No one trusted them even during the period of economic growth and were forced to pay astronomical interest. Ciolacu (Acting president of PSD, ed. n.) has to explain why he agreed to impoverish the Romanians and pay astronomical interest when the economy was not in crisis. Investor confidence in the PNL (National Liberal Party, ed. n.) government is being straightened out. I will continue to manage Romanians’ money responsibly and cautiously. I will not support in any form budgetary expenditure that will destabilize the economy in the medium and long term,” the minister stressed on his social network page.

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