President warns over risk for Romania to lose EU money, to be downgraded by the rating agencies

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President Klaus Iohannis has warned in a press statement on Tuesday that Romania risks losing EU funds and being downgraded by the rating agencies if the state budget is not responsibly drafted amid economic crisis prompted by the Covid-19 pandemic.

Asked if Romania might lose European money if pensions increase by 40pct and if our country will be demoted by rating agencies, President Iohannis replied:

Yes, there is a risk. Everyone expects from Romania to take measures that are, obviously, precautionary. So, they expect us to be responsible in managing our budget, given that the economic crisis is, unfortunately, a reality. Unfortunately, consumption has fallen, budget revenues have fallen, and it is clear that certain expenditures need to be made – for example, to support the hospital system, the physicians, to provide tablets for pupils – while many other expenditures can be postponed until the situation is improving and this is what everyone expects from us, to see that we act responsibly. On the other hand, the European Commission is already reading the treaties very carefully, to see in which area we can be framed and held accountable”.

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