The representatives of AmCham Romania consider that keeping Romania’s sovereign rating at “BBB- with a negative perspective” by Standard & Poor’s reflects the realities faced by the domestic economy after the incidence of the shock generated by the COVID-19 pandemic.

“It should not be ignored that this decision is strongly conditioned by the avoidance of any measures that would deepen the budget imbalance. In a time of crisis, such as the one we are going through, it is essential to focus spending on measures or areas that support the potential economic growth, investment and labor market restructuring and their design in a broader context that takes into account the developments of the EU’s partner economies. Thus, implementing the Next Generation EU relaunch program at national level, preparing for the implementation of operational programs in the financial cycle 2021-2027 must be carefully correlated and oriented towards the efficient restructuring of the national economy,” says the president of AmCham Romania, Ionuţ Simion.

According to the American Chamber of Commerce in Romania, Standard & Poor’s decision was based on a number of factors, including low levels of public debt and external debt, Romania’s ability to borrow, the monetary policy of the National Bank of Romania and the programs announced by the Union.

On the other hand, the agency’s experts drew attention to the persistence of macroeconomic imbalances in the coming quarters and the importance of implementing fiscal consolidation measures after overcoming the COVID-19 crisis, according to Agerpres.

In this context, AmCham Romania points out that it is important that the risks that Standard & Poor’s has identified in the context of this assessment are publicly explained and realized, and that public policies and priorities continue to reflect a strong commitment to maintaining balanced finances, to generate investments with a multiplier effect in the economy and to capitalize to the maximum the opportunities offered by the financing packages that Romania can benefit from as an EU member state.