“Romania is currently facing a country-rating issue. Due to the 5.2% budget deficit in 2008, the financial possibilities are extremely low and expensive. Everybody expects comprehensive and solid measures from a stable Government (…)” said the Prime Minister.

Moreover, Boc says the measures taken by the Government will pave the way to a revival of the economy in the following quarters, so the budget deficit to be maintained at 2% of GDP.

“Our prospect is the following: the measures adopted in the budget plan, the anticrisis policies, massive investments in infrastructure, paying debts, capitalization of CEC and Eximbank, deduction of reinvested profit, measures that will revive the economy starting next quarters, enough to remain at 2% budget deficit”, said Boc.

Furthermore, he said he didn’t expect to see economic growth in first quarter this year.

The incomes of consolidated general budget shrank 8.68% in January, compared to prior-year period, down to 13.8 bln lei, on reduced amount collected from the majority of budget’s components, according to Ministry of Finances.

Government’s target – upgrading the country rating

“Romania is currently facing a country rating-related issue. Due to the 5.2% budget deficit in 2008, the financing prospects are narrow and expensive. Everybody expects comprehensive and solid measures from a stable Government (…)”, said the Prime Minister.

Furthermore, Emil Boc said the Government had a strategy to urge Romania’s accession to euro area process, before 2014.

“The process should be speeded up. The Governemnt is focusing on this issue. We already have a strategy to urge Romania’s accession to euro area before 2014”, Boc added.

The Government and the central bank engaged in adopting the single European currency in 2014 and took into account Romania’s accession to ERM II in 2012.