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February 3, 2023

PM advisor Socol: IMF confirms Romania’s macroeconomic progress in last 2 years

The statements of the International Monetary Fund (IMF) representative for Romania and Bulgaria, Guillermo Tolosa, confirm the macroeconomic progress Romania has made over the past two years and the fact that Romania was not in technical recession, prime minister’s economy advisor Cristian Socol told Agerpres..
The IMF official talked about ‘the big effort made to strengthen the economy’, ‘a strong and shock-resistant economy’, ‘the state of the budgetary accounts, much better compared to six years ago’ and about the fact that ‘Romania has made significant efforts as regards the reform process,’ Socol says.
He also stressed that practically, the IMF official approved the dashboard listing the indicators showing that Romania is the most stable country in the region in macro-economic terms.
‘Respecting all nominal convergence criteria set out in the Treaty of Maastricht, the inflation rate at a record level, i.e. 1.44 percent, the EU’s third lowest public debt of 39 percent (included the Treasury buffer that surged to 6.8 billion euros), a more than comfortable adequacy of international forex reserves, the current account deficit of 0.7 percent of GDP after the first 9 months and a minimum interest rate relating to the long-term loans reveals a sustainable macro picture. Although estimates of the European Commission show a lower economic growth rate for 16 countries in the EU, Romania included, our estimates show an economic advance of more than 2.5 percent this year, double compared to the EU28 average,’ Socol underscores.

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