LEADER 07243oam 22014174 450 001 9910789198503321 005 20230803033317.0 010 $a1-4843-1482-4 010 $a1-4843-9352-X 010 $a1-61635-442-9 035 $a(CKB)3710000000073107 035 $a(EBL)1588207 035 $a(SSID)ssj0001167475 035 $a(PQKBManifestationID)11768843 035 $a(PQKBTitleCode)TC0001167475 035 $a(PQKBWorkID)11128823 035 $a(PQKB)10153891 035 $a(MiAaPQ)EBC1588207 035 $a(Au-PeEL)EBL1588207 035 $a(CaPaEBR)ebr10800572 035 $a(OCoLC)867928061 035 $a(IMF)1ROUEE2013002 035 $a(IMF)1ROUEA2013002 035 $a(EXLCZ)993710000000073107 100 $a20020129d2013 uf 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aRomania : $eRequest for a Stand-By Arrangement 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2013. 215 $a1 online resource (116 p.) 225 1 $aIMF Staff Country Reports 300 $aDescription based upon print version of record. 311 $a1-4755-1834-X 320 $aIncludes bibliographical references. 327 $aCover; 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 Arrangements 327 $a2. 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 Purchases 327 $a11. 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; CONTENTS 327 $aINTRODUCTIONBACKGROUND; 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 Indicators 327 $aB. Impact on the Fund's Liquidity Position and Risk ExposureASSESSMENT; 5. SBA for Romania-Impact on GRA Finances 330 3 $aThis paper discusses Romania?s Request for a Stand-By Arrangement (SBA). Since the 2008 global financial crisis, Romania has made significant progress in reducing macroeconomic imbalances and rebuilding fiscal and financial buffers. However, Romania remains vulnerable to external shocks, in particular uncertainties in the euro area as well as global volatility in capital flows to emerging markets. The new SBA would provide a valuable policy anchor and support Romania?s comprehensive economic program for 2013?2015 to maintain sound macroeconomic policies and financial sector stability and continue structural reforms to enhance growth prospects. The IMF staff supports the authorities? request for a new SBA. 410 0$aIMF Staff Country Reports; Country Report ;$vNo. 2013/307 606 $aBanks and banking$zRomania 606 $aDebt$zRomania 606 $aBanks and Banking$2imf 606 $aExports and Imports$2imf 606 $aMacroeconomics$2imf 606 $aMoney and Monetary Policy$2imf 606 $aPublic Finance$2imf 606 $aInflation$2imf 606 $aInternational Lending and Debt Problems$2imf 606 $aDebt$2imf 606 $aDebt Management$2imf 606 $aSovereign Debt$2imf 606 $aMonetary Policy, Central Banking, and the Supply of Money and Credit: General$2imf 606 $aBanks$2imf 606 $aDepository Institutions$2imf 606 $aMicro Finance Institutions$2imf 606 $aMortgages$2imf 606 $aFiscal Policy$2imf 606 $aPrice Level$2imf 606 $aDeflation$2imf 606 $aInternational economics$2imf 606 $aPublic finance & taxation$2imf 606 $aMonetary economics$2imf 606 $aBanking$2imf 606 $aFinance$2imf 606 $aExternal debt$2imf 606 $aPublic debt$2imf 606 $aCredit$2imf 606 $aDebt service$2imf 606 $aMoney$2imf 606 $aFiscal stance$2imf 606 $aFiscal policy$2imf 606 $aDebts, External$2imf 606 $aDebts, Public$2imf 606 $aBanks and banking$2imf 607 $aRomania$2imf 615 0$aBanks and banking 615 0$aDebt 615 7$aBanks and Banking 615 7$aExports and Imports 615 7$aMacroeconomics 615 7$aMoney and Monetary Policy 615 7$aPublic Finance 615 7$aInflation 615 7$aInternational Lending and Debt Problems 615 7$aDebt 615 7$aDebt Management 615 7$aSovereign Debt 615 7$aMonetary Policy, Central Banking, and the Supply of Money and Credit: General 615 7$aBanks 615 7$aDepository Institutions 615 7$aMicro Finance Institutions 615 7$aMortgages 615 7$aFiscal Policy 615 7$aPrice Level 615 7$aDeflation 615 7$aInternational economics 615 7$aPublic finance & taxation 615 7$aMonetary economics 615 7$aBanking 615 7$aFinance 615 7$aExternal debt 615 7$aPublic debt 615 7$aCredit 615 7$aDebt service 615 7$aMoney 615 7$aFiscal stance 615 7$aFiscal policy 615 7$aDebts, External 615 7$aDebts, Public 615 7$aBanks and banking 712 02$aInternational Monetary Fund.$bEuropean Department. 801 0$bDcWaIMF 906 $aBOOK 912 $a9910789198503321 996 $aRomania$9298891 997 $aUNINA