A mission of the European Department of the International Monetary Fund (IMF) headed by Mr. Nikolay Gueorguiev will begin its work in Chişinău tomorrow, April 28, 2010.   

During its two-week stay, the mission will conduct the first review of the Moldova’s program with the IMF under ECF/EFF arrangement, as well as hold consultations under Article IV of the IMF’s Articles of Agreement.

The mission will take stock of the recent economic developments and program implementation, update its assessment of the macroeconomic outlook, and discuss with the authorities macroeconomic and structural policies in the period ahead.  

As usual, Mr. Gueorguiev will brief the press at the end of the visit.

 

Background: Moldova’s three-year IMF program, approved on January 29, 2010, is supported by a loan of SDR 369.6 million, of which SDR 60 million (about USD 90 million) have been already disbursed. One half of the loan is provided under the Extended Credit Facility (ECF), which carries a zero interest rate until end-2011, a grace period of 5½ years, and a 10-year maturity. The rest of the loan is provided under the Extended Fund Facility (EFF), which carries an annual interest rate equal to the SDR basic rate of charge (currently 1.27 percent), and is repayable over 10 years with a 4½ -year grace period.