Romania: First Review Under the Stand-By Arrangement and Request for Waiver and Modification of Performance Criteria
October 12, 2004
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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.
Subject: Balance of payments, Budget planning and preparation, Credit, Currencies, Current account deficits, External debt, Money, Public financial management (PFM)
Keywords: Budget planning and preparation, CPI inflation rate, CR, Credit, Currencies, Current account deficits, Global, government, IMF's executive board, ISCR, social security fund, staff assessment, state budget
Pages:
70
Volume:
2004
DOI:
Issue:
319
Series:
Country Report No. 2004/319
Stock No:
1ROMEA0042004
ISBN:
9781451832839
ISSN:
1934-7685
