Romania: Ex Post Evaluation of Exceptional Access Under the 2011 Stand-By Arrangement

International Monetary Fund

No 2014/088, IMF Staff Country Reports from International Monetary Fund

Abstract: This 2004 Article IV Consultation on Romania highlights commendable progress under its home-grown IMF-supported program. Economic activity is picking up after a four-year slump, inflation remains low, the financial sector is stable, and the fiscal and external positions are improving. The 2014 budget aims to protect the gains under the program, continue the downward debt-to-GDP trajectory, and advance the reform agenda. Debt has fallen considerably owing to completion of a large part of the debt-land swap, but remains high. The authorities have taken welcome steps to strengthen the nonbank financial institutions supervisory framework.

Keywords: ISCR; CR; central bank; foreign currency; reform agenda; economic recovery; structural adjustment; reform priority; program conditionality; government ordinance; inflation band; program strategy; successor program; government arrears; program condition; program approval; Arrears; Structural reforms; Public enterprises; Fiscal consolidation; Global; Europe (search for similar items in EconPapers)
Pages: 37
Date: 2014-04-01
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