Romania fulfils IMF criteria

IMF chief of mission in Romania, Jeffrey Franks, expressed satisfaction with the progress Romania did on criteria set by the fund, when the country became among the most indebted ones (within IMF). Projections for growth this year remain at 1.5%, supported by robust exports, a good farming year and a modest upturn in demand. However, IMF projections are revised to between 1.8% and 2.3% growth for 2012 due to deterioration of economic outlook in the last few months. Franks also pointed out the importance of a better absorption of EU funds especially in energy sector where Romania is a net importer despite vast possibilities of fossil (gas) and renewable energy exploration (wind). The last but not least he stressed the importance of privatization of state-owned companies to increase the level of confidence those who are willing to invest in Romania and put an end to the system allowing transition managers to enjoy undeserved profits once and for all.

Source: Nineoclock