Bolojan explains urgent need for PNRR laws: '4.5 billion euros are for highways, hospitals, and schools'

Interim Prime Minister Ilie Bolojan has emphasized the critical need for Romania to urgently adopt laws associated with the National Recovery and Resilience Plan (PNRR). He stated that over 4.5 billion euros in non-reimbursable European funds remain accessible, contingent upon the swift passage of these reforms.

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The over 4.5 billion euros in non-reimbursable funds, which we still have available if we adopt the laws, are the money for highways and railways, for new hospitals and school modernization, for investments in energy or renovated housing blocks.

Bolojan outlined three primary reasons for the parliamentary adoption of the agreed-upon reforms. Firstly, he stressed that these funds are essential for completing vital investments. "The over 4.5 billion euros in non-reimbursable funds, which we still have available if we adopt the laws, are the money for highways and railways, for new hospitals and school modernization, for investments in energy or renovated housing blocks," Bolojan communicated via a public message.

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PNRR funds act as an engine for economic growth. Without them, rating agencies and investors may lose confidence in our country. The effect would be an increase in borrowing costs, not only for the state but also for companies and citizens, and investment funds would bypass Romania. We must avoid this danger!

He further elaborated that these PNRR-financed investments directly contribute to economic growth and enhance the quality of life for Romanians. "These investments will economically develop connected areas, ensure European standards in health and education, and improve the lives of Romanians in many communities," he added. The interim prime minister also highlighted the plan's role in maintaining economic stability and managing borrowing costs. He explained that the PNRR is a key factor in retaining the confidence of rating agencies and international investors. "PNRR funds act as an engine for economic growth. Without them, rating agencies and investors may lose confidence in our country. The effect would be an increase in borrowing costs, not only for the state but also for companies and citizens, and investment funds would bypass Romania. We must avoid this danger!" Bolojan warned.

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Only by respecting our commitments do we remain a country recommended for investment.

Finally, Bolojan pointed to the importance of preserving Romania's credibility among its European partners. He noted that European funds constitute a significant portion of this year's budget construction, representing 1% of GDP and financing a substantial part of investments. "Only by respecting our commitments do we remain a country recommended for investment," he affirmed. Bolojan concluded by stating that Romania will continue to require loans in the coming years, and the cost of these loans is heavily dependent on the country's credit rating. "Regardless of which governments we have in the coming years, we will not be able to avoid loans, because the financing need is great. And we can only finance ourselves at reasonable costs if we improve, or at least maintain, our country's credit rating," the interim prime minister stated.

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Regardless of which governments we have in the coming years, we will not be able to avoid loans, because the financing need is great. And we can finance ourselves at reasonable costs if we improve, or at least maintain, our country's credit rating.