EU Council approves Romania's Recovery and Resilience Plan

Romania's National Recovery and Resilience Plan (PNRR) was positively evaluated by the Council of the European Union on October 28. The Romanian Government has published the document.

The final step of the approval consists of the decision of the Implementing Council, which will be passed by a written procedure shortly after the October 28 videoconference of the finance ministers of the Member States (ECOFIN).

"Now, the Romanian Parliament has to endorse a package of important laws, representing some minimum milestones that must be met," commented Cristian Ghinea, former minister of investments and European projects - the coordinator of Romania's PNRR, News.ro reported.

"PNRR is not important only because it brings us money. PNRR is important because it implies reforms that the Romanian state needs. The reforms in the PNRR are those that have been included in the recommendations that the European Commission has attached to the country reports for the past ten years," he explained.

Out of the total envelope of EUR 29.2 bln made available to Romania under PNRR until 2026 for modernization through reforms and essential investments, EUR 14.2 bln are grants, and EUR 14.9 bln are loans.

The first funds, 13% of the grants, will be disbursed quickly as a pre-financing granted by the European Commission, according to G4media.ro. The money will then be disbursed in instalments, conditioned objectives, called milestones and targets. In total, there are 507 milestones and targets to be achieved by December 31, 2026.

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