This report by European Commission services assesses compliance, under the First Review, with the terms and conditions of the 2011-2013 Balance of Payments Programme.
The 2011-2013 Balance of Payments (BoP) assistance is a follow up precautionary programme to the 2009-2011 BoP programme. It was requested by the Romanian authorities in February 2011 to support the re-launch of the economic growth with a focus on structural reforms.
This report assesses compliance with the terms and conditions of the BoP Programme and summarises the findings of the joint EC/IMF mission. Updated programme documents are appended to it.
The joint EC/IMF mission concluded that the programme remains on track. After two years of negative growth, real GDP is expected to grow in 2011 by around 1½-2% above previous projections while a slight acceleration towards 1¾-2¼% is expected for 2012.
(European Economy. Occasional Papers. 90. December 2011.
Brussels. Paper and internet. 80pp. )