Diplomatic representation in the US: chief of mission: Ambassador Mircea Dan GEOANA chancery: 1607 23rd Street NW, Washington, DC 20008 telephone: (202) 332-4846, 4848, 4851 FAX: (202) 232-4748 consulate(s) general: Los Angeles and New York
Diplomatic representation from the US: chief of mission: Ambassador James C. ROSAPEPE embassy: Strada Tudor Arghezi 7-9, Bucharest mailing address: American Embassy Bucharest, Department of State, Washington, DC 20521-5260 (pouch) telephone: (1) 210 01 49, 210 40 42 FAX: (1) 210 03 95 branch office: Cluj-Napoca
Flag description: three equal vertical bands of blue (hoist side), yellow, and red; the national coat of arms that used to be centered in the yellow band has been removed; now similar to the flag of Chad, also resembles the flags of Andorra and Moldova
@Romania:Economy
Economy - overview: After the collapse of the Soviet Bloc in 1989-91, Romania was left with an obsolete industrial base and a pattern of industrial capacity wholly unsuited to its needs. In February 1997, Romania embarked on a comprehensive macroeconomic stabilization and structural reform program, but reform subsequently has been a frustrating stop-and-go process. Restructuring programs include liquidating large energy-intensive industries and major agricultural and financial sector reforms. In 1999 Romania's economy contracted for a third straight year - by an estimated 4.8%. Romania reached an agreement with the IMF in August for a $547 million loan, but release of the second tranche was postponed in October because of unresolved private sector lending requirements and differences over budgetary spending. Bucharest avoided defaulting on mid-year lump-sum debt payments, but had to significantly draw down reserves to do so; reserves rebounded to an estimated $1.5 billion by yearend 1999. The government's priorities include: obtaining renewed IMF lending, tightening fiscal policy, accelerating privatization, and restructuring unprofitable firms. Romania was invited by the EU in December 1999 to begin accession negotiations.
GDP: purchasing power parity - $87.4 billion (1999 est.)
GDP - real growth rate: -4.8% (1999 est.)
GDP - per capita: purchasing power parity - $3,900 (1999 est.)
GDP - composition by sector: agriculture: 23% industry: 51% services: 26% (1997)
Population below poverty line: 21.5% (1994 est.)