Romania's economic stimulus program is still on track, a team of staff from the European Commission and International Monetary Fund (IMF) has concluded after a visit to the country.

Representatives from the bodies reviewed the initiative during a visit to Bucharest that concluded on Monday (November 7th) and found good progress has been made in solidifying economic growth and maintaining financial stability in the country.

The program may help create jobs in the country and the IMF said in a statement that it expects real gross domestic product growth for 2011 to stand at 1.5 per cent.

This will rise to between 1.75 per cent and 2.25 per cent in 2012, depending on the extent to which domestic demand improves and the effective use of EU funds.

One firm that is creating new employment opportunities in the country is Gazprom Neft, the Russian oil giant, which has outlined plans to develop infrastructure in Romania, resulting in nearly 500 jobs.

Posted by Alex Donnell