Finance Minister Alexandru Nazare warned Friday at Concordia Summit 2026 that Romania risks a sovereign-rating downgrade if the 2027 budget is not credible. After “yellow cards” from rating agencies this summer, he said, the next signal could be a direct “red card” — a downgrade.

“We are at a crossroads. 2027 is a decision year,” Nazare said. His positive scenario requires hitting the 2026 target, a realistic 2027 budget and matching execution, which could restore a stable outlook. An unbelievable budget would be judged by investors and agencies, with knock-ons for interest rates, household savings and company plans.

He said the coming weeks will decide the second budget revision, how to meet the 2026 target and the shape of the 2027 budget: “We cannot return to a budget that does not reflect reality, because nobody has patience with Romania anymore.”

On tax policy, Nazare reconfirmed scrapping the minimum turnover tax (IMCA) from 2027, after reduction then repeal. He called for stronger private investment, including a roughly €200 million fund with the European Investment Fund, arguing that private — not public — investment “carries the load” of growth.

On Antena 3 CNN he warned against very large energy subsidies that leave unpaid debts and said the luxury tax, at current levels, should be extended into 2027, with the form still open. The rating warning is a call for fiscal discipline, not an agency decision.

Source: Nazare avertizează: România riscă un „cartonaș roșu” de la agențiile de rating (Mediafax); „Primim cartonașul roșu”. Nazare avertizează asupra bugetului pe 2027 (Antena 3 CNN)