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President Iohannis: Working group needs to realistically analyse all macroeconomic, sectoral economic implications of COVID-19
President Iohannis on Wednesday asked the interinstitutional working group "to realistically analyse and assess" all the economic implications of COVID-19, at macroeconomic and sectoral levels.
"I ask the working group to realistically analyse and assess all the implications of the COVID-19 at the macroeconomic and sectoral levels. All of us must be aware that the measures need to take into account the interests of the employees, companies, the budget, and all this requires various implications and scenarios. Based on these assessments we will take the necessary economic and social measures to prevent blockages, to support the affected economic sectors and to ensure the financial and budgetary sustainability, especially in the complicated context we are facing right now. We have also been discussing with the National Bank, the commercial banks, the Ministry of Finance, on how to prevent such blockages of a bureaucratic nature. Also, responsibility and prudence must permanently guide the public communication exercise when it comes to the economic impact of the COVID-19 so that we avoid generating even more uncertainty and more lack of confidence. We strongly believe that, together, through the tight collaboration of all institutions and actors involved, we will succeed in obtaining the concrete results that we all want," the head of state said at the beginning of a meeting of the GLI-ECOROM working group.
He showed that this interinstitutional working group must determine with celerity the amplitude of the expected impact on the Romanian economy of the spreading of the coronavirus epidemic.
"The main message that I want to send is to prudently and responsibly assess the economic and social implications and not to minimize the economic impact of this crisis, which keeps extending at the regional and European level. It's essential we identify the most adequate mechanisms and instruments by which we can protect not only the health of our citizens, which is very important but also the functioning of our economy and society overall, which are, also, extremely important to us all," showed Iohannis.
The head of state indicated that the economic assessments and predictions formulated by the institutions operating in this field must provide some predictability and a rapid and efficient constructive institutional reaction.
"I support the implication of the business environment in this, for together we can asses the amplitude of the economic effects of this coronavirus epidemic. We must have a set of strong measures to support the economy and to prevent such negative effects, which could generate risks and vulnerabilities at macroeconomic level," said Iohannis.
According to him, "people expect a recoil in the economy" after the coronavirus crisis is over, adding that a plan of measures is in the making.
"It's very clear, and this is something that I have also learned from the other European leaders, that people expect a recoil in the economy after the coronavirus crisis ends. We hope it ends in a few weeks after which, it's clear, we don't want to waste any time and we already have a plan of measures in the making," Iohannis said at the Victoria Palace, where he chairs the first meeting of the Interinstitutional Working Group to assess the economic, financial and budgetary impact generated by the effects of COVID-19 (GLI-ECOROM) in Romania.
He showed that interim Finance Minister Florin Citu assured him that there would be no issues with payments. "There will be some consequences, even if I've learned from the Finance Minister that he prepared very well for this situation. Today, at Cotroceni, he assured me when we had a discussion that there won't be any issues with the payments in the coming months, but, certainly, in the middle of the year, when we draw the line, an assessment will surely be made and then, at the respective moment, I want to know that the measures are either underway or in the making, in order to move on well," Iohanis explained.
The head of state was asked whether Romania is prepared in case of an epidemic. "This is what we want to elucidate. (...) I have confidence in the Orban Government and I believe that the most suitable measures will be found," Klaus Iohannis said. He showed that the Group will also tackle support measures for companies.
The President said that all the pieces of information must be taken from the authorities. "If you watch TV and see politicians giving advice to everybody as they know it all, I advise you to change the channel. Take advice from the authorities, the authorities are prepared, they give you the best advice and they are, as they say, on the lookout. What the authorities in charge of managing the crisis communicate, that is the indication which is best to follow," Iohannis said, when asked about the requests of some politicians to declare a state of emergency.
President Klaus Iohannis presided the first meeting of the interinstitutional working group (GLI-ECOROM) created to asses the economic, financial and budgetary impact of the COVID-19 on Romania.