“It should not be ignored that this decision is strongly conditioned by the avoidance of any measures that would deepen the budget imbalance. In times of crisis, it is essential to channel expenditures towards measures or areas that support the potential for economic growth, investments and labor market restructuring and to design them in a broader context that takes into account the evolution of economies in the EU. Thus, the implementation of the European Next Generation EU relaunch program at national level, the preparation for the implementation of operational programs in the 2021-2027 financial cycle must be carefully correlated and oriented towards an efficient restructuring of the national economy,” said AmCham Romania president Ionut Simion.
While the S&P decision was based on a number of factors, including low levels of public debt and external debt, Romania’s ability to borrow, the central bank’s monetary policy and the programs announced by the European Union, the ratings agency experts also noted the persistence of macroeconomic imbalances in the coming quarters and to the importance of implementing fiscal consolidation measures post COVID-19 crisis.
AmCham Romania said it is important that the risks that Standard & Poor’s has identified in the context of this assessment are publicly explained, and that public policies and priorities continue to reflect a strong commitment to maintaining balanced public finances, to generating investments with a multiplier effect in the economy and to making the most of the opportunities available for Romania in the context of the EU financing package.
AmCham Romania has over 450 members, consisting of U.S., multinational and Romanian companies.