The fund agreed to disburse 481 million euro ($683 million) under the 3.5 billion euro accord signed in March, although noted that the country did not intend to draw down any of the funds.
"All program targets were met underscoring the authorities' commitment to continued reform," the IMF said in a statement.
The IMF said inflationary pressures were stronger than expected due to a rise in global food and fuel prices and noted the authorities had responded by changing monetary policy to a tightening bias.
"Early policy action could be needed to ensure that inflationary expectations and second round effects are well contained," the IMF said.
The fund said Romania was on track to meet its fiscal target for 2011. It urged stepped-up efforts to ensure that the deficit target of 3 percent of gross domestic product was reached by 2012.
(Reporting by Lesley Wroughton;editing by Sofina Mirza-Reid)