PM: Croatia’s Rating Affirmation Shows Trust in How Government Manages Crisis

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Prime Minister Andrej Plenkovic
Prime Minister Andrej Plenkovic

Prime Minister Andrej Plenkovic

ZAGREB, Sept 19, 2020 – Prime Minister Andrej Plenkovic said on Saturday that Standard & Poor’s decision to affirm Croatia’s credit rating proves that the country entered the corona crisis with a resilient economy and that the cabinet has adopted robust and timely measures to respond to the economic challenges.

The Standard & Poor’s agency on Friday affirmed its ‘BBB-/A-3’ long- and short-term sovereign credit ratings on Croatia, with a stable outlook, pointing to fiscal and monetary measures which can alleviate the consequences of the corona crisis and thus thwart permanent damage to credit indicators.

The decisions prompted the government to state on Saturday that those evaluations show that the government did the right thing with its strong response to the crisis caused by the COVID-19 pandemic.

The credit rating agency also confirms the importance of political stability in Croatia.

The agency notes that “the July 2020 parliamentary elections resulted in a strong mandate affirming the HDZ-led government.”

The assessments made by S&P also prove that “Croatia entered the crisis caused by the coronavirus pandemic with a stable and resilient economy,” Plenkovic was quoted as saying.

The S&P report on Croatia also shows that the government is pursuing “robust and timely measures” to keep jobs and help the economy to turn around, he added.

The report reflects trust in the continuation of the implementation of the government’s measures aimed at a speedy economic recovery, also by using 22 billion euros which are made available to Croatia in the European Union’s funds in the next seven years.

This also shows trust in Croatia’s efforts to implement reforms on its journey towards the membership of the euro area, the premier said.

The government recalls that Croatia used to be below investment ratings from 2012 to 2019 and that in the term of the cabinet of PM Plenkovic, the country managed to regain the creditworthiness.

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