This paper assesses Romania's First and Second Reviews Under the Stand-By Arrangement (SBA), Request for Waivers, and Modification of Performance Criterion. The authorities have so far achieved the main macroeconomic objectives of the program supported by the SBA; the results now need to be consolidated and sustained. The program was designed with a view to reducing inflation while preserving growth and containing the current account deficit. The IMF staff considers that the government's revised program deserves support. The government has also confirmed its commitment to the program through the adoption of important corrective measures.