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Romania: Ex Post Evaluation of Exceptional Access Under the 2011 Stand-By Arrangement
Author:
International Monetary Fund. Fiscal Affairs Dept.
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Series:
IMF Staff Country Reports
Volume/Issue:
Volume 2014: Issue 088
Language:
English
Publication Date:
01 Apr 2014
DOI:
https://doi.org/10.5089/9781475579550.002
ISBN:
9781475579550
ISSN:
1934-7685
Pages:
37
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
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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.
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Cover IMF Staff Country Reports
IMF Staff Country Reports
ISSN:
1934-7685
Publisher:
International Monetary Fund