Romania: First Review Under the Stand-By Arrangement and Request for Waiver and Modification of Performance Criteria

Author: International Monetary Fund

Volume/Issue: Volume 2004 Issue 319

Publication date: October 2004

ISBN: 9781451832839

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Topics covered in this book

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Exports and Imports , Inflation , Economics- Macroeconomics , Money and Monetary Policy , Public Finance , ISCR , CR , government , state budget , CPI inflation rate , IMF's executive board , social security fund , staff assessment , Credit , Budget planning and preparation , Current account deficits , Currencies , Global

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Summary

This paper presents Romania’s First Review Under the Stand-By Arrangement and a Request for Waiver and Modification of Performance Criteria. Output growth remains favorable and disinflation is proceeding. The current account deficit is in line with the program’s target, and the balance of payments is strengthening. Credit growth in general has slowed, but its foreign currency denominated component has picked up again. Net wage growth remains high, fueling consumption, but labor costs are not deviating substantially from productivity growth.