Moldova & IMF IMF Activities Publications Press Releases

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This was briefed to Moldovan journalists by Permanent Representative of IMF in Moldova Tokhir Mirzoev. He reminded that the current three-year arrangement of IMF for Moldova, approved on January, 29, 2010, was prolonged for three months more in line with the resolution of the Board of Directors of IMF dated January, 2013 in order to give authorities of Moldova more time to fulfil the early established arrangements. The three months expire this April, but the assessment mission, which was going to arrive in Chisinau till the end of March, has failed. In general, Mirzoev took a favourable view of results of the IMF program and mentioned Moldova’s authorities had managed to meet many of their commitments or to start their fulfilment. He reminded that the first and foremost goal of the program was to overcome the crisis, maintain macroeconomic stability and launch structural reforms to boost the economic growth.


Inflation was withheld within the limits established by NBM, the budget deficit shrank and the budget discipline improved, he said. The macroeconomic stability was generally maintained. A foundation was laid of essential structural reforms. Legal frameworks of many of them have been considered and some of the reforms are being implemented. In general, results of the program are good although the last, six review has not been completed, concluded the head of the IMF office in Moldova. However, recently adopted legislative measures and policies are contradictory to the arrangements established, he noted. Besides, conclusion of the IMF program for Moldova is hampered by the current political situation in the country. Tokhir Mirzoev pointed out that the laws, passed to raise pensions and wages, to introduce the single agricultural tax and the new mode of VAT payments and others, undermine the budget discipline, being irrational from the point of view of financial accountability. These measures may also trigger the increase in the budget deficit and the state debt. According to Tokhir Mirzoev, their negative consequences will become tangible shortly and in the mid-term period. The Three-Year Arrangement approved by IMF for Moldova on January, 29, 2010 provided backing at a total amount of 369.6 million of Special Drawing Rights (SDR) of which 320 million SDR or close to $490 million had been allocated to Moldova. 50% of the loan is allotted under the Extended Credit Facility, which provides the zero rate interest rate till the end of 2013, the 5.5 –year - long grace period and the 10-year-long maturity. The rest of the sum is extended under the Extended Fund Facility, which stipulates the interest rate equal to the basis rate of SDR, the 4.5 -year -long grace period and the 10-year-long maturity. // 25.04.2013 – InfoMarket.

At the briefing on Thursday the permanent representative of IMF to Moldova said this is neither the presence nor the absence of the program itself that is important for relations of Moldova between IMF but quality of promoted macroeconomic policies and reforms. Although the current three-year arrangement of IMF for Moldova came to its end, the Fund is going to continue collaborating with Moldova. “We go on working, render technical support and remain open for the dialogue to discuss a new program. I think, IMF will proceed with it after a functional government is created in the country”, said Tokhir Mirzoev. The Permanent IMF Representative to Moldova called it premature to discuss whatever components of the future negotiation process, including the financial one. // 25.04.2013 – InfoMarket.