Moldova & IMF IMF Activities Publications Press Releases

                                                                                   Limba romana (PDF format)

Saptamina Magazine, No. 21 (595) - Friday, May 21, 2004

Ignacio Ibarra about Rodrigo Rato, the new IMF Managing Director

The article was published in Romanian language. Full text is accessible at the link on top. Here is a brief summary in English:

• A new IMF director, Rodrigo Rato, a mirror of Spain’s economic success and hope for an efficient cooperation between Moldova and IMF.

• 1944 – IMF comes into existence while Spain is going through the most difficult period of its agitated and long history. Spain peseta is subject to a specific monetary regime with a floating exchange rate and does not meet the IMF monetary requirements yet.

• 1959 – Spain adopts a stabilization plan which lays down the foundation of the current economic sustainability.

• 1985 – Spain joins IMF.

• In sixty years (1944-2004) Spain has become the eighth economic power in the world thanks to the highly efficient economic polices.

• About 20 years ago, Spanish companies started to expand their businesses on international level. Almost 50 large Spanish companies are currently operating in 20, 30, 40 countries around the world, producing goods and services, and creating jobs for millions of people on all the continents. One such example is UNION FENOSA in Moldova which offers jobs, pays taxes and contributes to the economic growth of Moldova.


Certainly, he is a Spaniard who lived approximately half of the century and accumulated vast experiences. He was born in Asturias, a region in the north of Spain which gave birth to strong and hardworking people and which has the largest coal mines in the country. He is coming from a family of entrepreneurs active in different sectors and that is why he knows very well how the economy and enterprises are working.

In his childhood and adolescence, Rodrigo Rato was educated in the spirit of Jesuit Order, which during many centuries educated the Spain’s leadership. He studied law in Madrid and business administration in the United States.

Since he was young, he was participating actively in the Spanish politics. This was a difficult period of time, when Franco and his regime, which lacked any liberties, was agonizing. That is when a new phase began in the life of Spanish people both from political, economic, social and personal perspective. On September 6, 1978, we the Spaniards, approved the Constitution of consensus, understanding and peace, which gave us 25 years of sustained development.

One of the politicians, technicians, governors, entrepreneurs, leaders, one of the Spaniards who went a long way towards the Spain’s economic and social development was Mr. Rodrigo Rato. Since June 1996 and until March 2004, Mr. Rodrigo Rato was a Vice President for Economic Affairs in the Spain’s popular party government. Under his leadership, Spain’s GDP grew considerably, employment increased and per capita GDP increased significantly, thus reaching the level of other European Union countries. Also, Spain reached a fiscal balance with an important reduction of taxes; and met the economic conditions to enter the Euro zone; credit interest rates reduced, all these representing the most important achievements.

From here, from Moldova, I want to tell the Moldovan people that this appointment is absolutely justified, appropriate and correct. I am certain that Mr. Rodrigo Rato will be a very good chief of the International Monetary Fund and will use his vast experience, capabilities, force and sensitiveness to the problems of the people in order to help to make the world a better place. I am absolutely sure of that fact. I give all assurances.

Ignacio Ibarra
Union Fenosa Moldova