Romania's PM concerned with slow advance of Resilience Facility

Romanian prime minister Marcel Ciolacu said at the beginning of the February 13 government meeting that the implementation of the reforms pledged under the Resilience Facility (which are triggering disbursement of loans and grants from the EU budget) is becoming the main criterion for evaluating the activity of ministers.

He warned that he would not hesitate to take severe measures, including dismissal where there is no "consistent progress" in the coming months, according to G4media.ro.

"I would say that avoiding recession this year is somehow related to the absorption of European money," said Adrian Codîrlașu, president of CFA Romania, quoted by Digi24.ro.

He added that rating agencies had emphasized the importance of European funds and the PNRR in keeping Romania in the "investment-recommended" category.

Romania has over EUR 28 billion available through the Resilience Facility's national implementation PNRR, money that it should receive through 8 payment requests after carrying out hundreds of reforms and investments. Pragmatically speaking, until the PNRR expires, the government still has time to send 2 maximum 3 requests to Brussels to request this money, in addition to the three already sent.

With only 13% of the investments and reforms undertaken through the PNRR completed and only a year and a half to complete the rest, the government seems set to miss the chance to bring a large part of the EUR 19 billion that has not yet been drawn into the country.

Romania has received EUR 9.4 billion under the PNRR, grants and loans. Another EUR 19 billion is still to be attracted, of which almost EUR 7.8 billion in grants.

(Photo source: Marian Vejcik/Dreamstime.com)