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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2012 indicative actual additional Appoint approved arrears reduction banking sector Baseline billion budget Calatori capital cash deficit central government CFR S.A. commitment companies continue copayment Craiova cumulative from January deficit target district heating economic end-December 2011 End-June End-March End-September 2011 energy ensure euro area Eurostat exchange rate expenditure Feroviar figure during calendar figure is cumulative financing foreign currency Gross growth Hunedoara implementation improve increase indicative targets inﬂation infrastructure interest rate International Monetary Fund investment legal advisor legislation majority privatization Marfa measures MEFP Memorandum Metrorex Ministry monitoring MOPF Oltenia payments percent of GDP performance criterion plans PNDI prior action private management projects public enterprises quarterly reduce reﬂecting remain restructuring revenue risks Romania Romgaz Rovinari shocks social SOEs spending Stand-By Arrangement state-owned enterprises structural benchmark target band Tarom Third Review transaction advisor Transelectrica Transgaz Turceni