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

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  • International Monetary Fund

Abstract

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.

Suggested Citation

  • International Monetary Fund, 2012. "Romania: Ex Post Evaluation of Exceptional Access Under the 2009 Stand-By Arrangement," IMF Staff Country Reports 2012/064, International Monetary Fund.
    • Handle: RePEc:imf:imfscr:2012/064
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    File URL: http://www.imf.org/external/pubs/cat/longres.aspx?sk=25801
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    Cited by:

    1. Gurgen OHANYAN, 2013. "The Sway of IMF Policies on the Romanian Economy amid Global Financial Crisis," REVISTA ADMINISTRATIE SI MANAGEMENT PUBLIC, Faculty of Administration and Public Management, Academy of Economic Studies, Bucharest, Romania, vol. 2013(21), pages 27-42, December.
    2. Andreea Săseanu & Hosney (Harry) Zurub & Gurgen Ohanyan & Natalia Bob, 2014. "The effects of IMF conditionality on Romanian economy: evidence from the Bucharest Stock Exchange," Management & Marketing, Economic Publishing House, vol. 9(3), Autumn.

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