News

Daily Newsletter - 28 July 2020

Summary

Macroeconomic News (3)

Agriculture down to RON 90 billion

The value of agricultural production dropped to RON 90 billion in 2019, down 3.8% compared to the previous year. Vegetable production fell 5.6%, down to almost RON 63 billion, according to the semi-final data released by the National Statistics Institute (INS). Livestock production contracted by 0.7%, while farming services surged 29.8%.

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Infrastructure development plan promises 3,000 kilometers of highways and expressways

The Minister of Transport presented at a press conference the Transport Infrastructure Development Investment Plan for 2020-2030, part of the economic recovery plan recently launched by the Cabinet. Infrastructure development plans need EUR 73 billion in funding over the next 10 years.

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Romania exported silk worth almost EUR 23 million in January-April

Romania exported EUR 22.8 million worth of silk in the first four months of 2020, down 31% compared to the corresponding period of the previous year, according to data centralized by the National Statistics Institute (INS). On the other hand, silk imports amounted to EUR 24.3 million (-28.9%), resulting in a deficit of EUR 1.5 million.

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Financial News (3)

Weakest euro since beginning of May

The National Bank of Romania (BNR) posted a reference exchange rate of RON 4.8276 per EUR and RON 4.1251 per USD. The RON is rising against the main foreign currencies, while the gold price has reached a new all-time high.

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MFP borrowed RON 500 million

The Ministry of Finance (MFP) borrowed RON 500 million from the commercial banks on Monday, through an issue of state bonds with a residual maturity of 39 months, at an average yield of 3.46% per year, according to information released by the National Bank of Romania (BNR). The banks offered a total of RON 904.2 million.

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12,329 loans approved under SME Invest program

66,066 companies, totaling 811,072 jobs, have applied for financing in the almost three months since the start of the SME Invest program. The banks have already approved 12,329 loans worth around RON 10.8 billion, of which RON 5.5 billion will go to investment and RON 5.2 billion to working capital, according to FNGCIMM data.

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Investment News (2)

EC approved EUR 47 million for Craiova hospital project

The European Commission has allocated EUR 47 million from the European Regional Development Fund for the construction of a regional emergency hospital with 800 beds in Craiova, Dolj County. This project will improve the local population's access to quality healthcare, including life-saving chemotherapy treatments for cancer patients, according to the Commission.

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Two entrepreneurs invest EUR 10 million in mountain resort near Horezu

Two businessmen, Alessio Karkhi and Nicu Hagivreta, announced on Monday that they are investing EUR 10 million in the first phase of the Murotti Valley project, Romania's newest mountain resort, located in the Roman Peak area (1,850 meters), about 17 kilometers outside the town of Horezu.

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Legislative News (1)

Ship-builing industry put on special conditions job list

The Chamber of Deputies passed on Monday a bill drafted by MPs belonging to the Social Democratic Party (PSD) stipulating that the ship-building industry is to be added to the special conditions job list.

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Politics (2)

Tariceanu says Orban Cabinet cannot manage COVID-19 crisis

Calin Popescu-Tariceanu, leader of ALDE, said the "journey" of the Orban Cabinet must end "as quickly as possible" because the prime minister lacks the capacity to manage the crisis caused by COVID-19. Tariceanu added that a country cannot be led solely with "fines, military decrees and exceptional states".

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USR blasts PSD, ALDE and UDMR

The Save Romania Union (USR) accused the Social Democrats (PSD), ALDE and UDMR of interpreting the Constitutional Court's rulings in an abusive manner and of "playing political games with the nation's health". The statement was prompted by the Chamber's decision to have the date of the parliamentary election set by the Parliament, instead of the Cabinet.

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Social (2)

After-school program bill gets Parliament backing

The Senate passed a bill, drafted by Deputy Prime Minister Raluca Turcan, which stipulates that, starting with the school year 2020-2021, the government will finance the "School after school" program for preschoolers and students up to the fourth grade, including by granting educational vouchers.

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Masks could become mandatory in open, but crowded spaces

"We held talks with several prefects, several representatives of county emergency committees, who told us that there are even outdoors places, for example markets or beaches, where, due to overcrowding, there is a risk of spreading the virus, and we are also discussing the possibility of imposing the wearing of masks in these crowded spaces," said PM Ludovic Orban.

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