Prime Minister Marcel Ciolacu explained the World Bank loan to Romania

The World Bank has granted a loan to Romania to cover the budget deficit; Prime Minister Marcel Ciolacu made this statement explaining that the financial arrangement is not seen by the international financial institution as a risk.

In his opinion, Romania could have reached a 3% deficit in just three years if investments were halted, but the Prime Minister gave assurances that this is not the case.

Marcel Ciolacu: What I can tell you is, for example, that the World Bank gave us a loan to cover the deficit. I assume that the World Bank saw the pace of Romania's development and did not consider it a risk to invest in Romania. We have to decide. Do you want us to enter the logic where in two months, if you like, I stop all investment and we have a 3% deficit. I don't have a problem with all the expenditure that has increased on salaries, and you are well aware that expenditure on salaries increased last year in education and health. I am not stopping investments in Romania!

Prime Minister Marcel Ciolacu also said that there will be negotiations with the next European Commission on the budget deficit.

Translated by: Radu Matei