Romanian authorities have maintained a very open and transparent attitude toward rating agencies, ensuring they have all necessary data, while the narrowing of the budget deficit, as well as the improvement in the trade balance and current account deficit, send a positive signal, acting Finance Minister Alexandru Nazare  told a televised broadcast.

“Since taking over this office, together with Prime Minister Ilie Bolojan, we have somewhat changed the strategy and the paradigm in which we engage with rating agencies. As early as last summer, with the enormous fiscal-budgetary pressures we were facing, we held talks with each rating agency, and when they visited Romania, talks were held even at Victoria Palace of Government. So we cultivated a very open and transparent attitude with the agencies, so that they would have all the data available and communication would be much better, at the highest and most accountable level – something Prime Minister Bolojan ensured – and in this way we increased trust with all rating agencies. In the context of last week, it seemed even more important to continue this strategy so that all agencies have up-to-date data,” the minister said.

He stressed that discussions with rating agencies are supported by the fact that the first-quarter budget deficit is far below last year’s level and is accompanied by a decline in both the trade deficit and the current account deficit.

“At this moment, it helps that the budget deficit in the first quarter stands at a very good level – 1.04% of GDP. It is far below last year’s deficit, which is a major advantage. So the figures support our entire message and our relationship with the agencies – both the first-quarter deficit figure and the easing of the trade deficit and current account deficit in the first two months of the year. Very importantly, for example, regarding the trade balance: if last year we had a deficit of 5.5 billion euros, this year we have 4.6 billion, meaning a 17% decrease, almost 950 million euros in the first two months. And regarding the current account, if last year it was 3.7 billion euros, this year it is 3.2 billion – a 12% decrease, almost 500 million euros. This is a clear contrast with the figures from 2025. In January – February 2025, the trade deficit was increasing by 41% and the current account deficit by 26%,” Nazare explained.

According to the minister, the latest data show Romania has made solid progress and that the fiscal-budgetary trajectory is moving in the right direction.

“It’s not just the narrowing of the budget deficit – it’s also the easing of the trade balance and current account deficits, which sends a positive signal,” he said.

Nazare added that this message is reinforced by the – even informal – confirmation that Romania will access NRRP funds under payment requests No. 3 and No. 4.

“The fact that we will receive 2.5 billion euros under request No. 4 matters greatly. We have shared these data with the rating agencies and told them we must stay in permanent contact to provide any information they need,” he added, noting also that rating agencies have scheduled assessments in July (Fitch), August (Moody’s) and October (S&P).

“These are the regular reviews, but if agencies see signs of deterioration, they can call ad-hoc committee meetings. Our goal, even as an interim government, is to avoid such situations,” Nazare said.

Last week, he held talks with representatives of Fitch and Moody’s “to provide the latest data and get the best possible read on the situation.”