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FinMin Nazare: We must reduce deficit in order not to jeopardize economic recovery

alexandru nazare

Reform plans for economic recovery, economic prospects for 2021, financing needs and the National Recovery and Resilience Plan were among the topics addressed on Wednesday by Finance Minister Alexandru Nazare and European Commissioner for Economy Paolo Gentiloni.

"We need to reduce the deficit so that we do not jeopardize the prospects for economic recovery, so we will continue to support the economy and the healthcare system, which remain a priority in these difficult circumstances," Nazare said.

According to a statement made by the Ministry of Finance, the Romanian official expressed the Government's commitment to implement all plans to support the economy and reform the systems that need attention, in the context of the political stability that Romania enjoys after last year's elections.

Regarding the National Recovery and Resilience Plan, Commissioner Paolo Gentiloni mentioned that he is optimistic about the evolution of the discussions on the Plan proposal from Romania and that he considers it a good basis for the discussions scheduled in the coming months.

The European Commissioner stressed that the European Forum is available to provide assistance to Romania if deemed necessary, as well as confidence in good cooperation.

The Ministry of Finance reminds that Romania will be a net beneficiary of the structural funds, taking into account the fact that only the subsidies under the Recovery and Resilience Mechanism (RRF) represent approximately 6pct of the Romanian GDP for 2019, and a similar amount in loans is available.

The conversation between the two officials is part of the series of dialogues that the Minister of Finance has started with European officials, in order to strengthen Romania's relations with the European Commission.


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