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The BNR evaluates Romania's participation in the SAFE program, with a loan of 16 billion euros for the defense industry which, however, will affect the budget deficit.

Călin Nicolescu
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27 February 2026, 15:03
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Romania's participation in the SAFE program, which involves a strategic loan of over 16 billion euros, is considered a "double-edged sword." Although the loan could revitalize the Romanian defense industry, it will negatively impact the budget deficit, which is already at a high level in Europe. At a debate organized by PATROMIL, the governor of the BNR, Mugur Isărescu, highlighted the risks of exchange rate fluctuations and the importance of financial stability. It was also emphasized that there is a lack of real discussions about the program, despite the attractiveness of the financing cost.

Senator Nicoleta Pauliuc expressed regret that the 21 proposed programs have not been discussed in Parliament, highlighting the need for dialogue with the national industry. The Secretary General of the Government, Radu Ștefan Oprea, mentioned that negotiations with the European Commission are essential and that the program does not prohibit industrial cooperation. The PATROMIL Association has provided support to ensure effective involvement of the defense industry in these programs, and the debate brought together representatives from the political and industrial environment to discuss the future of this sector.

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Programul SAFE ajunge sub lupa BNR

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NEWS ON THE SAME TOPICS

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BNR Report: The SAFE program could bring Romania an economic growth between 0.7 and 2.6 percentage points in the period 2026-2030
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Interim Prime Minister Ilie Bolojan announces the signing of the SAFE agreement with the European Commission: Five major advantages for Romania
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The interim Minister of Defense announced that the remaining contracts from the SAFE program have been signed.
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The Ministry of National Defense signed contracts worth 5.6 billion euros under the SAFE Program
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