IMF Mission to Moldova During July 12-19, 1999

A mission from the European II Department of the International Monetary Fund led by Mr. Rick Haas will visit Chisinau during July 12--19, 1999 with the following objectives:

• review of implementation of structural reform measures and fulfilment of financial performance targets that were agreed with the Moldovan government and National Bank during an IMF mission in May;

• conclusion of agreement on a new Memorandum of Economic and Financial Policies for the second half of 1999, with financial performance targets to be set for end-September 1999 and end-December 1999. 

Satisfactory financial performance and implementation of structural reform measures would lead to consideration by the IMF Executive Board of disbursement of a SDR 25 million tranche (approximately US$35 million) under the SDR 135 million Extended Fund Facility program that was approved back in May 1996. 

The last disbursement made by the IMF to Moldova was a SDR 25 million tranche following approval of the third review of the EFF program by the Fund’s Executive Board on January 4, 1999.  At that time, the Board also approved an extension of the EFF program by one year, until May 2000.  Four disbursements under the EFF program have taken place, amounting to a total of SDR 62.5 million. 

The present level of IMF support to Moldova amounts to approximately US$190 million. 

Mark A. Horton
IMF Resident Representative
Chisinau, Republic of Moldova