## 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_

## Source details

**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.](https://www.imf.org/en/publications/cr/issues/2016/12/31/romania-first-review-under-the-stand-by-arrangement-and-request-for-modification-of-25006)

## Other formats

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## Bibliographic details
- Authors: Arrangement, Request
- Published: June 29, 2011
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781455276530.002

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### Summary findings
- "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.

### Macroeconomic outlook (2011–12)
- 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."

### Program objectives and policy focus
- 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").

### Subjects and keywords (as listed)
- 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

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_Source: https://www.imf.org/en/publications/cr/issues/2016/12/31/romania-first-review-under-the-stand-by-arrangement-and-request-for-modification-of-25006_