IMF Staff Country Reports

Romania: First Review Under the Stand-By Arrangement and Request for Waiver and Modification of Performance Criteria

Publication Date:

October 12, 2004

Electronic Access:

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Summary:

This paper presents Romania’s First Review Under the Stand-By Arrangement and a Request for Waiver and Modification of Performance Criteria. Output growth remains favorable and disinflation is proceeding. The current account deficit is in line with the program’s target, and the balance of payments is strengthening. Credit growth in general has slowed, but its foreign currency denominated component has picked up again. Net wage growth remains high, fueling consumption, but labor costs are not deviating substantially from productivity growth.

Series:

Country Report No. 2004/319

Subject:

Balance of payments Budget planning and preparation Credit Currencies Current account deficits External debt Money Public financial management (PFM)