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PM Orban says successful economic rebuilding hinges on partnership with financial, banking systems

Inquam Photos / Octav Ganea
Inquam Ludovic Orban masca

Prime Minister Ludovic Orban said on Friday, at a meeting with leaders of the Romanian Association of Banks (ARB), that the success of the economic rebuilding plan lies in the partnership with the financial and banking systems.

"The success of the economic rebuilding plan lies in the partnership with you, the financial and banking systems, because it is clear that economic re-opening, the process of economic development, the stimulation of the investment process, the stimulation of Romanians' purchasing power to maintain secure demand for companies to increase their production to rebound depends very much on the support and collaboration between the government, the business community, the financial and banking systems and all the other organisations involved," said Orban, according to a video posted on the website of the government.

Orban also mentioned some of the topics proposed for discussion to the ARB representatives.

"Among the topics I want to discuss is how to implement the SME Invest programme. I would also like to talk a little bit about mortgage loans, about the First Home programme, which has undergone certain changes. I am telling you from the beginning that from my point of view, we have to strongly support the people who want to buy properties. Someone who buys a property, buys furniture, buys electronic equipment, needs electrical installations, heating and cooling, etc. That is a very solid base for a lot of spending, which generates demand that is absolutely necessary for companies to support a high level of production. Perhaps you want to provide us with information on how the requests of companies and individuals for the suspension of the payment of loan installments are being followed," said Orban.

He added that the government's economic recovery plan will include a "wide range" of measures.

"Besides SME Invest, our intention is that in a short period of time - conditional upon the European Commission's approval of state-aid schemes at the level of the European Union - to introduce more state-aid schemes; there will be a scheme close to SME Invest for large companies, guaranteeing loans for investment and working capital, with a guarantee of up to 80% and interest subsidy of up to 50%. We are also contemplating guarantee and reinsurance instruments, let's say, intra-company loans, commercial loans, supplier credit, also guarantee instruments for payment instruments such as promissory notes, letters of credit for export and so on that we also think are necessary," Orban said.

He mentioned a government project regarding the establishment of an investment fund patterned on a Polish model and active measures to stimulate employment, which will be financed under the SURE European programme.

"We are looking forward to next week's talks on the Recovery Fund, which could provide us with extremely useful financial tools to support the re-opening programme," said Orban.

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