IMF concludes visit to Romania

Trimite stirea unui prieten
Nume *
E-mail *
E-mail prieten *
Cod validare * Turing Number
Tastati codul din imagine (doar cifre)

2018-11-12 21:20

IMF Staff Concludes Visit to Romania (press realease):

End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. This mission will not result in a Board discussion.

An International Monetary Fund (IMF) staff team led by Jaewoo Lee visited Bucharest during November 6-12, 2018, to discuss recent macroeconomic and policy developments.

At the end of the mission, Mr. Lee issued the following statement:

“Economic activity in Romania remains strong with unemployment at a record low. Concerns about overheating have lessened with a recent slowdown in activity and inflation pressures for the year appear to have peaked. The National Bank of Romania has tightened monetary policy and liquidity management, helping contain inflation pressures. Going forward, a tightening bias in monetary policy should be maintained to anchor inflation expectations and contain external risks. The financial system’s health has improved, and the cap on debt service to income on household loans should help maintain financial stability.

“Fiscal consolidation would enhance room for fiscal policy maneuver, thereby reducing the economy’s vulnerability to domestic and external shocks. Despite several years of strong growth, the budget deficit has gone up rather than down, as it should during good times, and the 2018 target remains at risk without further measures. At the same time, spending composition is increasingly skewed towards rigid items to the detriment of public investment. The 2019 budget and medium-term fiscal framework need to target smaller deficits in line with European Union (EU) commitments and keep public debt-to-GDP ratio on a downward trend. This necessitates high quality measures. In this regard, current initiatives to improve public spending efficiency—expenditure reviews and a centralized procurement—are welcome. It is also critical to modernize the revenue administration. Furthermore, increases in public wage and planned changes to pension benefits should be reassessed for their negative implications for fiscal sustainability and long-term growth.

“Well-targeted structural reforms and strong governance are needed to raise growth potential. Strengthening public investment institutions remains a priority to help address Romania’s large infrastructure gap, including by facilitating higher absorption of EU funds. The corporate governance of state-owned enterprises can be improved, and exemptions to Law 111/2016 should be avoided. The envisaged sovereign investment fund should follow international best practices. Romania’s fight against corruption should continue, as reducing corruption helps improve government revenue, enhance spending efficiency, and strengthen competitiveness. Several recent legislative initiatives have created uncertainty, giving rise to concerns about good governance and the financial system, which are a basis for sustained long-term growth.

“The mission held fruitful discussions with the Minister of Public Finance Eugen Teodorovici, National Bank of Romania Governor Mugur Isărescu, and other government officials, representatives from the private sector, and civil society organizations. The mission thanks the authorities for their hospitality.”


Adauga un comentariu
Nume *:

E-mail *:
(nu se afiseaza pe site)

Turing Number

Tastati codul din imagine (doar cifre)  

Adauga un comentariu folosind contul de Facebook

Alte stiri din categoria: ENGLISH

EBA confirms banks solid capital and liquidity positions but warns about asset quality prospects and structurally low profitability

EBA confirms banks solid capital and liquidity positions but warns about asset quality prospects and structurally low profitability (EBA statement): - Ratios of non-performing loans (NPL) stable, but increasing proportion of Stage 2 and forborne loans. - Total assets increase by detalii

Banca Transilvania (BT) financial results as at September 30, 2020

Banca Transilvania statement: BT’s Financial Results as at September 30, 2020 Banca Transilvania, ready to Support the Recovery of the Economy Banca Transilvania has had a significant contribution to the recovery of the economy in detalii

NBR Board decisions on monetary policy

NBR Board decisions on monetary policy 12.11.2020 In its meeting of 12 November 2020, the Board of the National Bank of Romania decided the following: - to keep the monetary policy rate at 1.50 percent per annum; - to leave unchanged the deposit detalii

Erste Group Bank AG proposes conditional 2019 dividend of EUR 0.75 per share

Erste Group Bank AG proposes conditional 2019 dividend of EUR 0.75 per share to annual general meeting (press release) The supervisory board of Erste Group Bank AG, following a recommendation by the management board, has today resolved to propose a conditional cash detalii



Ultimele Comentarii

  • Buna seara,doresc să amân ratele pe 5 luni daca se poate din cauza ca nu mai ... detalii

  • Imprumut

    Bună! Am contract de 2 ani și presetell status in Uk am proba de adresa si un salariu in jur de ... detalii

  • Burse trimise către executor

    Rușine Raiffeisen Bank! Cum este posibil sa trimiteți către executor banii ce proveneau din ... detalii

  • Transfer

    Buna ziua..... Nu am gasit pe internet o informatie folositoare si suntem in 2021.... Daca se ... detalii

  • cont

    ... detalii