Fitch Sees Romania Funding Needs At EUR13.2B In 2014
Romania’s gross borrowing requirement is estimated at EUR13.2 billion in 2014, equal to 8.9% of the gross domestic product, a report from Fitch Ratings showed Monday.
In its latest report on the financing needs of the four largest economies in central and Eastern Europe, Fitch said the Romanian government will need EUR3.1 billion to finance the budget deficit in 2014.
Additionally, the country requires another EUR7.8 billion for medium- and long-term redemptions and EUR2.2 billion for short-term debt stock.
Romania must also repay EUR1.2 billion in previous financial assistance from the International Monetary Fund and the European Union in 2014, Fitch said. If the installments owed by the central bank are taken into account, the figure increases to EUR4.6 billion. (Gandul)
Government Readies Measures Meant To Boost Consumption
The Romanian Government is preparing a set of measures aimed at stimulating local consumption.
The government is hoping that the local consumption will be the economic growth driver in 2014, although natural gas, electricity and fuel tariffs are going up every month, following the measures taken by the Executive. Higher tariffs will further trigger higher prices for foods, clothing and medicines. (Evenimentul Zilei)
Romania Private Lending Falls 4.7% To RON218.5B In 2013
Romanian private lending fell 4.7% in real terms to 218.46 billion lei (EUR48.2 billion) at the end of December 2013, from RON225.9 billion in the previous year, central bank data showed Monday.
Private loans in Romanian lei edged down 0.8% on the year in December, while foreign currency loans fell 5.7% when expressed in lei. When expressed in euros, foreign currency lending was down 6.8% in 2013, the data showed.
Compared with November 2013, non-government lending decreased by 0.9% in real terms. Loans in Romanian lei were down 0.9% on the month in December, while forex loans declined 0.6% when expressed in lei and 1.5% when expressed in euros. (Curentul)
Foreign Minister Says Romania Meets Requirements For Schengen Accession
Foreign Affairs Minster Titus Corlatean said Romania has met all requirements to join the border-free Schengen Area.
He added there is no connection whatsoever between the country’s potential accession to the visa-free Schegen Area and the European Commission’s latest Cooperation and Verification Mechanism (CVM) report for Romania.
Early December 2013, Prime Minister Victor Ponta said Romania has done its best for its accession into the Schengen Area and now a decision in this respect is only in the hands of European officials.
The CVM report assesses the recent progress made by Romania in the two core CVM areas of judicial reform and anti-corruption work. This assessment shows that Romania has made progress in many areas since the previous CVM reports. (Adevarul)
Bad Weather Prompts Liberal Party To Cancel Weekend Meeting
Romania’s National Liberal Party (PNL), part of the country’s ruling Social Liberal Union USL, has cancelled a meeting due to take place this weekend in mountain resort Sinaia due to heavy snowfall over the past days.
PNL was planning to assess the activity of liberal ministers and to nominate one of its members for the position of interior minister.
Former Interior minister Radu Stroe resigned last week following a scandal involving delayed rescue actions after a plane crashed in the Apuseni Mountains. (Evenimentul Zilei)