Romania : Ex Post Evaluation of Exceptional Access Under the 2009 Stand-By Arrangement.

Format:

Book

Government document

Author/Creator:

International Monetary Fund.

Contributor:

International Monetary Fund. European Department.

International Monetary Fund. Strategy, Policy, and Review Department.

Series:

IMF Staff Country Reports; Country Report ; No. 2012/064

IMF country report ; no. 12/64

IMF Staff Country Reports

Language:

English

Subjects (All):

International finance.

Romania--Economic policy--1989-.

Romania.

Romania--Economic conditions--1989-.

Physical Description:

1 online resource (34 p.)

Place of Publication:

Washington, D.C. : International Monetary Fund, 2012.

Language Note:

English

Summary:

This paper discusses ex-post evaluation of Romania’s exceptional access under the 2009 Stand-By Arrangement. Concerns about Romania’s external and fiscal sustainability have triggered significant increase in external borrowing costs as sovereign yields jumped to 9 percent. Banks also came under increasing pressure, with liquidity drying up from the interbank market. Rollover risks also increased as the maturity structure gradually deteriorated, and reserves coverage of shorter-term external debt declined. The large and front-loaded financing along with upfront fiscal actions has helped quickly to restore market confidence, with a successful return to private financial markets during the program period.

Contents:

Cover; Contents; I. Introduction and Summary; II. Why did Romania Request Fund Assistance?; III. Was the Program Design Appropriate?; A. Program Design and Objectives; B. Adequacy of the Financing Package; C. Were the Exceptional Access Criteria Met?; D. Was the Conditionality Appropriate?; IV. Was the Policy Response Appropriate?; A. Macroeconomic Forecasts; B. Fiscal Policy; Boxes; 1. How did the Program Deal with General Government Arrears?; C. Monetary and Exchange Rate Policy; D. Financial Sector; 2. The European Bank Coordination Initiative; V. Did the Program Achieve its Objectives?

VI. ConclusionsTables; 1. Structural Conditionality and Prior Actions Under 2009 SBA; 2. Quantitative Program Target and Actual Values Under the 2009 SBA; 3. Selected Economic Indicators, 2008-11; Figures; 1. Program Baseline Scenario; 2. 2009 SBA Program Projections; 3. Macroeconomic Indicators: Cross Country Comparison; 4. Fiscal Adjustment During the Program; Annex; 1. Romanian Authorities' Views on the Ex-Post Evaluation

Notes:

Description based upon print version of record.

Includes bibliographical references.

Description based on print version record.

ISBN:

9781475511628

1475511620

9781475581164

1475581165