Moldova & IMF IMF Activities Publications Press Releases

                                                                                                                     In Russian

Logos Press Weekly Economic Magazine, No. 20 (612) - May 27, 2005


A mission of the International Monetary Fund will visit Moldova in the second half of June to assess the current achievements in the implementation of the Economic Growth and Poverty Reduction Strategy Paper (EGPRSP) and EU – Moldova action plan. Mr. Thomas Richardson, the new IMF mission chief, assistant to the director in the European Department made this statement during a press conference in Chisinau. He replaced in this capacity the former mission chief, Marta Castello Branco. Mr. Thomas Richardson has extensive experience and before coming to Moldova he was IMF resident representative in Russia and worked as mission chief in Belarus and Cyprus. 

  Томас Ричардсон (слева) и Эдгардо Руджиеро обозначили индикаторы для молдавских властей
Thomas Richardson (at left) and Edgardo Ruggiero outlined benchmarks for the Moldovan authorities

When opening the press conference, Mr. Edgardo Ruggiero, IMF resident representative in Moldova said that Mr. Thomas Richardson has been here on a four days fact finding visit to introduce himself to the authorities and meet with the authorities, National Bank officials, and to familiarize with a number of economic issues faced by Moldovan government.

Thomas Richardson noted that during his visit he met with trade unions, employers federation, non government organizations, political parties both in the government and outside the government.

The IMF high-ranking official said that he is afraid there is not much news for the media but there will be much more when the IMF mission will visit Moldova in the second half of June, and will assess the government’s achievements. “At this point, I would like to explain how I see relations between the IMF and Moldova over the next half year.” Thomas Richardson reminded that the report on the situation in Moldova discussed at the IMF Board in February this year acknowledged many positive things, as well as “challenges” faced by Moldovan authorities in some areas.

In particular, Moldovan authorities will have to take significant steps to improve the business environment and reduce corruption because these are factors that have serious negative effects on the economic growth in Moldova. As regards relations between IMF and Moldova, the report said that before developing and signing a new cooperation program, it will be necessary to observe a period of positive economic performance. “We are very hopeful that Moldovan government will implement successfully the EU – Moldova action plan and EGPRSP, but we will need to see a track record period of good performance before we could move to negotiations.”

The mission that will come in June will assess the economic situation and recent developments, said Mr. Richardson. “We are hopeful that there will be significant results and on that basis we will be able to make forecasts for 2005-06 and plan next steps in terms of movement towards negotiations on a new cooperation program.” However, the mission in June will not have the mandate to negotiate the program. The measures of successful activity of Moldovan authorities will be macroeconomic stability, lower inflation, rapid economic growth, including reduction of poverty in Moldova.

Answering to the question on whether the economic reform steps taken by Moldovan authorities are correct, Mr. Richardson noted that judging from the action plan and the statements made, the authorities are ready to deal with corruption and improve the business environment. A good example is the adopted guillotine law. The Moldovan authorities are also interested in maintaining the macroeconomic stability and liberalization of the economy. But the most important measure when assessing the government’s actions will be practical steps taken toward the mentioned directions. The mission expected in June will render its verdict.

Evghenia Amambaeva