IMF Country Reports on Moldova:
(Staff Reports, Working Papers,
Technical Assistance Reports, etc.)
2024
Republic of Moldova: Technical Assistance Report-Analysis of the Draft Law on
the Anti-Corruption Judicial System and on Amending Some Normative Acts
Summary:
Upon the request of the authorities of Moldova, the Legal Department
provided Technical Assistance on the establishment of the Specialized
Anti-Corruption Judiciary (SAJ) in Moldova. The TA report provides analysis of
the draft law on the Anti-Corruption Judicial System and other related laws, and
proposes recommendations. The recommendations are informed by international
standards and good practices on judicial independence and integrity, and are
designed to respond to specific challenges faced by Moldova. The creation of the
SAJ is an important new initiative aimed at strengthening anti-corruption
efforts following the establishment of the Anti-Corruption Prosecutor Office (APO)
in 2016. A SAJ composed of judges selected through competitive process with the
participation of civil society and reputable anti-corruption experts, can
significantly contribute to reducing corruption through effective adjudication
of corruption cases.
Series:
Technical Assistance Report No. 2024/025
Full Text
in PDF format
2024
Republic of Moldova: Technical Assistance Report-Report on Consumer Price
Index Mission (September 11-15, 2023)
Summary:
New data sources are now available in many countries to supplement direct
collection of prices for the consumer price index (CPI). This technical
assistance mission supported the National Bureau of Statistics of the Republic
of Moldova with incorporating scanner data from the State Tax Service of the
Republic of Moldova electronic sales monitoring system into the CPI.
Series:
Technical Assistance Report No. 2024/023
Publication date: March 22, 2024
Full Text
in PDF format
2024
Republic of Moldova: "Corruption and Economic Growth in Moldova: a Reexamination"
Summary:
This paper examines corruption in Moldova, analyzing its impact on
economic growth and progress in implementing earlier IMF recommendations on
anti-corruption and anti-money laundering (AML). Despite solid legal frameworks,
corruption remains a significant challenge, impeding growth and EU convergence.
Drawing from regional successes, the paper stresses the importance of
specialized anticorruption agencies, robust prosecution, civil society
involvement, and international expertise. Moldova has made strides in
strengthening its legal and institutional infrastructure, but challenges like
delayed corruption case adjudication persist. Recommendations include enhancing
the Anti-corruption Prosecution Office's investigative capacity and establishing
specialized adjudication infrastructure.
Series:
Selected Issues Paper No. 2024/003
Publication date: February 9, 2024
Full Text
in PDF format
2024
Republic of Moldova:
"Opportunities and Challenges of Climate Adaptation Policies"
Summary:
Moldova is more vulnerable to climate change than the rest of Europe, due
to its (i) higher sensitivity to changes in climate conditions (reflecting its
heavier reliance on agriculture, a comparatively-larger rural population, high
dependence on energy imports and limited diversification of energy supply
sources, and limited financial resources to provide high-quality public
services); and (ii) weaker adaptative capacity to climate shocks (due to its
comparatively weaker disaster preparedness strategy, low adaptation in the
agriculture sector and poorer quality of infrastructure). Adaptation investments
can substantially reduce output losses caused by natural disasters, are more
cost-efficient than responding to disasters ex-post, and can contribute to boost
Moldova’s long-term economic growth and support its development objectives.
Series:
Selected Issues Paper No. 2024/002
Publication date: February 9, 2024
Full Text
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2023
Republic of Moldova: Third Review Under the Extended Credit Facility and the
Extended Fund Facility Arrangements, and Request for a Waiver for Nonobservance
of Performance Criterion
– Press Release; Staff Report; and Statement by the Executive Director for
Republic of Moldova
Summary:
The ECF/EFF-supported program has helped Moldova navigate headwinds,
including from spillovers from Russia’s war in Ukraine—energy crisis and
record-high inflation—and a drought, while catalyzing additional external
financing. Moldova was granted EU candidate status in June 2022. Strong reform
momentum and growthenhancing and climate-resilient investments are needed to
foster long-term, sustainable development and convergence toward EU income
levels.
Series:
Country Report No. 2023/428
Publication date: December 19, 2023
Formal Report date: December 6, 2023
Full Text
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2023
Republic of Moldova: Climate Module of the Public Investment Management
Assessment (Summary Report)
Summary:
Moldova has committed to an ambitious climate change
mitigation and adaption agenda, which is underpinned by significant public
investments, particularly in the energy sector which accounts for more than 2/3
of the country’s GHGs. The country is in the process of updating its public
investment management framework, offering a window to enhance climate
sensitivity of the framework, and of adopting regulation to align to EU
standards. The Climate Module of the Public Investment Management Assessment
(C-PIMA) proposes reforms across multiple areas, underscoring as priority areas
project appraisal and selection and budgeting and portfolio management.
Series:
High Level Summary Technical Assistance Report No. 2023/018
Publication date: November 13, 2023
Full Text
in PDF format
2023
Republic of Moldova: Third Review Under the Extended Credit Facility and the
Extended Fund Facility Arrangements, and Request for a Waiver for Nonobservance
of Performance Criterion
– Press Release; Staff Report; and Statement by the Executive Director for
Republic of Moldova
Summary:
The Moldovan economy contracted
sharply in 2022; a modest recovery is expected this year. Spillovers from
Russia’s war in Ukraine, high inflation and depressed demand, and weaker
agricultural production all contributed to contraction in 2022. Recovery this
year is supported by a pick-up in domestic demand and better growth prospects of
trading partners. Inflation has decelerated as the National Bank reacted
proactively to contain second-round effects and anchor expectations. Fiscal
indicators remained robust in 2022, reflecting higher revenues, grants, and
continued budget under-execution. International reserves continue to provide
adequate safeguards against shocks; well-capitalized and liquid banks have
weathered the impact of the war. The outlook is subject to high uncertainty
related to the war and energy security risks.
Series:
Country Report No. 2023/152
Publication date: April 27, 2023
Formal Report date: April 6, 2023
Full Text
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2023
Republic of Moldova: Second Review Under the Extended Credit Facility and
Extended Fund Facility Arrangements, and Request for Waiver of Applicability for
Performance Criteria
– Press Release; Staff Report; and Statement by the Executive Director for
Republic of Moldova
Summary:
Spillovers from the Russia’s invasion of
Ukraine continued to weigh heavily on Moldova. Energy supplies have been
disrupted, with significant impact on Moldova, given its dependance on Russia
for gas, and on the breakaway region of Transnistria for electricity. The
hardship from high energy and food prices and frequent anti-government protests
are weighing on Moldova’s fragile social and political fabric.
Series:
Country Report No. 2023/006
Publication date: January 12, 2023
Formal Report date: December 19, 2022
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2022
Republic of Moldova: Technical Assistance Report
– Performance Assessment Report
Summary:
With inflation rising, countries are taking a close look
at their methods and practices for compiling the consumer price index (CPI).
This technical assistance mission supported the National Bureau of Statistics of
the Republic of Moldova with reviewing CPI compilation methods and recommending
improvements. This included updating methods for pricing transportation
services, telecommunication services and rents.
Series:
Country Report No. 2022/373
Publication date: December 15, 2022
Full Text
in PDF format
2022
Republic of Moldova: Technical Assistance Report
– Consumer Price Index Mission
Summary:
With inflation rising, countries are taking a close look
at their methods and practices for compiling the consumer price index (CPI).
This technical assistance mission supported the National Bureau of Statistics of
the Republic of Moldova with reviewing CPI compilation methods and recommending
improvements. This included updating methods for pricing transportation
services, telecommunication services and rents.
Series:
Country Report No. 2022/336
Publication date: November 4, 2022
Full Text
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2022
Republic of Moldova: First Review Under the Extended Credit Facility, and
Requests for Modification of Performance Criteria and Inflation Consultation
Clause
– Press Release; Staff Report; and Statement by the Executive Director for
Republic of Moldova
Summary:
Moldova’s economy is projected to
stagnate in 2022 amid spillovers from Russia’s invasion of Ukraine. The war in
Ukraine continues to weigh heavily on Moldova, although some initial pressures
have subsided. Bank deposit net withdrawals came to an end and are now steadily
being replenished. The leu depreciated by about 8 percent so far while pressures
on foreign reserves have eased. About 550,000 refugees fleeing the war
(representing more than 20 percent of the Moldovan population) have transited
through Moldova, with about a fifth remaining in the country. Driven by rising
food and energy prices, inflation accelerated further above the target band.
Series:
Country Report No. 2022/320
Publication date: September 29, 2022
Formal Report date: September 8, 2022
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2022
Republic of Moldova: Technical Assistance Report
– National Accounts Statistics Mission
Summary:
A national accounts statistics mission provided remote
technical assistance in national accounts to the National Bureau of Statistics
of Moldova (NBS) during January 17–28, 2022. The NBS has received extensive
technical assistance from the IMF in recent years and has made good progress in
improving the national accounts compilation. The GDP estimates are compiled
according to the System of National Accounts, 2008. Recent national accounts
technical assistance missions have assisted the NBS in improving the quarterly
estimates of GDP, implementing chain-linked volume measures, and implementing
the Statistical Classification of Economic Activities in the European Community
(NACE rev.2), among other areas. The mission assisted in improving the annual
GDP estimates for 2014 to 2020, to take account of revised population data and
other additional source data. Estimates of GDP in current prices by production
and by expenditure categories were reviewed and improved. Estimates of GDP in
volume terms (at prices of the previous year) were compiled by production and
expenditure categories. Both sets of GDP estimates were balanced at current
prices and in volume terms. The mission recommended that, to improve the
consistency and accuracy of the GDP estimates, the NBS develop a system to
compile supply and use tables on a regular basis.
Series:
Country Report No. 2022/315
Publication date: September 23, 2022
Full Text
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2022
Tax Expenditures Assessment Report
This first
Moldovan tax expenditure assessment report (TEAR) presents the revenue forgone
costs of identified tax expenditures provided for in the Personal Income Tax
(PIT), Business Income Tax (BIT), and Value-added Tax
(VAT).
Publication date: May 2022
Full Text
in PDF format
2022
Republic of Moldova: Ad Hoc Review Under the Extended
Credit Facility; Request for Augmentation and Rephasing of Access, Modification
of Performance Criteria, and Completion of the Inflation Consultation Under the
Extended Credit Facility and Extended Fund Facility Arrangements
– Press Release; Staff Report; and Statement by the Executive Director for the
Republic of Moldova
Summary:
The economy rebounded strongly from the
pandemic recession last year while prudent macroeconomic management maintained
robust buffers. But the war in Ukraine and the international sanctions imposed
on Russia and Belarus have resulted in significant spillovers to Moldova, with
implications yet to fully play out. At the outbreak of hostilities, FX market
pressures triggered significant foreign currency interventions and bank deposit
withdrawals, while dollarization has intensified. Moldova has received the
highest per capita inflow of Ukrainian refugees (17 percent of the total
population), of which about 100,000 refugees (4 percent of the total population)
remain in Moldova. Driven by rising food and energy prices, inflation
accelerated further above the target band.
Series:
Country Report No. 2022/140
Publication date: May 13, 2022
Formal Report date: May 2, 2022
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2022
The Nexus Between Public Enterprise Governance, Financial Performance, and
Macroeconomic Vulnerabilities: An Application to Moldova
Summary:
Strong governance frameworks for public enterprises have long been an anchor of
stability and efficiency underpinning their financial operations and
performance. Cross-country experiences with the adoption of robust legal,
regulatory and institutional arrangements—in line with international best
practices— proved critical in reducing well-known risks and vulnerabilities from
such companies, clarifying the role of the state, improving the management of
state assets, and ensuring a level playing field for the private sector to
prosper. Moldova’s large public enterprise sector of over 900 companies faces
elevated risks that amplify fiscal and macroeconomic vulnerabilities and
undermine market competition, productivity, and private investment. Moldova
stands to greatly benefit from strengthening its public corporate governance
regime to put its public enterprises on a stronger footing, address
vulnerabilities, and improve market structure.
Series:
Working Paper No. 2022/050
Publication date: March 4, 2022
Full Text
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2022
Republic of Moldova: Selected Issues
Contents:
- CHALLENGES OF IT IMPLEMENTATION IN LLMICS: A CASE STUDY OF
MOLDOVA
- THE NEXUS BETWEEN PUBLIC ENTERPRISE GOVERNANCE, FINANCIAL PERFORMANCE, AND
MACROECONOMIC VULNERABILITIES: AN APPLICATION TO MOLDOVA
- NON-BANK CREDIT ORGANIZATIONS AND FINANCIAL INCLUSION: OPPORTUNITIES AND
CHALLENGES
Series:
Country Report No. 2022/061
Publication date: February 23, 2022
Full Text
in PDF format
2022
Republic of Moldova : Technical Assistance Report
– Financial Sector Stability Review
Summary:
The mission conducted a diagnostic review of the
financial system and proposes a Technical Assistance Roadmap (TARM) to support
the authorities’ efforts to strengthen their detection of risks and
vulnerabilities and to enhance capacity in financial sector oversight and
development. Two modules were undertaken during this FSSR mission. The financial
stability module focused on areas agreed with the NBM and NCFM during the
scoping stage: financial sector oversight, financial stability (macroprudential
framework, systemic risk assessment, and stress testing), financial crisis
management, financial inclusion and capital markets development. The financial
sector statistics module focused on key data gaps hampering financial stability
analysis as well as statistical reporting to the IMF’s Statistics Department.
Series:
Country Report No. 2022/030
Publication date: February 7, 2022
Full Text
in PDF format
2022
Republic of Moldova: 2021 Article IV Consultation and
Requests for an Arrangement under the Extended Fund Facility and an Arrangement
under the Extended Credit Facility –
Press Release; Staff
Report; and Statement by the Executive Director for the Republic of Moldova
Summary:
The 2016-20 ECF/EFF helped rehabilitate
Moldova’s banking sector, bolstering macro-financial stability. However, the
COVID-19 pandemic, drought in 2020, and the ongoing surge in global energy
prices, have slowed economic activity, intensified downside risks, and
complicated policy making. While emergency financial assistance under a blended
RCF/RFI (100 percent of quota) and SDR allocation (US$236 million) helped
cushion the pandemic’s impact, Moldova remains among the poorest countries in
Europe with long-standing governance and structural weaknesses inhibiting income
convergence.
Series:
Country Report No. 2022/001
Publication date: January 4, 2022
Formal Report date: December 3, 2021
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2021
Republic of Moldova : Technical Assistance
Report – Country Governance Assessment
Summary:
Despite having legal and institutional frameworks largely in place, Moldova
continues to suffer from significant corruption and governance vulnerabilities.
These are fairly pronounced in the areas of rule of law, anti-corruption,
anti-money laundering and combatting the financing of terrorism (AML/CFT), and
SOE governance, while other areas assessed for purposes of this report (PFM, tax
administration, central bank governance and financial sector oversight)
presented some good progress in mitigating such vulnerabilities.
Series:
Country Report No. 2021/167
Publication date: July 26, 2021
Full Text
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Traducerea in limba romana:
in PDF format
2020
Technical Report on Report on Public Investment Management
Assessment (PIMA) in Moldova
Summary: In response to a request from the Ministry of
Finance (MoF), a Fiscal Affairs Department (FAD) mission visited Chisinau,
Moldova, from October 9 to 22, 2019, to provide Capacity Development on public
financial management (PFM).
The tasks of the mission were, to: (i) assess Moldova’s public investment
management framework; (ii) assist the authorities to prepare a reform strategy
and prioritized action plan for strengthening the management of public
investment; and (iii) recommend follow-up areas of technical assistance that
could be provided by FAD or other development partners.
Report date: December 2020
Series: FAD TA report
Full Text
in PDF format
Traducerea in limba romana:
in PDF format
Relevant info about PIMA:
link +
PDF
2020
Republic of Moldova : Technical Assistance
Report – Government Finance
Statistics Mission
Summary:
In response to a request from the European Department, a Public-Sector Debt
Statistics (PSDS) technical assistance (TA) mission was conducted in Chisinau
during October 2–8, 2019. The mission funded by the Data for Decisions (D4D)
multi-donor trust fund and followed up on a D4D Public Sector Debt Statistics (PSDS)
workshop held in Vienna, Austria during July 2019, where participants from
Moldova identified data gaps with current compilation of debt statistics. The
mission primarily worked with the Ministry of Finance (MOF) Public Debt
Department (PDD), but also had discussions with the Budget and Treasury
Department. Outside the MOF, the mission had meetings with the Public Property
Agency (PPA), the Municipality of Chisinau and the National Bank of Moldova (NBM).
Finally, the mission also held a joint meeting with representatives of a
separate IMF TA Mission on sectoral accounts with Treasury and attended the
concluding meeting of that mission with the NBM.
Series:
Country Report No. 20/240
Publication date: August 4, 2020
Full Text
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2020
Republic of Moldova : Technical Assistance
Report – Report on Sectoral Accounts Mission
Summary:
As part of the IMF’s Data for Decisions (D4D) Trust Fund Project, a technical
assistance (TA) mission was conducted by John Joisce and Dario Florey, IMF
Experts, during September 23-October 4, 2019, to help the authorities of the
Republic of Moldova in developing sectoral financial accounts and financial
balance sheet statistics (FABS). The mission was the follow up to the mission
held in December 2018, and evaluated the progress made since the last mission
against the objectives set out in the action plan. The mission worked
principally with the National Bank of Moldova (NBM), but also had meetings with
officials from the Ministry of Finance (MOF), the Central Securities Depository
(CSD), the National Commission for Financial Markets (NCFM) and the National
Bureau of Statistics of the Republic of Moldova (NBS).
Series:
Country Report No. 20/174
Publication date: May 22, 2020
Full Text
in PDF format
2020
Republic of Moldova: Staff Report for the
2020 Request for Disbursement Under the Rapid Credit Facility and Purchase Under
the Rapid Financing Instrument – Press
Release; Staff Report; and Statement by the Executive Director for the Republic
of Moldova
Summary:
Thanks to recent reforms, Moldova
entered the current crisis with strong fiscal, financial, and external buffers.
However, the economic outlook has deteriorated sharply due to the COVID-19
pandemic. GDP is expected to fall by 3 percent due to lower external and
domestic demand, aggravated by a significant slowdown in remittances. This,
together with negative shocks to confidence and spillovers from global financial
channels, has created an urgent balance of payments need. Fiscal, exchange rate,
and financing pressures—already significant—are likely to worsen in the coming
weeks. On March 11, the Executive Board concluded the 2020 Article IV
consultation and completed the final review under the 2016 ECF/EFF arrangements.
Series:
Country Report No. 20/129
Publication date: April 22, 2020
Formal Report date: April 10, 2020
Full Text
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2020
Republic of Moldova: Selected Issues (Governance Assessment)
Summary:
This paper on the Republic of Moldova was prepared by a staff team of the
International
Monetary Fund as background documentation for the periodic consultation with the
member country. It is based on the information available at the time it was
completed on
February 28, 2020.
Series:
Country Report No. 20/77
Publication date: March 18, 2020
Full Text
in PDF format
2020
Republic of Moldova: Staff Report for the
2020 Article IV Consultation and Sixth Review Under the Extended Credit
Facility and Extended Fund Facility Arrangements –
Press Release;
Staff Report;
and Statement by the Executive Director for the Republic of Moldova
Summary:
Moldova has made important progress in
addressing macro-financial vulnerabilities under the 2016 ECF/EFF arrangements.
Despite successful stabilization efforts, growth remains insufficient to
significantly boost living standards.
Series:
Country Report No. 20/76
Publication date: March 18, 2020
Formal Report date: March 2, 2020
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2019
Republic of Moldova: Fourth and Fifth
Reviews Under the Extended Credit Facility and Extended Fund Facility
Arrangements, Completion of the Inflation Consultation, and Request for
Extension of the Arrangements and Rephasing of Access – Press Release; Staff
Report; and Statement
by the Executive Director for the Republic of Moldova
Summary:
The economy continued to strengthen.
Robust growth in 2018 was propelled by infrastructure and private investments,
while private consumption continued to expand into 2019, supported by growing
real incomes and bank lending recovery. Inflation slowed in 2018, but pressures
are building up. The labor market improved significantly, with strengthening
labor force participation, employment growth, and falling unemployment.
Series:
Country Report No. 19/305
Publication date: September 25, 2019
Formal Report date: September 6, 2019
Full Text
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2019
Republic of Moldova: Technical Assistance Report-Financial
Soundness Indicators Mission
Summary:
With the support of the International
Monetary Fund’s (IMF’s) European Department (EUR), the IMF’s Statistics
Department (STA) conducted a financial soundness indicators (FSIs) technical
assistance (TA) mission in Chisinau, Moldova, during March 18 29, 2019, to
improve Moldova’s FSI compilation. The mission was financed by Netherlands
Capacity Development Partnership Program. The mission worked with staff of the
National Bank of Moldova (NBM) (i) to review available source data for deposit
takers (DTs) and other sectors including other financial corporations (OFCs);
and (ii) to review the current FSIs compiled by the NBM with a view to ensure
methodological consistency of the FSI compilation with the IMF’s FSI Compilation
Guide 2006 (FSI Guide). In collaboration with staff of the NBM, the mission
delivered these objectives and agreed with the authorities on an action plan to
improve FSIs in Moldova. The improvement of FSIs contributes to enhancement of
policy analysis and decision-making by the NBM.
Series:
Country Report No. 19/284
Publication date: September 4, 2019
Full Text
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2019
Improving the Efficiency and Equity of Public Education Spending: The
Case of Moldova
Author/Editor: Hui Jin; La-Bhus Fah Jirasavetakul; Baoping Shang
Publication Date: February 26, 2019
Series: Working Paper No. 19/42
Summary: This paper, using Moldova as an example, presents a systematic
approach to assess the efficiency and equity of public education spending,
identify sources of inefficiencies and inequality, and formulate potential
reform options. The analytical framework combines international benchmarking
with country-specific analysis—such as microeconomic analysis based on household
survey data—and can provide important insights into diagnosing and reforming
education systems. The analysis finds significant scope to improve both
efficiency and equity of the education sector in Moldova. Potential reform
measures include further consolidating the oversized school network, reducing
overstaffing, and better targeting government subsidies. The current
remuneration policy could also be improved to attract high quality teachers and
incentivize performance.
Full Text
in PDF format
2018
Republic of Moldova: Technical Assistance Report-Public Sector Debt
Statistics
Author/Editor: International Monetary Fund. Statistics Dept.
Publication Date: October 3, 2018
Series: Country Report No. 18/281
Summary: In response to a request from the European Department, a
Public-Sector Debt Statistics (PSDS) technical assistance (TA) mission was
conducted in Chisinau during April 2–6, 2018. With the objective of improving
Moldovan public sector debt statistics, the mission conducted an evaluation of
data comprehensiveness in terms of: (i) institutional coverage; (ii) instrument
coverage, including maturity structures; (iii) valuation of debt liabilities;
and; (iv) additional fiscal risks resulting from contingent liabilities
(on-lending and guarantees). Like the recent article IV mission1 and Public
Finance Management (PFM) assessment,2 the mission found that Moldova continues
to improve their recording, compilation and dissemination of public sector debt
statistics reflecting potential fiscal risks, but faces five main statistical
challenges going forward.
Full Text
in PDF format
2018
Republic of Moldova: Third Review under the Extended Credit Facility and
Extended Fund Facility Arrangements and Request for Modification of Performance
Criteria – Press Release; Staff Report; and Statement by the Executive
Director for the Republic of Moldova
Summary:
The economy strengthened in 2017.
Higher-than-expected GDP growth was driven by strong domestic demand and a
positive external environment. Inflation slowed, driven by regulated and food
prices, prudent policies and exchange rate appreciation, to below the target of
the National Bank of Moldova (NBM).
Series:
Country Report No. 18/205
Publication date: July 5, 2018
Formal Report date: June 15, 2018
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2017
Republic of Moldova: Article IV
Consultation and Second Review under the Extended Fund Facility and Extended
Credit Facility Arrangements – Press Release; Staff Report; and Statement
by the
Executive Director for the Republic of Moldova
Summary:
Following the 2014 crisis, Moldova has
experienced a period of relative economic and financial stability, but still
faces significant challenges. Growth has returned, inflation pressures have been
contained, and fiscal performance has improved. Financial sector rehabilitation
is underway, but further steps are needed to strengthen banks’ governance and
balance sheets, which are critical to restore credit growth. Faster growth is
needed if Moldova is to lift per capita income, which is the lowest in the
region. • To accelerate growth and improve living standards while maintaining
macroeconomic stability, policies should continue to focus on: (i) decisively
strengthening the banking sector to facilitate deeper financial intermediation;
(ii) bolstering the inflation targeting framework to help improve the
transmission mechanism, while continuing to allow for exchange rate flexibility;
(iii) maintaining fiscal discipline, while providing for growth-friendly
priority public investment and safeguarding debt sustainability; and (iv)
advancing structural reforms for sustainable and inclusive growth.
Series:
Country Report No. 17/398
Publication date: December 21, 2017
Formal Report date: December 6, 2017
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2017
Republic of Moldova: Selected Issues
Summary:
This Selected Issues paper on the Republic of Moldova was prepared by a staff
team of
the International Monetary Fund as background documentation for the periodic
consultation with the member country. It is based on the information available
at the
time it was completed on December 6, 2017.
Series:
Country Report No. 17/399
Publication date: December 21, 2017
Full Text
in PDF format
2017
Republic of Moldova: First Review Under the
Extended Credit Facility and Extended Fund Facility Arrangements and Request for
Modification of Performance Criteria – Press Release and
Staff Report
Summary:
Following the political and economic
turmoil of recent years, the Moldovan economy has started to recover. Economic
growth in 2016 was stronger than originally projected benefiting from solid
agricultural performance and better-than-expected exports; and the outlook for
2017 has been marked up. Inflation decelerated sharply from the high levels of
2015, but has returned to the target range.
Series:
Country Report No. 17/102
Publication date: May 1, 2017
Formal Report date: April 13, 2017
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2016
Republic of Moldova: Requests for an
Extended Arrangement Under the Extended Fund Facility and an Arrangement Under
the Extended Credit Facility – Press Release; Staff Report; and Statement by the Executive Director
for the Republic of Moldova
Summary:
Since late 2014, Moldova’s economy has
been hit by a number of domestic and external shocks. Chief among them is the
exposure of extensive and wellorchestrated fraud in the banking system,
resulting in the closure of three banks at a public cost of 10 percent of GDP.
During the following period, confidence collapsed, external concessional
financing largely froze, and international reserves fell by onethird, prompting
significant tightening of monetary conditions. Domestic political turmoil,
marked by three changes in government, constrained solutions and delayed
collaboration with the international community on possible financial support.
Series:
Country Report No. 16/343
Publication date: November 9, 2016
Formal Report date: October 26, 2016
Full Text
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2016
Republic of Moldova: Staff Report for the
2015 Article IV Consultation and Third Post-Program Monitoring Discussions –
Press
Release; Staff Report; and Statement by the Executive Director
for the Republic
of Moldova
Summary:
Moldova has been in the midst of
political, economic, and financial turmoil since late 2014. On October 29, 2015,
the government led by Mr. Strelet (already the third cabinet in 2015) was
dismissed by a no confidence vote in Parliament. Political instability has been
amplified by the revelation of a large-scale fraud in the financial sector. This
resulted in a collapse of three large banks, with a cost to the budget of around
12 percent of GDP and a significant loss in reserves. The homegrown problems
occurred at the time of difficult external environment, marked by a recession in
Russia.
Series:
Country Report No. 16/19
Publication date: January 20, 2016
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2014
Fragmentation and Vertical Fiscal Imbalances Lessons from Moldova
Author/Editor: Serhan Cevik
Publication Date: December 19, 2014
Series: Working Paper No. 14/233
Summary: Using a novel municipality-level panel dataset, this paper
investigates the empirical characteristics of vertical fiscal imbalances (VFIs)
in Moldova over the period 2005–13. The results show that the extent of
variation in VFIs across 898 municipalities can be explained by the level of per
capita income, fiscal capacity, and demographic characteristics, as well as the
central government’s fiscal behavior that reflects fiscal constraints and policy
preferences at the national level. Political affiliation does not appear to be a
significant factor, and the results are inconclusive in terms of direction.
While some model specifications show larger VFIs when the mayor of a
municipality belongs to the same party ruling the central government, other
models suggest better coordination and thus lower VFIs. Altogether, these
findings underscore the need for well-coordinated reforms to create economies of
scale, enhance revenue collection, and improve the composition of spending at
the subnational level.
Full Text
in PDF format
2014
Republic of Moldova: Second Post-Program
Monitoring Discussions – Staff Report; Staff Statement; Press Release; Statement
by the Executive Director
Summary:
Key issues: Governance in the banking
system remains poor and the condition of some large banks is fragile. The budget
faces a tight financing situation, and—without corrective measures—the deficit
is projected to widen significantly in 2015. Russia’s new restrictions on
imports from Moldova are exacerbating the ongoing slowdown in activity, easing
inflationary pressures, and weakening export performance. Discussions mainly
focused on policies to address the significant risks in the banking sector,
return to a path of fiscal consolidation, and boost potential growth and
preserve external stability. Financial sector. The recommendations of the recent FSAP should be implemented, in particular regarding the enforcement of
regulatory requirements. A plan to deal with weak banks needs to be developed.
Fiscal policy. Returning to a path of fiscal consolidation, with a view to lower
reliance on exceptionally high donor support over the medium term is important.
This objective can be achieved by containing the budget deficit below 3 percent
of GDP in 2015, gradually reducing it 1½ percent by 2018. Monetary policy. The
supportive monetary policy stance should be maintained but the NBM should stand
firm against pressures to facilitate its financing of the budget. Exchange rate
movements driven by fundamentals should not be resisted. Structural reforms.
Structural reforms are needed to boost potential output growth and reduce
vulnerabilities. Strengthening external stability requires efforts to diversify
export products and markets, and sources of financing.
Series:
Country Report No. 14/346
Publication date: December 17, 2014
Full Text
in PDF format (or download the
macroindicators tables only)
2014
25 Years of Transition: Post-Communist Europe and the IMF
Author/Editor: James Roaf , Ruben Atoyan, Bikas Joshi , Krzysztof Krogulski
and an IMF Staff Team
Publication Date: October 24, 2014
Series: Regional Economic Issues Special Report, October 2014
Summary: The past 25 years have seen a dramatic transformation in
Europe's former communist countries, resulting in their reintegration into the
global economy, and, in most cases, major improvements in living standards. But
the task of building full market economies has been difficult and protracted.
This report covers the European transition economies of Central and Eastern
Europe, up to Belarus, Moldova, Russia, and Ukraine among the former Soviet
republics.
Full Text
in PDF format
2014
Republic of Moldova: 2014 Article IV Consultation and First Post-Program
Monitoring Discussions – Staff Report; Press Release; and Statement by
the Executive Director for the Republic of Moldova
Summary:
Key issues: Moldova largely
achieved the main objectives of the combined ECF/EFF supported program that
expired on April 30, 2013. The economy has strongly recovered from the
drought-related contraction in 2012 but will slow down in 2014. Key risks to the
near-term outlook relate to financial stability, fiscal policy slippages in the
run up to the 2014 parliamentary elections, a further slowdown in activity in
main trading partners, and intensification of geopolitical tensions. Financial
sector policies: Corporate governance in the banking sector is a major concern.
In line with FSAP recommendations, significant weaknesses in the legal and
regulatory frameworks must be urgently addressed to ensure stability and
soundness of the financial sector. Fiscal policy: Moldova has achieved a
substantial degree of fiscal consolidation in recent years, but this trend is
now reversing. Resisting pre-election pressures for selective spending increases
and returning to the path of fiscal consolidation would reduce reliance on
exceptionally-high donor support. Structural fiscal reforms would help safeguard
sustainability. Monetary and exchange rate policy: Monetary policy has been
successful in maintaining inflation within the NBM’s target range. Going
forward, the NBM needs to remain ready to adopt a tightening bias if
inflationary pressures start emerging. There is room to strengthen the inflation
targeting regime. Structural reforms: The implementation of structural reforms
outlined in the National Development Strategy (NDS) Moldova 2020—especially in
the business environment, physical infrastructure, and human resources
development areas—would help boost potential growth and reduce poverty.
Series:
Country Report No. 14/190
Publication date: July 8, 2014
Full Text
in PDF format (or download the
macroindicators tables only)
2012
Republic of Moldova: Staff Report for the
2012 Article IV Consultation, Fifth Review Under the Extended Arrangement and
Under the Three-Year Arrangement Under the Extended Credit Facility, and
Requests for Waivers for Non-Observance and Modification of Performance Criteria
–
Staff Report; Public Information Notice; Press Release
Summary:
After the 2009 crisis, policies have
improved markedly, backed by substantial foreign assistance. Notably, fiscal
adjustment has reduced the large budget imbalance, monetary policy has tamed
inflation, and structural reforms have spurred strong export expansion. These
reforms led to impressive growth in 2010–11, but activity decelerated in 2012,
reflecting the slowdown in the EU. The economy is highly exposed to further
intensification of the euro area crisis via its dependence on remittances,
exports, and capital inflows.
Series:
Country Report No. 12/288
Publication date: October 22, 2012
Full Text
in PDF format (or download the
macroindicators tables only)
2012
Republic of Moldova: Selected Issues
Summary:
This Selected Issues paper on the Republic
of Moldova was prepared by a staff team of the International Monetary Fund as
background documentation for the periodic consultation with the member country.
It is based on the information available at the time it was completed on
September 17, 2012. The views expressed in this document are those of the staff
team and do not necessarily reflect the views of the government of the Republic
of Moldova or the Executive Board of the IMF.
Series:
Country Report No. 12/289
Publication date: October 22, 2012
Full Text
in PDF format
2012
Moldova : Taking Compliance Management Further
Summary:
This report discusses implementation of
the compliance risk model (CRM) by Moldova’s tax department. The CRM has shown
encouraging results in 2011, in terms of extra revenue. However, the assessment
reports that for long-lasting impact, the model requires further improvement in
taxpayer services, audit, tax fraud investigations, information technology, and
the value-added tax refund system. The compliance plan for 2012 involves
implementing measures within the segment of wealthy individuals.
Series:
Country Report No. 12/199
Publication date: July 26, 2012
Full Text
in PDF format
2012
Fiscal Policy Response to External Crises The Case of Moldova
1998-2010
Author/Editor: Qehaja, Driton
Publication Date: March 1, 2012
Series: Working Paper No. 12/82
Summary: External shocks pose major challenges to fiscal policy makers
through lower output and large fiscal imbalances. This paper analyzes the case
of Moldova, which faced parallel crises a decade apart: the Russian crisis of
1998 and the global financial crisis of 2008-2009. The country went through
large fiscal adjustments during these crises and launched important fiscal
reforms. The paper reviews the crises and reform experience. In particular, it
aims to explain the motivation for reforms, describe reform design and
implementation, and provide an understanding of their outcomes. The paper also
catalogues the form and size of international assistance for Moldova.
Full Text
in PDF format
2012
Republic of Moldova: Fourth Review Under
the Extended Arrangement and Under the Three-Year Arrangement Under the Extended
Credit Facility, and Requests for Waiver for Nonobservance of a Performance
Criterion and for Modification of a Performance Criterion – Staff Report; Staff Statement; Press Release on the Executive Board Discussion;
and Statement by the Executive Director for the Republic of Moldova
Series:
Country Report No. 12/38
Publication date: February 9, 2012
Full Text
in PDF format (or download the
macroindicators tables only)
2011
Republic of Moldova: Third Review Under the Extended Arrangement
and Under the Three-Year Arrangement Under the Extended Credit Facility, and
Request for Modification of Performance Criteria – Staff Report; Staff Supplement; Press Release
Series:
Country Report No. 11/200
Publication date: July 25, 2011
Full Text
in PDF format (or download the
macroindicators tables only)
2011
Republic of Moldova: Second Review Under the Extended Arrangement
and Under the Three-Year Arrangement Under the Extended Credit Facility, and
Request for Waiver of Applicability of Performance Criteria – Staff Report; Staff Statement; Press Release on the Executive Board Discussion;
and Statement by the Executive Director for the Republic of Moldova
Series:
Country Report No. 11/89
Publication date: April 15, 2011
Full Text
in PDF format (or download the
macroindicators tables only)
2010
Republic of Moldova: Selected Issues
Paper
Series:
Country Report No. 10/232
Publication date: July 27, 2010
Full Text
in PDF format
2010
Republic of Moldova: 2010 Article IV
Consultation and Staff Report for the 2010 Article IV Consultation, First
Review Under the Extended Arrangement and Under the Three-Year Arrangement
Under the Extended Credit Facility, and Request for Modification of a
Performance Criterion –
Staff Report; Staff Statement and Supplement;
Public Information Notice and
Press Release on the Executive Board Discussion;
and Statement by the Executive Director
for the Republic of Moldova
Series:
Country Report No. 10/234
Publication date: July 27, 2010
Full Text
in PDF format (or download the
macroindicators tables only)
2010
House Price Determinants in Selected Countries of the Former
Soviet Union
Author/Editor: Vahram Stepanyan ; Tigran Poghosyan ; Aidyn Bibolov
Publication Date: April 1, 2010
Series: Working Paper No. 10/104
Summary: This paper analyses the recent boom-bust cycle in the housing
markets of selected Former Soviet Union (FSU) countries. The analysis is based
on a newly constructed database on house prices in the FSU countries. Our
estimations suggest that house price developments can largely be explained by
the dynamics of fundamentals, such as GDP, remittances, and external financing.
Overall, we find that deviations of house prices from their fundamentals have
not been pronounced, suggesting that house price bubbles have not been formed in
the FSU countries.
Full Text in PDF format
2010
Republic of Moldova: Request for a Three-Year Arrangement Under
the Extended
Credit Facility and Request for an Extended Arrangement – Staff Report; Staff Report Supplement; Staff Statement; Press Release;
Executive Director's Statement
Series:
Country Report No. 10/32
Publication date: February 1, 2010
Full Text
in PDF format
2008
Republic of Moldova: Fourth Review Under the Three-Year
Arrangement Under the Poverty Reduction and Growth Facility and Request for
Waiver of Nonobservance of Performance Criterion –
Staff Report; Staff Report Supplement; and Press Release
Series:
Country Report No. 08/320
Publication date: October 2, 2008
Full Text
in PDF format
2008
Zero Corporate Income Tax in Moldova : Tax Competition and Its
Implications for Eastern Europe
Author/Editor: Marcin Piatkowski ; Mariusz Jarmuzek
Publication Date: August 1, 2008
Series: Working Paper No. 08/203
Summary: Global economic integration intensified tax competition and raised
concerns about the resulting "race to the bottom", which could undermine public
investment and social spending. The aim of this paper is to test predictions
that (i) there is interdependence in CIT rate setting in Eastern Europe and that
(ii) the recent CIT cut in Moldova may intensify tax competition in the region.
It finds that there is indeed evidence that during 1995-2006 countries in
Eastern Europe strategically responded to changes in CIT rates in the region and
that Moldovan zero CIT is likely to encourage further cuts in CIT. The paper
also discusses implications of tax competition for Eastern Europe and finds that
FDI flows will not be much affected, tax revenues are likely to decline, the
shift in the composition in tax revenue may increase economic efficiency, but
decrease equity. Tax coordination, while difficult politically, could help stem
further decline in corporate taxation, but any gains might be modest and not
certain to exceed the costs of tax coordination. Without tax coordination,
however, it is unclear what exactly could stop corporate taxes from falling
further.
Full Text
in PDF format
2008
Republic of Moldova: 2007 Article IV Consultation and Third Review
Under the Three-Year Arrangement Under the Poverty Reduction and Growth
Facility – Staff Report; Staff Supplement; Public Information Notice and Press Release
on the Executive Board Discussion; and Statement by the Executive Director for
the Republic of Moldova
Series:
Country Report No. 08/139
Publication date: April 25, 2008
Full Text
in PDF format
În limba română (cateva
extrase)
2008
Republic of Moldova: Selected Issues
Series:
Country Report No. 08/134
Publication date: April 25, 2008
Full Text
in PDF format
În limba română (capitolul
3)
2008
Republic of Moldova: Statistical Appendix
Series:
Country Report No. 08/132
Publication date: April 18, 2008
Full Text
in PDF format
2007
Republic of Moldova: Second Review Under the Three-Year
Arrangement Under the Poverty Reduction and Growth Facility and Request for
Waiver of Nonobservance of Performance Criterion –
Staff Report; Staff
Statement; Staff Supplement; Press Release on the Executive Board Discussion;
and Statement by the Executive Director for the Republic of Moldova
Series:
Country Report No. 07/275
Publication date: August 6, 2007
Full Text
in PDF format
În limba română
2007
Republic of Moldova: First Review Under the Three-Year Arrangement
Under the Poverty Reduction and Growth Facility and Requests for Waiver of
Performance Criterion and Augmentation of Access – Staff Report; Staff Supplement; Press Release on the Executive Board
Discussion; and Statement by the Executive Director for the Republic of Moldova
Series:
Country Report No. 07/45
Publication date: February 6, 2007
Full Text
in PDF format
Note that the PDF contains several parts: the
main report on pages 1-77, followed by
(these are not listed in the table of contents!): the Dec-2006 Supplement,
the Press Release on
the Executive Board discussion, and the
Statement by the Executive Director for Moldova).
În limba română
Notă: fişierul PDF conţine câteva părţi: raportul
de bază pe pag. 1-77, urmat de
(acestea nu sunt indicate în "Cuprins"!): o
scurtă actualizare pentru luna decembrie 2006,
comunicatul de presă privind discuţiile de la
şedinţa Consiliului Executiv şi declaraţia
Directorului Executiv pentru Moldova).
2006
Republic of Moldova: Statistical Appendix
Series:
Country Report No. 06/187
Publication date: May 26, 2006
Full Text
in PDF format
2006
Republic of Moldova: 2006 Article IV Consultation and Request for
a Three-Year Arrangement Under the Poverty Reduction and Growth Facility –
Staff
Report; Staff Statement; Public Information Notice and Press Release on the
Executive Board Discussion; and Statement by the Executive Director for the
Republic of Moldova
Series:
Country Report No. 06/184
Publication date: May 25, 2005
Full Text
in PDF format
Romanian language translation
2005
Republic of Moldova: Selected Issues
Series:
Country Report No. 05/54
Publication date: February 17, 2005
Full Text
in PDF format
2005
Republic of Moldova: Statistical Appendix
Series:
Country Report No. 05/53
Publication date: February 17, 2005
Full Text
in PDF format
2005
Republic of Moldova: 2004 Article IV Consultation – Staff Report;
Public Information Notice on the Executive Board Discussion; and Statement by
the Executive Director for the Republic of Moldova
Series:
Country Report No. 05/48
Publication date: February 17, 2005
Full Text
in PDF format
2004
Republic of Moldova: Statistical Appendix
Series:
Country Report No. 04/40
Publication date: February 18, 2004
Full Text
in PDF format
2004
Republic of Moldova: 2003 Article IV Consultation – Staff Report
and Public Information Notice on the Executive Board Discussion
Series:
Country Report No. 04/39
Publication date: February 18, 2004
Full Text
in PDF format
2003
Reforming Tax Systems: Experience of the Baltics, Russia, and
Other Countries of the Former Soviet Union
Author/Editor: Vahram Stepanyan
Publication Date: September 1, 2003
Series: Working Paper No. 03/173
Summary: Starting in the early 1990s, the Baltics, Russia, and other (BRO)
countries of the former Soviet Union initiated tax reforms that varied widely at
the later stages. Recently, some of the BRO countries, basing decisions on the
proposition that lowering of the top marginal income tax rate would
significantly benefit economic development and increase tax compliance, have
initiated a new stage of tax reforms. This paper reviews country experiences and
suggests that (i) overall, there seems to be little evidence of a substantial
improvement in income tax revenues resulting simply from a reduction in the top
marginal tax rates, and (ii) in the BRO countries, the elasticity of the
behavior of economic agents, in terms of labor supply, saving, and investment,
with respect to income tax rates is not large, and a reduction of the existing
income tax rates is unlikely to lead to a notable expansion of economic
activity.
Full Text
in PDF format
2002
Republic of Moldova: 2002 Article IV Consultation, First Review
Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility
and Request for Waiver of Performance Criteria – Staff Report
Series: IMF Staff Country
Report No. 02/190
Publication date: August 26, 2002
Full Text
in PDF format
2001
Armenia, Georgia, Kyrgyz Republic, Moldova, and Tajikistan:
External Debt and Fiscal Sustainability
Author/Editor: Jointly Prepared by the European II Department of the IMF
and the
Europe and Central Asia Region of the World Bank
Publication Date: March 12, 2001
Subject: This paper examines the debt situation in the five CIS countries
that are eligible for PRGF and IDA only. It describes the size and composition
of the debt and the key factors that have led to its rapid accumulation in
recent years.
Full Text
in PDF format
2001
Republic of Moldova: Recent Economic Developments
Series: Country
Report No. 01/22
Publication date: January 25, 2001
Full Text
in PDF format
Brief info from Basa-Press news agency - click here.
Russian translation: full
text
in PDF format.
2000
The Great Contractions in Russia, the Baltics and the Other Countries of
the Former Soviet Union: A View From the Supply Side
Author/Editor: Mark De Broeck and Vincent Koen
Publication Date: February 1, 2000
Series: Working Paper No. 00/32
Summary: The output contractions during the initial transition stages in the
Baltics and in Russia and the other CIS countries are examined across several
dimensions, and the reliability of the available official statistics evaluated.
The depth, length and breadth of the contractions are studied and set against a
longer-run historical perspective. The relationship between inputs and outputs
as described in a standard accounting framework shows that there is more to the
contractions than collapsing investment and shrinking employment. Sharp declines
in productivity, reflecting in part transition-related factors, also played a
major role.
Full Text
in PDF format
1999
Fiscal Federalism and Government Size in Transition Economies - The
Case of Moldova
Author/Editor: de Mello, Luiz; Fiscal Affairs Department
Publication Date: December 1, 1999
Series: Working Paper No. 99/176
Subject: Revenues; Moldova; Government expenditures
Full Text
in PDF format
1999
Republic of Moldova Country Report
Series: IMF Staff Country
Report No. 99/110
Publication date: October 7, 1999
Full Text
in PDF format
1999
Central Bank Autonomy, and Inflation and Output Performance in the Baltic
States, Russia, and Other Countries of the Former Soviet Union, 1995-1997
Author/Editor: Tonny Lybek
Publication Date: January 1, 1999
Series: Working Paper No. 99/4
Summary: A higher degree of de jure autonomy and accountability of the
central banks of the Baltic states, Russia, and other countries of the former
Soviet Union appears to be positively correlated with lower average inflation.
There also seems to be some positive correlation between greater central bank
autonomy and higher average real growth, after the initial period of reforms.
Central banks with a higher degree of autonomy and accountability have
apparently also reformed their operations more aggressively.
Full Text
in PDF format
1998
Republic of Moldova - Recent Economic Developments
Series: IMF Staff Country Reports No. 98/58
Publication date: August 5, 1998
Full
Text in PDF format
1998
Government Expenditure Arrears - Securitization and Other Solutions
Author/Editor: Ramos, Alberto; Western Hemisphere Department
Publication Date: May 1, 1998
Series: Working Paper No. 98/70
Subject:
Payments
arrears;Argentina;Armenia;Azerbaijan;Belarus;Georgia;Kazakhstan;Kyrgyz
Republic;Latvia;Cameroon;Moldova;Russian
Federation;Tajikistan;Turkmenistan
Full Text in PDF format
1998
Pension Reform in the Baltics, Russia, and other Countries of
the Former Soviet Union
Author/Editor: Marta de Castello Branco
Publication Date: February 1, 1998
Series: Working Paper No. 98/11
Summary: Despite their increasing fiscal burden, the public pension systems
of BRO countries are failing to provide adequate social protection. Although
there is a broad consensus about the need for pension reforms, BRO countries are
debating whether to embark on systemic reforms or whether to correct the
distortions in their pay-as-you-go (PAYG) pension systems. The paper reviews the
measures taken by BRO countries during the transition period to address their
pension problems and examines the options for further reform. It makes a strong
case for a gradual reform approach aimed at establishing a multi-pillar system
over the long run, but initially focused on implementation of “high-quality”
reforms of the PAYG system.
Full Text
in PDF format
1997
Explaining and Forecasting the Velocity of Money in Transition
Economies, with Special Reference to the Baltics, Russia and other Countries of
the Former Soviet Union
Author/Editor: Mark De Broeck, Kornelia Krajnyak, and Henri Lorie
Publication Date: September 1, 1997
Series: Working Paper No. 97/108
Summary: The paper identifies a number of stylized facts on the behavior of
key macroeconomic variables during high inflation and stabilization in countries
in transition. To examine the extent to which these stylized facts conform to
the predictions of standard open economy monetary theory, the paper develops a
simple monetary model of the exchange rate incorporating price stickiness and
inflation inertia, and carries out an econometric analysis of the behavior of
real money balances during inflation stabilization. The paper concludes by
assessing the prospects for velocity developments in countries in transition,
including the likely pace of remonetization.
Full Text
in PDF format
1997
External Borrowing by the Baltics, Russia and Other Countries
of the Former Soviet Union : Developments and Policy Issues
Author/Editor: Ishan Kapur and Emmanuel van der Mensbrugghe
Publication Date: June 1, 1997
Series: Working Paper No. 97/72
Summary: Many countries among the Baltics, Russia and other CIS states are
increasingly borrowing on international capital markets, a development that
generally reflects their success in achieving financial stabilization. In view
of the low level of domestic saving and large capital requirements, recourse to
foreign borrowing may of course generate significant benefits for these
economies in transition. However, the rapid increase in external debt suggests
that consideration also needs to be given to the risks from too high a
dependence on foreign saving, including inter alia risk of the postponement of
needed structural reforms.
Full Text
in PDF format
1996
Republic of Moldova - Recent Economic Developments
Series: IMF Staff Country Reports No. 96/117
Publication date: November 20, 1996
On paper only
1995
Republic of Moldova - Recent Economic Developments
Series: IMF Staff Country Reports No. 95/73
Publication date: July 24, 1995
On paper only
1994
Monitoring Financial Stabilization in Moldova: The Role
of Monetary Policy, Institutional Factors and Statistical Anomalies
Author/Editor: Haley, James;Shabsigh, Ghiath;European II
Department
Publication Date: December 1, 1994
Series: Papers on Policy Analysis and
Assessments No. 94/25
Subject: Fund-supported adjustment
programs;Moldova;Inflation;Monetary policy
Full Text in PDF format
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