Press notice of the Office of the Resident Representative in Romania of International Monetary Fund
05.03.2004
The IMF Office in Bucharest has issued the following press statement:
The IMF team that visited Bucharest from February 19 to March 5 reached agreement on major elements of a program that could be supported by a precautionary Stand-by arrangement.
The program aims to consolidate the encouraging progress made under the last program in achieving macroeconomic stability and to bring inflation down from 9 percent in 2004 to low single digits in 2005 and 2006. Discussions with the authorities focused on measures to accelerate the advances made under the previous program in energy sector reforms, finish the privatization agenda, and achieve the step change in the business climate needed if Romania is to boost investment and growth. These reforms should strengthen the ability of the Romania to complete the transition to a market economy and assist in its EU accession efforts.
We expect to complete discussions on the program over the next few weeks following the IMF Executive Board meeting to discuss the Ex-Post Assessment of the previous Stand-by arrangement on March 29.