This was the point made by IMF representative Erik de Vrijer during a round of technical discussions with Bucharest officials. He said that this challenge was almost a natural law, in the sense that if nothing is done, nothing will happen, and that this is a very important time to begin thinking what needs to be done for this program to be successful.

IMF experts have their recommendations ready for what needs to be done for Romania to achieve sustainable economic growth. It needs to increase productivity and investments in it, as well as investments in human resources. At the same time, it is important for Romania to reform its health and education systems, in order to have people who are better prepared to answer the requirements of the labor market.

The IMF adjusted downwards its forecasts for Romania’s economic growth for 2012- 2014, which is now expected to be under 2%. Bucharest wants a new agreement with the IMF to replace the current one, which expires in March. The fund made available to Romania 3.2 of the total amount of 3.6 billion Euro provided by the agreement, which started in March 2011. It is a precautionary type agreement meaning that the Romanian authorities may tap into the funds when needed. So far, the country has not accessed these reserves.