Romania achieved four of its five performance criteria, and managed to exceed the performances of other European countries save two, according to the International Monetary Fund, which presented the results of its review mission on February 4 in Bucharest. The only target Romania missed was that of reducing state company arrears.

Last year, exports went up, backed by car imports, inflation went down and the current account deficit also went down. The country also made progress on structural reforms, including that of deregulating energy prices.

The IMF estimates Romania's economy went up by 2.8 percent in 2013, and foresees a GDP growth of 2.2 percent in 2014, according to Andrea Schaechter, chief of the IMF mission to Romania (in picture).

The good crops and exports helped Romania's GDP go up last year. This year's will be lower, but there will be other sectors apart from agriculture which will help to this end, said Schaechter. “We are optimistic new jobs will be created,” she added.

"Staff level agreement has been reached. The program remains broadly on track. Most end-December performance criteria were met and structural benchmarks have either been met or are nearing completion," according to the IMF.

The IMG has started talks with the Romania Government to cut social contribution, and Schaechter agreed the fiscal burden is too heavy in Romania, but the topic should be further discussed during summer, she added.

The IMF representative also said Romania could become a net energy exporter, which could create new jobs, adding deregulation of prices in this sector, which should be done by June, could trigger new investments.

"Progress on reducing state-owned enterprise arrears has stalled. However, corrective actions are being launched, including budgetary transfers and restructuring measures. An action plan to sustainably lower arrears over the medium term will be defined," the IMF statement further reads.

editor@romania-insider.com