October 24, 2017
IMF Resident Representative in the Republic of Moldova
An International Monetary Fund (IMF) mission led by Ben
Kelmanson will visit Chişinău during October 25 – November 7, 2017.
The mission will hold discussions with the authorities in
preparation of the 2017 Article IV consultation
and in the context of the second review of Moldova’s IMF-supported program under
the Extended Credit Facility (ECF) and the Extended Fund Facility (EFF)
The mission will take stock of the recent economic
developments and the progress in authorities’ program implementation, update and
assess the macroeconomic outlook, and discuss with the authorities their
macroeconomic policies in the period ahead.
Background: Moldova’s three-year IMF program, approved on
November 7, 2016, is supported by a loan of SDR 129.4 million (about US$182
million, or 75 percent of the Republic of Moldova’s quota), of which SDR 41.7
million (about US$59 million) have been already disbursed. Two thirds of the
loan are provided under the Extended Credit Facility, which carries a zero
interest rate through 2018, a grace period of 5˝ years, and a 10-year maturity.
The rest of the loan is provided under the Extended Fund Facility, which carries
an annual interest rate equal to the SDR basic rate of charge (currently 1.3
percent), and is repayable over 10 years with a 4˝ -year grace period.