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Nazare: We are in good direction but should remain cautious and watch expenses and budget execution

Romania has chances to recover GDP losses, it is in a good direction but authorities should remain cautious and watch for expenses and budget execution, said finance minister Alexandru Nazare on Thursday.


There are chances. There are also reports, including World Bank report, which confirms premises on which we built the budget – 4.3% increase. These reports, including Eurostat which confirms economic growth in quarter 4, 2020, are signals that we are in the right direction. There are no signals that we have arrived there. To get there we must make efforts, especially about budget execution, absorption of European funds, of fulfilling reforms in general. The message I want to convey is that we are in a good direction, but we must remain prudent and follow expenses and budget execution,” Nazare said at Digi 24.


He added that there are risks everywhere, not only in Romania, and they are connected to the pandemic.


As for the depreciation of the leu against the euro, Nazare pointed out that the ministry was in contact with the National Bank and followed the matter, but in his opinion, we cannot speak about the investors' drop in Romania.


I am in dialogue with rating agencies, I participated to all talks with rating agencies. I maintain my optimism about this matter and I am ready that our efforts, especially about building a prudent, solid budget which shows a sustainable fiscal adjustment trajectory, will have positive effects including the Commission evaluation and the evaluation of rating agencies,” Nazare added.