Romania: Third Review Under the Stand-By Arrangement and Request for Waiver of Performance Criterion

Author: International Monetary Fund

Volume/Issue: Volume 2003 Issue 123

Publication date: May 2003

ISBN: 9781451832815

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Topics covered in this book

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Inflation , Labor , Economics- Macroeconomics , Money and Monetary Policy , Taxation - General , Industries - Energy , ISCR , CR , authority , deficit , fuel excise tax tax rate , Romania , February , staff appraisal , cash distribution office , reserve money target , executive board discussion , control regime , Energy sector , Wages , Privatization , Credit , Inflation , Global , Europe

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Summary

This paper assesses Romania’s Third Review Under the Stand-By Arrangement and a Request for Waiver of Performance Criterion. Romania’s macroeconomic performance continued to be favorable, but slippages in wage policy and privatization delayed the completion of the third review. Robust GDP growth continued throughout 2002, and progress in reducing inflation and the current account deficit was better than targeted. However, financial discipline in the state-owned sector remained weak, and the end-September performance criterion on the wage bill in monitored state-owned enterprises was not observed.