Romanian Economy Won’t Grow Without Quick Reforms - IMF Official

"Stepping up the structural reform must be the core signal for the internal and external market. Without a reorganization of the public expenditure (…) there will be no substantial economic growth," Tanasescu told an economic seminar Thursday.

Ionut Dumitru, chief economist at Raiffeisen Bank Romania, said in turn that it would be a mistake for the government to believe the crisis is gone and that they can ease reform making.

"The financial package from the IMF comes with a reform package, which must be continued, even if we don't need the money any longer. It is highly important to carry on with the reforms, even if the markets are opening up," Dumitru said.

Romania and the IMF signed a EUR13 billion loan agreement last year, part of a wider package which includes funds from the European Commission, the World Bank and other lenders.

So far, Romania received roughly EUR7 billion from the IMF.

On Wednesday, an IMF mission concluded an evaluation of the country's progress under the agreement and the institution is expected to disburse another EUR2.3 billion to Romania mid-February, pending a board approval.

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