The financial ratings agency Fitch Ratings has issued a serious warning on the risks linked to political instability, delays in reforms under the National Recovery and Resilience Plan (PNRR), and external pressures on the economy, while the coming months will be decisive, interim Finance Minister Alexandru Nazare explained on Monday evening.
'Following the latest S&P assessment, Fitch Ratings today sends a new message regarding Romania: we reduced the deficit in the first quarter - but the real test of credibility is what we do from now on. The rating agency today published a new analysis which reconfirms the effectiveness of the fiscal measures adopted last year. The budget deficit fell to approximately 1% of GDP in the first quarter of 2026, almost half the level recorded during the same period in 2024 and 2025. This is a major signal for the rating agencies, showing that Romania can correct its imbalances when there is discipline, spending control and responsible decision-making,' Nazare wrote on his Facebook page.
However, he believes Monday's Fitch report is not a reason for complacency, as the agency firmly warns that the main risk is not short-term budget execution, but the lack of predictability regarding the fiscal strategy for 2027 and the following years.
'These are results achieved not through statements, but through responsible implementation. Through a sustained and committed effort at government level, endorsed for the first time in Romania by Prime Minister Ilie Bolojan, and through coherent measures that are beginning to restore confidence in the stability of public finances. But today's Fitch report is not a reason for relaxation. On the contrary. The agency firmly warns that the main risk is not short-term budget execution, but the lack of predictability for the fiscal strategy in 2027 and the years ahead. In other words, good results from a single quarter must be turned into a stable and credible medium-term direction. Fitch issues a serious warning regarding the risks linked to political instability, delays in PNRR reforms and external pressures on the economy. That is why the coming months are decisive,' Alexandru Nazare stressed.
Fitch's next assessment report on Romania will be published on July 31.
'Until then, what matters most will not be what we say, but what we do in concrete terms: real reforms, absorption of European funds, budgetary discipline and continuity in fiscal consolidation,' the interim Finance Minister added.
