Romania needs a development policy based on its own needs, World Bank country director Peter Harold said, adding that the proposals made by international institutions are not meant to impose certain themes or tell it what to do. Moreover, Jeffrey Franks, IMF chief of mission in Romania said Romania’s economy stabilized and will register growth this year.

Peter Harold – World Bank country director

  • The crucial question changes from what reforms to undertake to regain growth from what reforems to undertake to maintain sustainable growth on the medium term  
  • The reform process was determined by the requirements of being NATO and EU members  
  • What we believe Romania needs is a development policy based on its own needs  
  • Our proposals are not meant to tell Romania what to do or impose certain themes Romania needs to implement our analysis on the long term 

Jeffrey Franks IMF chief of mission in Romania

  • Economic stability is a requirement to a stable increase in the future  
  • We left with a deficit of 8% of GDP and now it’s 4% of GDP 
  • Since anti-crisis measures were implemented, there was a small volatility of the exchange rate Romania had one of the biggest risks in the region now it is below other countries in the region  
  • We admit that the economy is stble but how about growth? There will be a certain increase in the future IMF estimates will be 1.4%, 3.5%-4% in 2012 and about 4% in 2013  
  • We need to figure out more ways to bring more women, more people from the rural area on the labour market 
  • How to improve infrastructure through EU funds  
  • Money should be invested where they will make a difference, we need to finish projects started because otherwise we will not get anywhere