Romania: First 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.

IMF Staff Country Reports, June 29, 2011

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Canonical URL: Romania: First 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.

"Romania’s economy has stabilized and growth is now resuming."
Financial program objectives include structural reforms in the energy and transport sectors, and restructuring and privatization of state-owned enterprises (SOEs).
The macroeconomic outlook is expected to improve in 2011–12 with a gradual pickup in growth, a stable current account, and inflationary pressures that are still high but will begin to recede after mid-2011.
The authorities are focusing on reducing the arrears of the rest of the public sector.

Gradual pickup in growth in 2011–12.
Stable current account during the projection period.
Inflationary pressures described as "still high" but expected to "begin to recede after mid-2011."

Structural reforms targeted in:
- Energy sector.
- Transport sector.
Restructuring and privatization of state-owned enterprises (SOEs).
Reduction of public sector arrears (referred to as "the arrears of the rest of the public sector").

Subject: Arrears, Banking, External debt, Fiscal policy, Fiscal stance, Inflation, Prices, Public debt
Keywords: Arrears, consumer sentiment indicator, CR, disbursement of SDR, Europe, executive board's discussion, Fiscal stance, Global, government, government ordinance, Inflation, ISCR, precautionary Stand-By Arrangement, securitizing SOE arrears, Western Europe