Moldova & IMF IMF Activities Publications Press Releases

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Chisinau, September 30 ( INFOTAG ). The National Bank of Moldova (NBM), as one of the important country institutions, is the best authority in market condition forecasting and analyzing.

The respective assessment of Bank's activities was provided by Tokhir Mirzoev, International Monetary Fund (IMF) Resident Representative in Moldova, on Friday.

At a traditional meeting with journalists, Mirzoev said that an IMF mission, what visited Moldova in September, praised the NBM-pursued policy and its results.

According to the IMF official, the Fund expects that inflation indicator will reach the level of 9.5% by the end of 2011, which is higher than a consumer price index growth recently forecasted by the IMF and the NBM.

"It is related to world foodstuff and energy resource price growth. We expect that prices on these groups of goods in the time lag will moderate negative pressure on inflation, which will be perceptible yet in the 1st half of 2012", Mirzoev said.

Commenting upon whether the NBM will resort to monetary policy toughening in the near future - increase of basic rate and bank's required reserve, the IMF representative said that the Fund sees no reason in it, though such decisions is a market regulator's prerogative.


Chisinau, October 3 ( INFOTAG ). An International Monetary Fund's (IMF) mission, what visited Moldova in September, has registered budget's tax arrears.

"The budget received over 200 million lei less only in VAT", Tokhir Mirzoev, IMF Resident Representative in Moldova, stated to the press at a press conference recently.

According to Mirzoev, one has reason to believe that trend of revenues to the budget observed in July, August and September will last till the end of the year, which guarantees the government preservation of budget deficit indicator within projected parameters - 1.9% to GDP.

The IMF representative said that the Government has several alternatives, using which it can keep the budget deficit within forecasted parameters.

"To use reserves for tax collection, to increase budget revenues, but even if it does not have such possibilities - to reduce expenditures", he said.

The Fund official said the IMF paid attention to the Budget 2011 execution, as well as took an interest in a draft tax-and-budget policy 2012-2014, including a 2012 State Budget bill.

The Government of Moldova forecasts budget deficit for 2012 within 0.8%. Mirzoev explains so low budget deficit indicator for the next year by specific character of Moldovan budget, whose share of grants and credits is too high.

"If one excludes them, the budget deficit indicator in 2012 will be higher", the IMF representative said, adding that Moldova can not get grants forever. However, if one removes grants from budget, real deficit indicator will reach 3-3.5%.

Infotag's dossier: In the State Budget 2011, amount of grants reaches 2.5% of GDP, which is about 11-13% of the budget's revenues.