IMF: Romanian state-owned companies produce big losses

Romanian state-owned companies produce significant losses, which the taxpayers need to cover and represent an obstacle to the economy, said Guillermo Tolosa, International Monetary Fund (IMF) representative for Romania and Bulgaria. State companies need to be more dynamic, more efficient and invest more, said Tolosa. “Romania exports to Europe the equivalent of 30% of its GDP. Exports to Europe explain Romania's production. Only 10% of Romania’s economy lives though exports to Europe. It is less than in other member states; Hungary or the Czech Republic have 24%,” he added, cited by local Economica.net. editor@romania-insider.com