Romania's fiscal plan announcement anticipated within two weeks, with bi-annual progress reporting mandated by EC
Romania is set to undergo a significant change in its fiscal debt consolidation strategy, as the European Commission has proposed an updated trajectory under the Excessive Deficit Procedure (EDP).
The updated trajectory, scheduled for publication on June 23, requires bi-annual debt consolidation loan updates instead of the previous annual updates. This change was prompted due to Romania's fiscal slippage last year compared to the 7-year debt consolidation loan plan previously defined.
The Economic and Financial Affairs Council (ECOFIN) is scheduled to endorse this revised fiscal debt consolidation loan trajectory on July 8. The deadline for the first bi-annual debt consolidation loan update under the EDP has been set for October 15.
The news about this updated trajectory was reported by Cursdeguvernare.ro. The leader of the European Commission who proposed this revised program is Ursula von der Leyen, and the program was originally adopted in 2020.
It is important to note that under the updated EDP, Romania will now provide bi-annual debt consolidation loan updates instead of annual updates. This tighter reporting calendar is part of the efforts to ensure greater transparency and accountability in Romania's fiscal management.
Access to the full article can be found by becoming a Romania Insider member or signing in (if already a member). This update marks a significant step in Romania's fiscal debt consolidation and is expected to have far-reaching implications for the country's economic future.
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