FinMin Nazare: IMF representatives acknowledged Govt's commitment to substantial reforms

  Talks between the visiting International Monetary Fund mission and the Finance Ministry focused on developments in the Romanian economy and the recent packages of measures, with the IMF recognizing the efforts and firm commitment of the incumbent government for substantial reforms, Finance Minister Alexandru Nazare said."The Bucharest visit of the International Monetary Fund delegation led by IMF's Chief of Mission for Romania and Greece Joong Shik Kang was an excellent opportunity to reiterate our efforts towards stabilizing and reinforcing public finances. As part of this periodic visit of the Fund to member countries, we had substantial discussions with focus on the evolution of the Romanian economy and the recent measure packages. We are on a significantly improved course, and the IMF mission acknowledged the efforts and firm commitment of the current government towards substantial reforms. The IMF representatives welcomed the recently adopted measures. Although they sparked intense debates, we act in full conviction of their necessity. Not because the IMF or other foreign partners tell us to, but because Romania's economic future depends on the responsibility wherewith we treat this moment," the minister wrote on Facebook on Wednesday.He underscored that a voluntary adjustment is always smoother than an imposed one and that what the authorities are doing in this period for a healthy economy is to rebuild a foundation that has been weakened by a high deficit."We want a healthy and resilient economy, and everything we do in this period is channeled towards rebuilding the foundation weakened by the unacceptably high deficit and the poor management of public finances in recent years. This is the message we have conveyed to the IMF representatives today, and which we will repeat as many times as it's necessary," Alexandru Nazare said.An International Monetary Fund (IMF) mission led by Joong Shik Kang is in Bucharest September 3 to 12 to analyze the recent developments in the Romanian economy."The Fund team will review recent economic developments and policies. It will meet with officials from the Ministry of Finance, the National Bank of Romania and other government agencies, as well as with representatives of the private sector and non-governmental organizations," the international financial institution announced.Romania does not have an ongoing financing arrangement with the International Monetary Fund, but the financial institution annually assesses the evolution of the Romanian economy, based on Article IV consultations.According to the World Economic Outlook report published in April 2025, the International Monetary Fund has cut its projection for the growth of the Romanian economy this year from 3.3% to 1.6%.  (Photo:https://www.facebook.com/)