Romania: Third Review Under the Stand-By Arrangement and Request for Waiver of Performance Criterion
May 7, 2003
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This paper assesses Romania’s Third Review Under the Stand-By Arrangement and a Request for Waiver of Performance Criterion. Romania’s macroeconomic performance continued to be favorable, but slippages in wage policy and privatization delayed the completion of the third review. Robust GDP growth continued throughout 2002, and progress in reducing inflation and the current account deficit was better than targeted. However, financial discipline in the state-owned sector remained weak, and the end-September performance criterion on the wage bill in monitored state-owned enterprises was not observed.
Subject: Credit, Economic sectors, Energy sector, Excises, Inflation, Labor, Money, Prices, Privatization, Wages
Keywords: authority, cash distribution office, control regime, CR, Credit, deficit, Energy sector, Europe, executive board discussion, February, fuel excise tax tax rate, Global, Inflation, ISCR, Privatization, reserve money target, Romania, staff appraisal, Wages
Pages:
79
Volume:
2003
DOI:
Issue:
123
Series:
Country Report No. 2003/123
Stock No:
1ROMEA0032003
ISBN:
9781451832815
ISSN:
1934-7685
