The team comprised E. van der Mensbrugghe (Head), A. Westphal, N. Gueorguiev, A. Tieman (all EUR), W. Brown (PDR), S. Danninger (FAD), and R. Hood (IBRD).
For a detailed discussion of the earlier programs see Staff Report for the 1997 Article IV Consultation and Request for Stand-By Arrangement (4/9/1997).
As of late 2003, about 56 percent of bank loans and 46 percent of deposits were denominated in foreign currencies.
New arrangements were approved in 1991, 1992, 1994, 1997, 1999, 2001, and extensions in 1995, 2000, and 2003.
This was recognized early on. At the 1992 Article IV consultation “Directors noted that the transformation of the Romanian economy into a functioning market economy would necessarily be a lengthy process. Success would require perseverance in domestic policies as well as substantial financial assistance from abroad for an extended period.” (6/5/1992)