Romania: Fourth Review Under the Stand-By Arrangement and Request for Modification of Performance Criteria: Staff Report; Staff Supplement; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Romania.
April 2, 2012
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This paper discusses Romania’s fourth review under the Stand-By Arrangement and request for modification of performance criteria. The authorities are treating the arrangement as precautionary. Additional funds under the program are provided by the European Union. The economy grew by 2.5 percent in 2011, driven by an exceptional agricultural harvest and strong industrial output growth. Domestic demand strengthened as construction and retail sales started to recover, fuelled by higher real disposable incomes.
Subject: Arrears, Banking, External debt, Fiscal policy, Fiscal stance, Inflation, Prices, Public debt
Keywords: Arrears, CR, Europe, Fiscal stance, Global, Inflation, ISCR, Policy implementation, securitizing SOE arrears, spending, spending discipline, state budget, target, target band, Western Europe
Pages:
98
Volume:
2012
DOI:
Issue:
073
Series:
Country Report No. 2012/073
Stock No:
1ROUEA2012003
ISBN:
9781475502794
ISSN:
1934-7685
