Romania: Third Review Under the Stand-By Arrangement—Staff Report; Staff Supplement; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Romania.
International Monetary Fund, Jan 23, 2012 - Business & Economics - 91 pages
This paper discusses key findings of the Third Review of Romania’s economic performance under a program supported by a 24-month Stand-By Arrangement (SBA). The authorities are on track to achieve their 2011–12 deficit targets, but stepped-up efforts are needed on key structural reforms. Inflation has dropped sharply, reflecting food prices deflation and the removal of the VAT base effect. All end-September quantitative performance criteria and indicative targets were met, and inflation returned to the inner band of the inflation consultation mechanism.
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IV Program Modalities and Other Issues
V Staff Appraisal
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2012 performance advisor for group banking sector Baseline beneﬁts budget Calatori capital Ceiling on stock central government clawback tax companies copayment cumulative from January deﬁcit deﬁned domestic economic End-March ensure Eurostat exchange rate expenditure external debt figure during calendar figure is cumulative ﬁnancial financing ﬁrm ﬁscal Fiscal balance foreign assets foreign currency GDP deflator Gross public debt guarantees IMF and EC implementation indicative targets inﬂation Inner band interest rate International Monetary Fund investment key SOEs legal advisors legislation Marfa measures MEFP Metrorex million Ministry monitoring MOPF Oltchim Oltenia operating balance payments percent of GDP PNDI primary spending prior action privatization Proj projects public enterprises Public sector quantitative performance criteria quarterly reserves restructuring revenue Romania Romgaz Rovinari Sept shock SOEs stock of arrears structural benchmark target band Tarom Tier 1 Capital transaction advisor Transelectrica Transgaz