News

Daily Newsletter - 4 May 2020

Summary

Macroeconomic News (3)

AFIR finances 1,893 non-agricultural projects in rural areas

The Rural Investment Financing Agency (AFIR) is financing 1,893 projects for setting up non-agricultural activities in rural areas, through sub-measure 6.2 of the 2014-2020 National Rural Development Program (PNDR). The budget for this call is EUR 111.3 million, while payments to beneficiaries have already reached EUR 84.6 million.

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More than RON 150 million in subsidies for beekeepers

The Ministry of Agriculture has allocated RON 150.6 million to projects filed under the 2020-2022 National Beekeeping Program (PNA), with RON 75.3 million being the European Union's contribution to national beekeeping programs. The program will support technical assistance measures for beekeepers, both individuals and organizations, including consulting, promotion and acquisitions.

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Cabinet prepares aid program for big companies

"We want to extend the SME Invest program's measure for large companies and we have a similar program being developed through EximBank to offer loans guaranteed by the state, under the same conditions, with subsidized interest. This program is already being developed at the Cabinet level and is being approved by the EximBank Guarantees Committee," said Ionel Danca, the Prime Minister's Chief of Staff.

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Financial News (3)

Alina Gorghiu: "PNL won't challenge debtor relief"

The new debtor relief law will not be challenged before the Constitutional Court by the National Liberal Party (PNL), according to Senator Alina Gorghiu. Florin Roman confirmed the statement, saying that he had discussed the issue with Prime Minister Ludovic Orban. "The political decision is to support the approximately 170,000 Romanians who are waiting for this law to bring them justice in court. Although the law is not perfect from the legal point of view, PNL has decided not to delay its coming into force," said Roman.

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CFA: The exchange rate could reach RON 5 per EUR in 12 months

Borrowing will be strongly correlated with economic recovery and confidence in the economy. It is normal for interest rates to fall after the central bank's decision to cut interest rates and provide quantitative easing. The exchange rate could reach a new high in the next 12 months. The exchange rate forecast for the end of March, 2021, is RON 4.99 - 5.00 per EUR.

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Moody's downgrades BCR, BRD, Raiffeisen Bank outlook

Moody's Investors Service has downgraded the outlooks of three Romanian banks - BCR, BRD and Raiffeisen Bank - from stable to negative. The ratings of long-term deposits, denominated in both local and foreign currency, were maintained at their previous levels.

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Investment News (1)

Work on Constanta Casino starts

The rehabilitation of the Constanta Casino has started. Workers are currently removing the elements that were added to the original building, which would be returned to its 1910 shape. Among these elements is a stair built after 1986, which did not observe the building's Art Nouveau style and obscured the view of the facade.

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Legislative News (1)

FSLI: We're urging the president to sign the bill helping teachers hold classes online

The Federation of Free Education Unions (FSLI) has urged President Klaus Iohannis to sign the bill helping teachers hold classes online by allocating funds to buy computers or tablets.

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Politics (2)

PSD to file complaint against president

Marcel Ciolacu, interim leader of the Social Democratic Party (PSD), announced on Friday that the party would file a complaint against President Iohannis with the Anti-Discrimination Council (CNCD). The complaint will accuse the President of instigating hatred by spreading false information.

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Tariceanu demands proof from president

Calin Popescu-Tariceanu, leader of ALDE, wants President Klaus Iohannis to appear before Parliament and present the proof and information that led him to accuse the Social Democrats (PSD) of having made a deal with Hungary to give away part of the national territory.

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Social (2)

Ministry of Education prepares for worst case scenario

The Ministry of Education is preparing a series of measures that would allow the online education to continue functioning if schools cannot open this autumn. This was prompted by experts talking about a second wave of the pandemic. Minister Anisie assured the public that all children will have access to technology and the Internet by September.

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Tataru: We expect a second wave in October-December

The Minister of Health, Nelu Tataru, stated on Saturday that Romanians have been having their patience tested for the past two months and that, if the May 1-3 period is properly managed, there are hopes for a relaxation of restrictions.

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