07150oam 22015494 450 991079104340332120230803221231.01-4755-1572-31-4755-7950-01-4755-3563-5(CKB)2550000001276674(EBL)1676615(SSID)ssj0001220655(PQKBManifestationID)11993590(PQKBTitleCode)TC0001220655(PQKBWorkID)11221519(PQKB)10629622(MiAaPQ)EBC1676615(Au-PeEL)EBL1676615(CaPaEBR)ebr10861157(CaONFJC)MIL598675(OCoLC)878263392(IMF)1ROUEE2014001(IMF)1ROUEA2014001(EXLCZ)99255000000127667420020129d2014 uf 0engurcnu||||||||txtccrRomania : First and Second Reviews Under the Stand-By Arrangement and Requests for Waiver of Nonobservance of a Performance Criterion, Modification of Program conditionality, and Rephasing of the Availability Dates of PurchasesWashington, D.C. :International Monetary Fund,2014.1 online resource (107 p.)IMF Staff Country ReportsDescription based upon print version of record.1-4755-1600-2 1-306-67424-7 Cover; CONTENTS; INTRODUCTION; RECENT ECONOMIC DEVELOPMENTS; OUTLOOK AND RISKS; PROGRAM POLICIES; A. Fiscal Policy: Staying the Course of Adjustment while Managing Risks to Growth; B. Monetary and Exchange Rate Policies: Proceed with Caution; C. Financial Sector Priorities: Strengthening Banks' Balance Sheets and Supporting the Economy; D. Structural Reforms: Better Infrastructure, Better Growth; PROGRAM MODALITIES; A. Program Conditionality and Monitoring; B. Capacity to Repay the Fund; C. Ex-Post Evaluation and Update of Safeguards Assessment; STAFF APPRAISAL; BOXES1. Recent Current Account Developments 2. Minimum Wage; 3. The Nonperforming Loan Problem; 4. Initial Public Offerings; TABLES; 1. Quantitative Program Targets; 2. Performance for First and Second Reviews; 3. Selected Economic and Social Indicators, 2009-14; 4. Medium-Term Macroeconomic Framework, Current Policies, 2009-19; 5. Balance of Payments, 2009-15; 6. Gross External Financing Requirements, 2012-15; 7a. General Government Operations, 2009-15 (In percent of GDP); 7b. General Government Operations, 2009-15 (In millions of lei); 8. Monetary Survey, 2009-159. Financial Soundness Indicators, 2008-1310. Schedule of Reviews and Purchases; 11. Indicators of Fund Credit, 2014-19; 12. 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, 2007-14; 5. Fiscal Operations, 2007-14; 6. Financial Sector, 2007-13; 7. Financial Developments, 2011-14; ANNEX; I. Public and External Debt Sustainability Analysis; APPENDICES; I. Letter of Intent; Attachments; I. Memorandum of Economic and Financial Policies; II. Technical Memorandum of UnderstandingThis first and second reviews under the Stand-By-Arrangement analyzes Ex Post Evaluation of exceptional access for Romania. Efforts are needed to strengthen monetary policy transmission. The banking system remains well capitalized, but the authorities need to accelerate the resolution of nonperforming loans and closely monitor risks from parent bank deleveraging. The Romanian authorities continue their efforts to reach the goals of a broad structural agenda, with a focus on structural reforms in the energy, transport and healthcare sectors, and continue the reform of the state-owned enterprises.IMF Staff Country Reports; Country Report ;No. 2014/087Fiscal policyRomaniaBanks and BankingimfBudgetingimfExports and ImportsimfFinance: GeneralimfPublic FinanceimfInflationimfInternational Lending and Debt ProblemsimfDebtimfDebt ManagementimfSovereign DebtimfBanksimfDepository InstitutionsimfMicro Finance InstitutionsimfMortgagesimfNational BudgetimfBudget SystemsimfGeneral Financial Markets: General (includes Measurement and Data)imfPrice LevelimfDeflationimfInterest Rates: Determination, Term Structure, and EffectsimfInternational economicsimfPublic finance & taxationimfBankingimfBudgeting & financial managementimfFinanceimfMacroeconomicsimfPublic debtimfArrearsimfBudget planning and preparationimfExternal debtimfPublic financial management (PFM)imfPricesimfDebts, ExternalimfDebts, PublicimfBanks and bankingimfBudgetimfGoing publicimfSecuritiesimfRomaniaCommercial policyRomaniaEconomic conditionsRomaniaForeign economic relationsRomaniaimfFiscal policyBanks and BankingBudgetingExports and ImportsFinance: GeneralPublic FinanceInflationInternational Lending and Debt ProblemsDebtDebt ManagementSovereign DebtBanksDepository InstitutionsMicro Finance InstitutionsMortgagesNational BudgetBudget SystemsGeneral Financial Markets: General (includes Measurement and Data)Price LevelDeflationInterest Rates: Determination, Term Structure, and EffectsInternational economicsPublic finance & taxationBankingBudgeting & financial managementFinanceMacroeconomicsPublic debtArrearsBudget planning and preparationExternal debtPublic financial management (PFM)PricesDebts, ExternalDebts, PublicBanks and bankingBudgetGoing publicSecurities339.52International Monetary Fund,DcWaIMFBOOK9910791043403321Romania298891UNINA