Romanian Finance Minister Expects Quick Recovery After Coronavirus Crisis

Romanian finance minister Florin Citu said Thursday he is optimistic and expects the country's economy to recover as quickly as it collapsed.

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Citu said in an interview on Digi 24 the ministry is not considering pension or salary cuts and is solely focused at the moment on finding resources to overcome the healthcare crisis and subsidize furlough.

“The public apparatus is inefficient and we have used this period to improve it. If there is a good side to this crisis it is this: the public sector will digitize rapidly and will be more efficient after this period,” he said.

The minister added he was cautious about the government's financing policy and a new deficit estimate would be available next week, when the Cabinet plans a budget revision.

“The deficit will widen this year but not dramatically,” he said, adding he was optimistic about a V-shaped recovery.

Citu estimates the country's budget deficit would climb to 7% of the gross domestic product due to the coronavirus impact, from the government's initial deficit target of 3.6% of GDP.

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