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

March 27, 2012

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Romania: Ex Post Evaluation of Exceptional Access Under the 2009 Stand-By Arrangement, (USA: International Monetary Fund, 2012) accessed November 21, 2024

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.

Subject: Arrears, Banking, External debt, Financial crises, Fiscal policy, Fiscal sustainability, Public debt

Keywords: Arrears, Arrears PC, Authorities commitment, Banking sector, Central bank, CR, Current account, Europe, Exchange rate, Financing program, Fiscal sustainability, Funding regime, Global, ISCR, Program conditionality, Public finance, Short term

Publication Details

Pages:

32
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2012/064
Stock No:

1ROUEA2012002
ISBN:

9781475502619
ISSN:

1934-7685

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