Romania's prime minister Marcel Ciolacu said on October 4, after the conclusions of the Article IV Consultations were disclosed by the International Monetary Fund (IMF), that he is convinced that no new taxes will be needed.

"At this moment, if we stick to what we promised and continue with the reorganization in the ministries, things will be sustainable," he said, adding that he does not think other measures will be needed, Bursa.ro reported.

PM Ciolacu was optimistic about Romania's economic growth and the outcome of the fiscal package as it was passed by the executive (not yet enacted).

"The fever of the war is gone, there are already a lot of foreign direct investments, we have a record in this sense. I am firmly convinced that Romania will have the second-highest economic growth in Europe, something that will be consolidated even better macroeconomically," Ciolacu explained.

As regards the FDI in Romania, genuine net FDI was at historic low levels recently while the large volume of profits generated (and retained) by FDI companies and the financing from parent groups obtained by the FDI companies indeed created the sentiment of record FDI.

iulian@romania-insider.com

(Photo source: Gov.ro)