If the Romanian economy will remain at current 0% or -1% level, a tax hike wouldn’t be necessary, but an economic contraction above 2% would impose new measures, said the minister of finance, Sebastian Vladescu.
“If the economic recession in Romania persists, and the economic growth stays flat or -1%, we will not have to take new measures, but if the economic contraction deepens, we will have to make additional cuts in public spending. As far as I am concerned, I think that Romania will see a near-flat economic growth”, Vladescu told The Money Channel.
For the first time, he said he hopes to keep his position in the Government after the motion of non-confidence is voted in the Parliament. “It is the first time in my life I dare to say that I hope I will still be here next week tool. And not for my sake”, said Vladescu. The minister said that if the public wage cut law would be deemed as a violation of the constitutional law, he would not quit, but seek other solutions to cover the budget deficit.
“Nobody is irreplaceable, and I am very easy to replace, because I am not a political person. I will not resign even if the Constitutional Court decides these laws are not constitutional, but seek new solutions”, Vladescu pointed out.
He added that apart from pension and public wage cut, the Government will put in place a set of measures aimed at restoring confidence in the Romanian economy, including a guarantee scheme for European funds, the revision of state aid system, and the possibility to allow guaranteeing of loans taken for the development of structural funds projects.
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