{
  "title": "Romania: Staff Report for 2004 Article IV Consultation and Request for Stand-By Arrangement",
  "publication": "IMF Staff Country Reports, July 27, 2004",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/romania-staff-report-for-2004-article-iv-consultation-and-request-for-stand-by-arrangement-17567",
  "canonical": "https://www.imf.org/en/publications/cr/issues/2016/12/31/romania-staff-report-for-2004-article-iv-consultation-and-request-for-stand-by-arrangement-17567",
  "overlayPath": "/en/publications/cr/issues/2016/12/31/romania-staff-report-for-2004-article-iv-consultation-and-request-for-stand-by-arrangement-17567/index.md",
  "summary": "Romania’s 2004 Article IV Consultation and Request for Stand-By Arrangement (SBA) are discussed. The authorities have requested a new precautionary 24-month SBA to secure macroeconomic stabilization and keep European Union accession on track.",
  "sections": [
    {
      "heading": "Executive summary and main findings",
      "content": "- The authorities have requested a new precautionary 24-month Stand-By Arrangement (SBA) to secure macroeconomic stabilization and keep European Union accession on track.\n- Romania has preserved competitiveness, despite the slowdown in depreciation and recently strong domestic demand.\n- Exports remained the strongest component of aggregate demand.\n- Romania continued to increase market share in its main trading partners.\n- An exchange-rate-based monetary policy has been successful in accomplishing disinflation but has faced challenges in containing credit growth."
    },
    {
      "heading": "Policy request and program objective",
      "content": "- Request: a precautionary 24-month SBA.\n- Policy objective: secure macroeconomic stabilization and support progress toward European Union accession."
    },
    {
      "heading": "Macroeconomic and sectoral themes covered",
      "content": "- Balance of payments\n- Credit\n- Current account deficits\n- Economic sectors\n- Energy sector\n- External debt\n- Money\n- Privatization"
    },
    {
      "heading": "Keywords and notable analytic focus",
      "content": "- authority, CR, Credit, Current account deficits, Eastern Europe, Energy sector, Global, headline inflation inflation rate, ISCR, Privatization, profit tax reform, safeguards assessment of the National Bank of Romania, staff appraisal, U.S. dollar\n\n---\n\n Content in this bundle\n\n- cr04221\n  - cr04221 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - cr04221 (PDF){rel=\"external\" type=\"application/pdf\"}"
    }
  ],
  "bullets": [
    "[Markdown version](/en/publications/cr/issues/2016/12/31/romania-staff-report-for-2004-article-iv-consultation-and-request-for-stand-by-arrangement-17567/index.md)",
    "[Structured JSON version](/en/publications/cr/issues/2016/12/31/romania-staff-report-for-2004-article-iv-consultation-and-request-for-stand-by-arrangement-17567/index.json)",
    "[Bundle manifest](/en/publications/cr/issues/2016/12/31/romania-staff-report-for-2004-article-iv-consultation-and-request-for-stand-by-arrangement-17567/bundle-manifest.json)",
    "Authors: Arrangement Romania’s",
    "Published: July 27, 2004",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781451933451.002",
    "The authorities have requested a new precautionary 24-month Stand-By Arrangement (SBA) to secure macroeconomic stabilization and keep European Union accession on track.",
    "Romania has preserved competitiveness, despite the slowdown in depreciation and recently strong domestic demand.",
    "Exports remained the strongest component of aggregate demand.",
    "Romania continued to increase market share in its main trading partners.",
    "An exchange-rate-based monetary policy has been successful in accomplishing disinflation but has faced challenges in containing credit growth.",
    "Request: a precautionary 24-month SBA.",
    "Policy objective: secure macroeconomic stabilization and support progress toward European Union accession.",
    "authority, CR, Credit, Current account deficits, Eastern Europe, Energy sector, Global, headline inflation inflation rate, ISCR, Privatization, profit tax reform, safeguards assessment of the National Bank of Romania, staff appraisal, U.S. dollar",
    "**_cr04221**"
  ],
  "related": [
    {
      "title": "_cr04221",
      "role": "document",
      "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2004/_cr04221.pdf",
      "summary": {
        "path": "/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2004/_cr04221.pdf.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2004/_cr04221.pdf",
        "mime": "application/pdf"
      }
    }
  ],
  "alternates": {
    "markdown": "/en/publications/cr/issues/2016/12/31/romania-staff-report-for-2004-article-iv-consultation-and-request-for-stand-by-arrangement-17567/index.md",
    "json": "/en/publications/cr/issues/2016/12/31/romania-staff-report-for-2004-article-iv-consultation-and-request-for-stand-by-arrangement-17567/index.json",
    "bundleManifest": "/en/publications/cr/issues/2016/12/31/romania-staff-report-for-2004-article-iv-consultation-and-request-for-stand-by-arrangement-17567/bundle-manifest.json"
  },
  "generatedAtUtc": "2026-09-13T11:08:17.196Z"
}