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Romania : request for a stand-by arrangement. International Monetary Fund.
This 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 par...
| Clasificación: | Libro Electrónico |
|---|---|
| Autor Corporativo: | |
| Formato: | Electrónico eBook |
| Idioma: | Inglés |
| Publicado: |
Washington, D.C. :
International Monetary Fund, European Dept.,
[2013]
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| Colección: | IMF working paper ;
WP/13/307. |
| Temas: | |
| Acceso en línea: | Texto completo |
Tabla de Contenidos:
- Cover; 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.
- 2. 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.
- 11. 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.
- INTRODUCTIONBACKGROUND; 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.
- B. Impact on the Fund's Liquidity Position and Risk ExposureASSESSMENT; 5. SBA for Romania-Impact on GRA Finances.