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He has been Minister of Finance since November 2019 and has stood out from the beginning. In one of his first conferences he spoke of the existence of two state budgets managed by PSD, making a parallel with Al Capone, and of the possibility of notifying the competent bodies, things about which he has not announced anything since.
He took over the Ministry of Finance (in November 2019) with a budget deficit of 2.8% of GDP (that was at the end of October) and ended last year with 4.58% in cash. He then mentioned unpaid bills from previous years and spoke frequently about VAT refunds.
Shortly after taking office, he tried to change two people in the management of Banco CEC, but it seems that the NBR did not accept, given that they remained on the Board of Directors. In the end, he managed to appoint the president of the ANAF, Mirela Călugăreanu, who was a member, as president of the Board. Furthermore, he did not change Călugăreanu from ANAF, as he kept his post granted during the mandate of former Minister Eugen Teodorovici.
Coming from the pandemic, on the side of the budget-related measures, it promoted some measures developed by MFP specialists and expected by the business environment and individuals, such as SME Invest and deferral of credit installments, VAT refund with subsequent control, tax deferral extended multiple times) and the simplified staggering procedure.
During his tenure, the rating agencies maintained the rating of Romania, but changed the outlook to negative, being a red flag raised by them mainly in relation to the increase of the pension point by 40%. It should be noted that the budget for 2020 was prepared by Florin Cîțu that contains this increase. Meanwhile, with the second rectification, pensions increased by 14%. The rating agencies didn’t downgrade us to junk, which is good, and the outlook remained negative.
During his tenure, he reorganized the Ministry of Finance. He also had several lawsuits related to the reorganization. He lost two trials and won three. Although he often spoke of cutting 2,000 jobs, it should be noted that they were unemployed.
He continued the Treasury program for the population, and during his tenure there were also issues of government securities of Fidelis: some in summer and others in autumn, the Romanians borrowed the state with more than 4.7 billion lei.
Another info
Born on April 1, 1972, Florin Cîțu has been a NLP senator since 2016. He was ING’s chief economist, one of the most active participants in what the press called a speculative attack on the lion since 2008. An attack that led all the bank treasurers who participated were withdrawn, including Florin Cîțu.
From his CV we understand that he joined the ING Bank team in early 2006 and laid the foundations for the research team. He graduated from Grinnell College in the United States in 1996 with a major in economics / mathematics, and a master’s and doctorate from Iowa State University. Before returning to Romania, Cîţu also worked as an economist at the European Investment Bank ( 2003-2005) and the Central Bank of New Zealand (2001-2003). From 1997 to 2001, he was a professor at Iowa State University in the United States. As known foreign languages, the CV shows that you speak English, French and Italian.
What fortune do you have
According to the latest declaration of assets, he owns a part of half of 2 lands: one hectare of the commune of Golești, village of Tulei, county of Vâlcea and of a land of 75 ha, of the commune of Voineasa, both of his parents . In Tulei, it also owns half a 130-square-meter building. Cîțu also has a 130 square meter house bought on credit in Sector 2 of the Capital. He has a bank deposit of 350,000 lei and granted a loan of 30,600 euros.
Florin Cîțu also has a loan of 303,000 euros contracted in 2007.
