Fitch Ratings has affirmed Romania's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BBB-' with a Stable Outlook, according to a Friday release of the credit ratings and research agency. Romania's Country Ceiling was affirmed at 'BBB+', Short-Term Foreign-Currency IDR affirmed at 'F3' and Short-Term Local-Currency IDR affirmed at 'F3', according to the release.
Romania's state of finance is very bad, as its previous government failed the revenue collection plans, freshly sworn in Prime Minister Ludovic Orban told a news conference at the Finance Ministry on Wednesday. "I am today at the Ministry of Public Finance to officially install the new Minister of Finance, Florin Citu. I had some talks before this news conference on the financial state.
The latest budget revision bill secures the full payment of public wages, pensions and investment projects, and nobody has to worry about it, Finance Minister Eugen Teodorovici said at the end of a Government meeting on Monday. "The Gross Domestic Product (GDP) has passed the 1-billion-leu mark for the first time. Where the Government took some measures, results were seen.
Fitch Ratings has affirmed Romania's Long-Term Foreign and Local Currency Issuer Default Rating (IDR) at 'BBB-' with a Stable Outlook, but warned that the budget deficit might widen to 3.4 percent of the GDP in 2019, a release of the agency informed.
The Chamber of Deputies' Speaker Liviu Dragnea announced on Thursday that in order to apply the amendment stipulating that children's allowances will be increased as of 1 March, the estimated general budget deficit will amount to 2.76pct of GDP.
The 2019 State Budget Bill received favourable opinion from the joint budget-finance committees of Parliament, 21 to 11, Tuesday to Wednesday.
The select committees' members debated the bill on articles and annexes. Thus, on the 72 articles, six amendments were passed.
Romania closed 2018 with a general consolidated budget deficit of 2.88 percent of GDP, the same as in 2017, shows data released by the Ministry of Public Finance on Monday.
The budget deficit is thus below the target of 2.97 pct of GDP set by the authorities.
The Greek economy went off the rails in 2009 with a large fiscal deficit, an external current account deficit, a drop in productivity, and a jump in public debt. The ensuing crisis burst onto the international scene in 2010 with the beginning of a series of economic programs with partner countries, European institutions, and the IMF, to try and steady the listing economic ship.
The 'Concordia' Employers Confederation expresses concern over Romania's macroeconomic balances having progressively deteriorated lately, as the 6-month budget deficit of 1.61 pct of GDP - 2.4 times higher compared to the same period of the year before - raises a red flag as to the imminent danger of overshooting the year-end target of 3 percent.