August 25, 2015 UPDATE

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Newsroom, 25.08.2015, 12:05

The Agriculture Ministry has earmarked 145 million euros for 2016 for the start of rehabilitation works on the main irrigation infrastructure, but a political agreement is needed so that the same amount may be allotted for seven running years, the Romanian Minister of Agriculture and Rural Development announced on Tuesday. Daniel Constantin presented the Agriculture Committee in the Chamber of Deputies with a report on the damages caused by the drought this year. The farmers, who say losses amount to 2 billion euros, asked for the support of the Government. According to surveys conducted by the World Bank, the revamping of the main irrigation infrastructure in Romania requires around one billion euros.

The worlds stock markets on Tuesday surged back in spite of continuing fears of a Chinese economic slowdown, after Chinas central bank announced a cut in interest rates. The market in Shanghai on Monday shrank by 8.5%, the biggest drop in the past 8 years, despite of the authorities attempts to re-launch exports and economic operations and thus dispel investors concerns. Meanwhile on Monday the euro hit its record high value this year, exceeding the 1.17 threshold against the US dollar. The price for oil also dropped below the 40-dollar mark for the first time in the last six and a half years.