07243oam 22014174 450 991078919850332120230803033317.01-4843-1482-41-4843-9352-X1-61635-442-9(CKB)3710000000073107(EBL)1588207(SSID)ssj0001167475(PQKBManifestationID)11768843(PQKBTitleCode)TC0001167475(PQKBWorkID)11128823(PQKB)10153891(MiAaPQ)EBC1588207(Au-PeEL)EBL1588207(CaPaEBR)ebr10800572(OCoLC)867928061(IMF)1ROUEE2013002(IMF)1ROUEA2013002(EXLCZ)99371000000007310720020129d2013 uf 0engur|n|---|||||txtccrRomania : Request for a Stand-By ArrangementWashington, D.C. :International Monetary Fund,2013.1 online resource (116 p.)IMF Staff Country ReportsDescription based upon print version of record.1-4755-1834-X Includes bibliographical references.Cover; CONTENTS; INTRODUCTION; RECENT ECONOMIC DEVELOPMENTS; OUTLOOK AND RISKS; PROGRAM POLICIES; A. Fiscal Policy: Strengthening the Institutional Framework; B. Structural Reforms: Increasing Investment and Growth; C. Financial Sector Priorities: Dealing with NPLs and Contingency Planning; D. Monetary and Exchange Rate Policies: Anchoring Expectations; PROGRAM MODALITIES; A. Access and Phasing; B. Program Conditionality and Monitoring; C. Capacity to Repay the Fund and Risks to the Program; STAFF APPRAISAL; BOXES; 1. Romania 2009-11 and 2011-13 Stand-By Arrangements2. What is Holding Back Credit Growth in Romania?3. Program Objectives, Policy Areas and Key Measures; 4. Initial Public Offerings; 5. Exceptional Access Criteria; TABLES; 1. Quantitative Program Targets; 2. Proposed Conditionality; 3. Selected Economic Indicators, 2009-14; 4. Medium-Term Macroeconomic Framework, Current Policies, 2009-18; 5. Balance of Payments, 2009-15; 6. Gross Financing Requirements, 2012-15; 7. General Government Operations, 2009-15; 8. Monetary Survey, 2009-14; 9. Financial Soundness Indicators, 2008-13; 10. Schedule of Reviews and Purchases11. Indicators of Fund Credit, 2013-1812. Public Sector Debt Sustainability Framework, 2008-18; 13. External Debt Sustainability Framework, 2008-18; FIGURES; 1. Real Sector, 2007-13; 2. External Sector, 2007-13; 3. Labor Market, 2007-13; 4. Monetary Sector, 2007-13; 5. Fiscal Operations, 2007-13; 6. Financial Sector, 2007-13; 7. Financial Developments, 2011-13; 8. Public Debt Sustainability: Bound Tests; 9. External Debt Sustainability: Bound Tests; APPENDIX; I. Letter of Intent; Attachments; I. Memorandum of Economic and Financial Policies; II. Technical Memorandum of Understanding; CONTENTSINTRODUCTIONBACKGROUND; TABLES; 1. Proposed SBA-Access and Phasing; 2. IMF Financial Arrangements, 1991-2020; 3. Total External Debt, 2007-2012; FIGURES; 1. Debt Ratios for Recent Exceptional Access Arrangements; THE NEW STAND-BY ARRANGEMENT-RISKS AND IMPACT ON FUND'S FINANCES; A. Risks to the Fund; 2. Exceptional Access Levels and Credit Concentration; 3. Fund Credit Outstanding in the GRA around Projected Peak Borrowing; 4. Peak Fund Exposure and Debt Service Ratios for Recent Exceptional Access Cases; 4. Romania-Capacity to Repay IndicatorsB. Impact on the Fund's Liquidity Position and Risk ExposureASSESSMENT; 5. SBA for Romania-Impact on GRA FinancesThis paper discusses Romania’s Request for a Stand-By Arrangement (SBA). Since the 2008 global financial crisis, Romania has made significant progress in reducing macroeconomic imbalances and rebuilding fiscal and financial buffers. However, Romania remains vulnerable to external shocks, in particular uncertainties in the euro area as well as global volatility in capital flows to emerging markets. The new SBA would provide a valuable policy anchor and support Romania’s comprehensive economic program for 2013–2015 to maintain sound macroeconomic policies and financial sector stability and continue structural reforms to enhance growth prospects. The IMF staff supports the authorities’ request for a new SBA.IMF Staff Country Reports; Country Report ;No. 2013/307Banks and bankingRomaniaDebtRomaniaBanks and BankingimfExports and ImportsimfMacroeconomicsimfMoney and Monetary PolicyimfPublic FinanceimfInflationimfInternational Lending and Debt ProblemsimfDebtimfDebt ManagementimfSovereign DebtimfMonetary Policy, Central Banking, and the Supply of Money and Credit: GeneralimfBanksimfDepository InstitutionsimfMicro Finance InstitutionsimfMortgagesimfFiscal PolicyimfPrice LevelimfDeflationimfInternational economicsimfPublic finance & taxationimfMonetary economicsimfBankingimfFinanceimfExternal debtimfPublic debtimfCreditimfDebt serviceimfMoneyimfFiscal stanceimfFiscal policyimfDebts, ExternalimfDebts, PublicimfBanks and bankingimfRomaniaimfBanks and bankingDebtBanks and BankingExports and ImportsMacroeconomicsMoney and Monetary PolicyPublic FinanceInflationInternational Lending and Debt ProblemsDebtDebt ManagementSovereign DebtMonetary Policy, Central Banking, and the Supply of Money and Credit: GeneralBanksDepository InstitutionsMicro Finance InstitutionsMortgagesFiscal PolicyPrice LevelDeflationInternational economicsPublic finance & taxationMonetary economicsBankingFinanceExternal debtPublic debtCreditDebt serviceMoneyFiscal stanceFiscal policyDebts, ExternalDebts, PublicBanks and bankingInternational Monetary Fund.European Department.DcWaIMFBOOK9910789198503321Romania298891UNINA