Romania needs “a functioning Government,” European Commission officials stressed in Bucharest on September 27, on the occasion of the official announcement of the country’s recovery and resilience plan.

In a Facebook post, the Romanian coordinator of the PNRR, Cristian Ghinea, explained that the country has to reach 507 milestones and targets related to the pledged reforms, G4media.ro reported. Every six months, the entire program can be blocked unless authorities deliver on the milestones.

Ghinea announced that 21 such milestones must be reached by the end of this year. Among them - the signing of agreements with the EIB, the EIF, and the EBRD for the EUR 1.3 bln to come as a quick injection into the economy through financial instruments, the MIPE IT system dedicated to PNRR, and the enactment (by Parliament) of the entire financial mechanism (related to the PNRR).

The benefits will be proportional to the efforts, EC officials assured. The economic impact is expected to last over time, they said.

According to estimates, by 2026, PNRR is expected to generate [annual] increase in Gross Domestic Product (GDP) of between 1.8% and 2.9%, News.ro reported.

editor@romania-insider.com

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