Nazare Before S&P’s October Review: “We Do Not Want to Leave a Country in Debt to Our Children and Grandchildren”

Romania is preparing for another test from Standard & Poor’s, with the rating agency due to publish its country report on Oct. 2. Interim Finance Minister Alexandru Nazare described the assessment as especially important as the government works to reduce the budget deficit without slowing investment.

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We are not making all these efforts just to maintain the country rating. We are making them so we do not leave a country in debt to future generations and so we can raise Romania’s economic ambitions.

Nazare said budget execution data showed the deficit had fallen by more than 28 billion lei compared with the same period in 2025, a reduction of 37%. At the same time, he said investment had increased by almost 24%, or 15 billion lei.

In a video message posted on Facebook, Nazare said credibility depended on clear results, continuous and transparent communication, fiscal discipline and responsibility. “We are not making all these efforts just to maintain the country rating. We are making them so we do not leave a country in debt to future generations and so we can raise Romania’s economic ambitions,” he said.

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The deficit compared with the same period last year, 2025, is down by more than 28 billion lei. In practice, the deficit is down 37%, while investments are up by almost 24%, or 15 billion lei.

The minister also warned that Romania’s public-debt costs were growing. Interest payments had risen by more than 26% by July and exceeded 40 billion lei. “If we fail to keep the deficit under control, these expenses will increase even more in the coming years,” Nazare said.

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We have exceeded 40 billion in interest expenses. If we fail to keep the deficit under control, these expenses will increase even more in the coming years.

He argued that deficit reduction was not being pursued simply to satisfy institutions or rating agencies. “We are not doing it for others. We are doing it for ourselves, so we do not leave a country in debt to our children and grandchildren, and so we can relaunch the economy and lower interest rates, allowing investment,” he said.

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We are not doing it for others. We are doing it for ourselves, so we do not leave a country in debt to our children and grandchildren, and so we can relaunch the economy and lower interest rates, allowing investment.