Romania To Support Project Improving Moldovans’ Lives
Romanian President Klaus Iohannis this weekend said on Moldova’s independence day Romania will support projects to improve the lives of Moldovan citizens.
Iohannis said the two countries’ bilateral relations, as well as their shared language, culture and history, strengthen confidence that a strategic partnership will continue to be developed and Romania will firmly support Moldova’s European aspirations. (Puterea)
Romania Must Continue Convergence
The convergence process of the Romanian economy must continue, but without endangering macroeconomic balance and financial stability, central bank governor Mugur Isarescu said Friday.
He said the crisis has shown excessive expansion may lead to a sharp recession.
Isarescu added Romania’s economy has posted remarkable growth in recent years, as the public deficit and current account deficit were kept at sustainable levels. He said the country currently meets nominal convergence criteria, which it is essential it maintains in order to adopt the euro currency. (Adevarul)
Raiffeisen International Threatens To Sue Romania At World Bank Arbitration Court
Austrian lender Raiffeisen International has notified Romanian authorities it plans to address the World Bank’s arbitration body over the country’s debt discharge law.
The bank said the debt discharge law is an infringement of the treaty concluded between Romania and Austria regarding foreign investments, digi24.ro reported.
The bank suggested a 30-day interval for negotiations and the Finance Ministry said it will analyze the situation.
Raiffeisen Bank said the debt discharge law, which forces banks to set up provisions for potentially non-performing loans, has lowered its profit by EUR45 million. (Puterea)
Ford To Invest EUR130M In Craiova, Or Pay Back State Aid
U.S. carmaker Ford will invest a minimum additional sum of EUR130 million from its own sources at its Romanian unit Automobile Craiova by the end of 2019, the Romanian Finance Ministry said.
By the end of 2017, Ford was supposed to manufacture 1.5 million engines and 810,000 cars in Romania, a target it missed due to the financial crisis. The Finance Ministry has agreed to extend the deadline for the target until 2025 and the carmaker must invest an additional EUR130 million over the next three years.
Of this amount, EUR100 million will be used for starting the production of a new car model at Automobile Craiova and EUR30 million will be used for engine production.
The failure to meet its obligations will result in Ford’s obligation to return the state aid to the Romanian state. Ford took over the Craiova facility in 2008 and received EUR75 million in state aid. (Evenimentul Zilei)
Romania Has Biggest Drop in Vaccination Rates Among 190 Countries
Romania registered the biggest drop in vaccination rates among 190 countries analyzed by European epidemiologists.
Research results were published in medical publication The Lancet, which shows the trend will continue in the following years.
The study shows Romania stands at the top of the list of countries with the sharpest drops in vaccination rates, a trend observed between 2009 and 2013. On second place are San Marino and Latvia. On the other hand, vaccination rates have improved in Malta, the UK and Zimbabwe.
The research is based on vaccines against diphtheria, tetanus and tuberculosis and analyzed data from the past 30 years correlated with economic and social factors, digi24.ro reported.
The vaccination rate in Romania dropped below the safety line of 95% and the largest number of parents refusing to vaccinate their children, 22% are in capital Bucharest. (Adevarul)