罗马尼亚：2025年第四条磋商新闻稿；员工报告；罗马尼亚执行主任的发言

ROMANIA 2025ARTICLE IV CONSULTATION—PRESS RELEASE;STAFF REPORT; ANDSTATEMENT BY THE EXECUTIVE November2025 Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussionswith members, usually every year. In the context of the2025Article IV consultation with •APress Releasesummarizing the views of the Executive Board as expressed during itsNovember7, 2025 consideration of the staff report that concluded the Article IV •TheStaff Reportprepared by a staff team of the IMF for the Executive Board’sconsideration onNovember 7, 2025,following discussions that ended onSeptember12, 2025, with the officials ofRomaniaon economic developments and •AnInformational Annexprepared by the IMFstaff. •AStatement by the Executive Directorfor Romania. TheIMF’s transparency policy allows for the deletion of market-sensitive information andpremature disclosure of the authorities’ policy intentions in published staff reports and Copies of this report are available to the public from International Monetary Fund•Publication ServicesPO Box 92780•Washington, D.C. 20090Telephone: (202) 623-7430•Fax: (202) 623-7201E-mail:publications@imf.org Web:http://www.imf.org International Monetary Fund IMF Executive Board Concludes 2025 Article IV Consultationwith Romania FOR IMMEDIATE RELEASE •The economy is expected to grow gradually in the near term amid necessary fiscalconsolidation, which is essential to address the widening twin deficits. Inflation will remain •The recent reform package for 2025–26, including tax reforms, is welcome and marks animportant step forward. Its full execution and additional adjustment measures from 2027 toreduce the fiscal deficit to below 3 percent of GDP are critical to restore fiscal and •The NBR’s cautious approach remains appropriate, and policy rate cuts should resumeonly after inflation is on a firm downward trend. Greater exchange rate flexibility over the •Advancing structural reforms, including strengthening the efficiency of the state, arecrucial to make full use of EU funds and support growth and the needed fiscal adjustment. Washington, DC – November 14, 2025:The Executive Board of the International MonetaryFund (IMF) concluded the Article IV Consultation with Romania on November 7, 2025.1The Romania's economic growth has been subdued, with real GDP growth softened to 0.9 percentin 2024, as strong private consumption on the back of robust wage growth was offset bycontinued contractions in investment activities. In the meantime, twin deficits have deepened The economy is expected to grow gradually by 1.0 and 1.4 percent in 2025 and 2026,respectively, amid necessary fiscal consolidation addressing the widening twin deficits.Headline inflation, which rose to 9.9 percent (y/y) in September 2025 upon the removal of the The risks to the outlook are tilted to the downside for growth and to the upside for inflation. Asovereign credit rating downgrade remains a risk as concerns persist regarding the executionof the planned fiscal consolidation for 2025–26 and the sustainability of public finances due tothe still high fiscal deficit. On the upside, strong implementation of the fiscal adjustment andEU-funded investment projects could strengthen investor sentiment and lower risk premia Executive Board Assessment Executive Directors welcomed the recently adopted large fiscal reform package for 2025-26,which marks an important step in addressing the widening twin deficits. Amid a necessarylarge fiscal consolidation, and with risks tilted to the downside, Directors called for the right Directors stressed the criticality of the full execution of the planned fiscal consolidation in2025–26 followed by additional adjustment in the medium term to buttress market confidenceand ensure fiscal sustainability. To facilitate a growth-friendly and equity-enhancing fiscalconsolidation, they considered that further tax reform over the medium term should aim atmobilizing revenues and improving fairness while strengthening work incentives and Directors agreed that the re-emergence of inflation pressures calls for a cautious monetarypolicy approach to ensure that inflation securely returns to the tolerance band. Theyrecommended that policy rate cuts should resume only after growth of wages and pricesmoderate in a sustained manner. Directors noted that a gradual increase over the medium Directors welcomed enhanced financial sector soundness, with stronger bank balance sheets.However, amid banks’ growing sovereign exposure, buoyant consumer credit growth, andsizable unhedged FX loans, they emphasized the need to continue monitoring asset quality,stress-testing liquidity conditions, and strengthening crisis management. Directors also Directors underscored the importance of advancing structural reforms under the authorities’National Recovery and Resilience Plan and enhancing public investment management to will enhance medium-term growth potential and support fiscal consolidation and e