Romania is a country located in Europe. According to AbbreviationFinder, RO is the two-letter ISO code of Romania, and ROU is the three-letter country abbreviation for Romania.
Romania. In mid-February, Prime Minister Victor Ciorbea presented the new government’s economic reform program in a televised speech. According to Countryaah, the national day of Romania is May 9. The program aimed, inter alia, at to reduce the budget deficit, to accelerate the privatization of the state-controlled industry and to reduce inflation. It was expected to give rise to higher unemployment and higher prices for fuel and some basic foods. In order not to hit the already poor people too hard, 10% of GDP was allocated to social contributions, among other things. for cash grants intended for bread and milk.
On April 23, the International Monetary Fund (IMF) approved a $ 414 million loan to support the Romanian government’s economic reforms. The loan would be paid out in installments where each payment was dependent on the extent to which the government was able to reach the budget targets set. At the beginning of June, the World Bank granted a $ 550 million loan, which also supported planned market economy reforms.
The economic tightening sparked protests both within and outside Parliament. Opposition parties in the Senate and the Chamber of Deputies at the end of May accused the government of joining the IMF and the World Bank’s liaison and for throwing the country into economic chaos. On May 15, the first major anti-government demonstration was held in Bucharest. Several thousands of industrial workers marched in protest against the privatizations and price increases. In early June, 3,000 nurses and teachers demonstrated cuts in their sectors. The next big demonstration was held in mid-October when about 5,000 protesters demanded tax cuts to restore consumer purchasing power, halved since the collapse of the communist regime in 1989. At a similar demonstration a week later, the government’s departure was required.
At the end of July/August, a delegation from the IMF visited the country to discuss with the government the conditions for the payment of a second part of the loan granted in April. To prevent the budget deficit from rising above the IMF’s target of 4.5% of GDP, the government agreed to reduce costs in all areas except healthcare, education and worker support. In addition, Romania pledged to immediately close 17 debt-laden state-owned enterprises, which together employed about 30,000 people. On August 7, therefore, Prime Minister Ciorbea announced that the electricity and gas supply to these companies would be shut down with immediate effect. The following day, thousands of workers in several parts of the country demonstrated against the closures. In the city of Ploiesti, four police officers were injured in clashes with protesters.
In early December, Prime Minister Ciorbea underwent some restructuring in his government to speed up economic reform efforts. Daniel Daianu, Governor of the Riksbank and financial expert, replaced Mircea Ciumara as Minister of Finance. Ciumara took over the Ministry of Industry and Commerce. A new Ministry of Privatization was set up and got President Emil Constantinescu’s economic adviser Valentin Ionescu as its head. Economic journalist Ilie Serbanescu replaced Ulm Spineanu in the post of reform minister.
Romanian contemporary history
Romania’s contemporary history is the country’s history after 1989. The collapse of the Communist regime in December 1989 began a new phase in Romania’s history and a transition to democracy and market economy began.
Free elections with competing parties and a parliamentary system of government were introduced, as were basic civil rights such as freedom of speech and assembly. The strict restrictions on traveling out of the country were abolished. The state form remained Republican, although some also wished the country to become a monarchy again, as it had been before the Communist regime forced a transition to Republic in 1947. Political life was long characterized by a power struggle between a clear anti-communist opposition and politicians with a background in the communist regime.
Economically and socially, Romania experienced reduced living standards, inflation and increased social differences. From 2000, the economy grew, but with a significant, temporary decline after the international financial crisis in 2008. Then there has been uneven growth. Foreign policy oriented the country early on to Western European and Atlantic structures, and gained membership in NATO in 2004 and in the EU in 2007. EU membership allowed for a significant emigration to Western Europe by people seeking employment. Romania has long had problems with corruption. After 2000, own institutions were set up to combat corruption, and many have been convicted, including leading politicians.