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Finance minister about talks with EC vicepresident: Budget deficit should reach 3% of GDP by 2024

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Finance minister Alexandru Nazare talked with EC vicepresident Valdis Dombrovskis, about Romania's budget situation, so that budget deficit should be under 3% of GDP by 2024. The official said that projects financed from European funds, especially those with high value or in cases when execution is not going on well will be attentively monitored.

 

This is the first of a series of talks scheduled between the Romanian finance minister and European commissioners. The dialogue opened between Romania and the European Commission is the more important as Romania has been in a procedure of excessive deficit since the beginning of 2020, following fiscal disorders recorded between 2017-2019. According to the calendar, the European Commission will make the next re-evaluation of the excessive deficit procedure in spring 2021.

Certainly, investment promotion remains a priority element (at 2020 level public investments represented over 5% of GDP), the use of European funds having special importance. I told vicepresident Valdis Dombrovski that we will attentively monitor projects, especially those with high value and where execution does not go on well,” finance minister Nazare declared.

 

In his turn, vicepresident Valdis Dombrovski appreciated the opening for dialogue and maintaining it at ethnic and political levels, offering support for the reform engagement made by Romania's government.

 

At the same time he pointed out the fact that he backed Romania's effort to elaborate the National Recovery and Resilience Plan, pointing out the importance of aligning it to specific country recommendations and the needs for ecological and digital transition.

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