COMPANIES ECONOMY FINANCE&BANKING

FinMin Citu: Romania supports rapid implementation of SURE instrument

The rapid implementation of the SURE instrument by the European Commission, as well as the quick adoption of the recovery instrument are considered priorities by Romania in the context of the world crisis generated by the COVID-19 virus, position reiterated by the Minister of Public Finance, Florin Citu, during the Economic and Financial Affairs Council (ECOFIN) meeting, the Public Finance Ministry (MFP) informs in a release sent to AGERPRES.

“The rapid economic recovery of the EU depends on the way in which we manage to apply the already convened upon measures, such as the recovery instrument. We must take into account the different necessities of the member states, to ensure flexibility in applying instruments and avoid the introduction of an unjustified administrative task,” said Florin Citu, in his Friday intervention during the ECOFIN videoconference.

“Romania supports the rapid implementation of the SURE mechanism. We’ve already started talks with officials in the European Commission to approve the actions eligible with the instrument. The efficient and flexible functioning of it is particularly important for Romania, which cannot access instruments belonging to the European Stability Mechanism,” the Public Finance minister said.

SURE implies financial assistance up to 100 billion euro, in the form of loans destined to mitigate the unemployment risk and is addressed to all member states. They will contribute with guarantees of 25 pct of the volume of the facility (25 billion euro), which will be constituted as a guaranteed public government debt and will not have an impact towards deficit unless they’re executed. In the case of Romania, the guarantees go up to 393 million euro.

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