IMF Press Release No. 14/279, June 12, 2014

Teams from the International Monetary Fund (IMF) and the European Commission (EC) visited Bucharest during June 2-12, 2014 to conduct discussions on the third review under the IMF Stand-By Arrangement (SBA) and on the first review of Romania’s precautionary balance of payments program with the European Union.

The economy has continued to recover and is now expected to grow by 2.8 percent this year. Fiscal imbalances have been reduced and the current account deficit has remained low. Looking forward, the teams have had constructive discussions with the Romanian authorities on how to ensure further progress and have reached agreement on important policies in this regard. However, some issues remain outstanding. The discussions with the Romanian authorities will continue from respective headquarters.