Foreword
"The past 10 years have demonstrated that transition is not a fast forward
march along a straight road, but a challenging process, more complex and
difficult than many had imagined. However, Romania has over recent years
undergone substantial political and economic transformation, designed to
establish a free-market economy through privatization of state-owned enterprises
and deregulation of the economy.
The road ahead is of course not an easy one. The new government that took
office in December 2000 intends to build on the Medium-Term Economic Strategy
presented last year to the European Union, to continue with prudent
macroeconomic policies and to enhance structural reforms.
The economy has already returned to growth after three years of recession,
the external position has been further consolidated, inflation has decreased,
industrial output has picked up, domestic demand has begun to recover, and
market confidence has continued to improve. Following these achievements,
Romania is well positioned to establish a solid basis for a rapid and
sustainable economic growth. In order to reach this goal and to make it lasting,
the Government’s priorities are to reduce inflation, to speed up structural
reform, including specific and rapid action in the area of privatisation, mainly
related to the large loss-making state-owned enterprises, and to support the
large-scale investment process. In this respect, the Government has already
initiated the privatisation process for 17 companies under PSAL (the second wave
of another 20 companies will follow in April-May) and has taken action to create
a comprehensive and coherent fiscal legislation, converting the existing
legislation in the tax area into four main laws.
EU and NATO membership remain major priorities for the new Government, which
is aware that progress toward EU accession will require a constructive and
cooperative relationship with the IMF. Preliminary discussions with the IMF in
anticipation of negotiations for a new stand-by credit agreement began in
February."
Mihai Nicolae Tanasescu
Minister of Public Finance
EBRD Governor for Romania
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RoDI
ISOC
IWA
ARTT
RTS
WQC 2003
ISAQ 2005