Romania, Request for a Stand-by Arrangement PDF Download
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Author:
Publisher:
ISBN:
Category : Fiscal policy
Languages : en
Pages : 90
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Book Description
Author:
Publisher:
ISBN:
Category : Fiscal policy
Languages : en
Pages : 90
Get Book Here
Book Description
Author:
Publisher: INTERNATIONAL MONETARY FUND
ISBN: 9781451832761
Category :
Languages : en
Pages : 91
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Book Description
Romania showed progress in stabilization and reform, facilitated by substantial fiscal and external adjustments, under the Stand-By Arrangement. Executive Directors commended these developments, and emphasized the need to improve fiscal and monetary policies, and accelerate structural reforms. Directors appreciated the authorities' commitment to accelerate European Union accession, and stressed the need for fiscal consolidation, financial discipline in state-owned enterprises, and rapid privatization for reducing inflation and protecting external sustainability. They urged the authorities for the full implementation of the economic program, and approved a Stand-By Arrangement.
Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 1475502796
Category : Business & Economics
Languages : en
Pages : 99
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Book Description
This paper discusses Romania’s fourth review under the Stand-By Arrangement and request for modification of performance criteria. The authorities are treating the arrangement as precautionary. Additional funds under the program are provided by the European Union. The economy grew by 2.5 percent in 2011, driven by an exceptional agricultural harvest and strong industrial output growth. Domestic demand strengthened as construction and retail sales started to recover, fuelled by higher real disposable incomes.
Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 1455276537
Category : Business & Economics
Languages : en
Pages : 80
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Book Description
Romania’s economy has stabilized and growth is now resuming. The financial program’s 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 also focusing on reducing the arrears of the rest of the public sector.
Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 1451832818
Category : Business & Economics
Languages : en
Pages : 79
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Book Description
This paper assesses Romania’s Third Review Under the Stand-By Arrangement and a Request for Waiver of Performance Criterion. Romania’s macroeconomic performance continued to be favorable, but slippages in wage policy and privatization delayed the completion of the third review. Robust GDP growth continued throughout 2002, and progress in reducing inflation and the current account deficit was better than targeted. However, financial discipline in the state-owned sector remained weak, and the end-September performance criterion on the wage bill in monitored state-owned enterprises was not observed.
Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 1463921918
Category : Business & Economics
Languages : en
Pages : 84
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Book Description
Although the economic growth of Romania has resumed, it has boosted downside risks. However, the country has continued its strong performance under the new program in strengthening macroeconomic policies, accelerating structural reforms, and consolidating economic development. In conclusion, the authorities concur that the current precautionary Stand-By Arrangement (SBA) will provide additional security against unforeseen shocks, thereby setting the stage for strong and sustainable economic development while maintaining external and internal stability and thereby achieving the fiscal goals for 2012.
Author:
Publisher:
ISBN:
Category : Fiscal policy
Languages : en
Pages : 90
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Book Description
Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 1455230073
Category : Business & Economics
Languages : en
Pages : 101
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Book Description
Romania’s external position continues to improve. Inflation peaked in December 2010, and is now likely to decline. Financial market stress has remained relatively low in recent months. The current account deficit improved from 131⁄2 percent of GDP in 2007 to about 41⁄4 percent of GDP in 2010, driven by a strong shrinking trade deficit. Significant progress has been made under the Stand-By Arrangement (SBA) in achieving fiscal consolidation and safeguarding the financial sector. Most performance criteria and structural benchmarks were met throughout the program.
Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 1455203467
Category : Business & Economics
Languages : en
Pages : 153
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Book Description
The growth outlook remains weak and uncertain. Romania’s decision to rely primarily on expenditure cuts to close the fiscal gap is ambitious, but entails implementation risks. Progress on fiscal reforms has resumed. In the medium term, fiscal policy should aim at a more permanent reduction in the fiscal deficit. The government’s proactive banking supervision, and regulation has helped maintain the stability of the financial system, but vigilance is essential. Pressing ahead with structural reforms is key for boosting growth and achieving sustainable real convergence.
Author: International Monetary Fund. European Dept.
Publisher: International Monetary Fund
ISBN: 1475519079
Category : Business & Economics
Languages : en
Pages : 117
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Book Description
Significant progress has been made in macroeconomic stabilization under two successive SBAs but the economic recovery remains fragile. Growth is expected to remain subdued in the near term and to only gradually recover over the medium term, with risks to the outlook mostly on the downside. With strong trade and financial sector linkages, Romania is exposed to the euro area crisis. Fiscal and external reserves provide a buffer and the banking sector remains well-capitalized. At the same time, the political situation has become more unsettling with three governments in 2012, uneasy cohabitation between the President and the governing coalition that has sought to remove him, and parliamentary elections to be held in the fall. The political uncertainty has contributed to accelerated exchange rate depreciation and higher financing costs, and has dented confidence.
