## Romania: Staff Report for 2004 Article IV Consultation and Request for Stand-By Arrangement

_IMF Staff Country Reports, July 27, 2004_

## Source details

**Canonical URL:** [Romania: Staff Report for 2004 Article IV Consultation and Request for Stand-By Arrangement](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)

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## Bibliographic details
- Authors: Arrangement Romania’s
- Published: July 27, 2004
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781451933451.002

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### Executive summary and main findings
- 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.

### Policy request and program objective
- Request: a precautionary 24-month SBA.
- Policy objective: secure macroeconomic stabilization and support progress toward European Union accession.

### Macroeconomic and sectoral themes covered
- Balance of payments
- Credit
- Current account deficits
- Economic sectors
- Energy sector
- External debt
- Money
- Privatization

### Keywords and notable analytic focus
- 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

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_Source: 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_