Moldova & IMF IMF Activities Publications Press Releases


IMF reports on Moldova:
(country reports, staff reports, working papers, technical and other reports)

2022
Republic of Moldova: Ad Hoc Review Under the Extended Credit Facility; Request for Augmentation and Rephasing of Access, Modification of Performance Criteria, and Completion of the Inflation Consultation Under the Extended Credit Facility and Extended Fund Facility Arrangements Press Release; Staff Report; and Statement by the Executive Director for the Republic of Moldova

Summary: The economy rebounded strongly from the pandemic recession last year while prudent macroeconomic management maintained robust buffers. But the war in Ukraine and the international sanctions imposed on Russia and Belarus have resulted in significant spillovers to Moldova, with implications yet to fully play out. At the outbreak of hostilities, FX market pressures triggered significant foreign currency interventions and bank deposit withdrawals, while dollarization has intensified. Moldova has received the highest per capita inflow of Ukrainian refugees (17 percent of the total population), of which about 100,000 refugees (4 percent of the total population) remain in Moldova. Driven by rising food and energy prices, inflation accelerated further above the target band.

Series: Country Report No. 2022/140
Publication date: May 13, 2022
Formal Report date: May 2, 2022

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2022
The Nexus Between Public Enterprise Governance, Financial Performance, and Macroeconomic Vulnerabilities: An Application to Moldova

Summary: Strong governance frameworks for public enterprises have long been an anchor of stability and efficiency underpinning their financial operations and performance. Cross-country experiences with the adoption of robust legal, regulatory and institutional arrangements—in line with international best practices— proved critical in reducing well-known risks and vulnerabilities from such companies, clarifying the role of the state, improving the management of state assets, and ensuring a level playing field for the private sector to prosper. Moldova’s large public enterprise sector of over 900 companies faces elevated risks that amplify fiscal and macroeconomic vulnerabilities and undermine market competition, productivity, and private investment. Moldova stands to greatly benefit from strengthening its public corporate governance regime to put its public enterprises on a stronger footing, address vulnerabilities, and improve market structure.

Series: Working Paper No. 2022/050
Publication date: March 4, 2022

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2022
Republic of Moldova: Selected Issues

Contents:
- CHALLENGES OF IT IMPLEMENTATION IN LLMICS: A CASE STUDY OF MOLDOVA
- THE NEXUS BETWEEN PUBLIC ENTERPRISE GOVERNANCE, FINANCIAL PERFORMANCE, AND MACROECONOMIC VULNERABILITIES: AN APPLICATION TO MOLDOVA
- NON-BANK CREDIT ORGANIZATIONS AND FINANCIAL INCLUSION: OPPORTUNITIES AND CHALLENGES

Series: Country Report No. 2022/061
Publication date: February 23, 2022

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2022
Republic of Moldova : Technical Assistance Report – Financial Sector Stability Review

Summary: The mission conducted a diagnostic review of the financial system and proposes a Technical Assistance Roadmap (TARM) to support the authorities’ efforts to strengthen their detection of risks and vulnerabilities and to enhance capacity in financial sector oversight and development. Two modules were undertaken during this FSSR mission. The financial stability module focused on areas agreed with the NBM and NCFM during the scoping stage: financial sector oversight, financial stability (macroprudential framework, systemic risk assessment, and stress testing), financial crisis management, financial inclusion and capital markets development. The financial sector statistics module focused on key data gaps hampering financial stability analysis as well as statistical reporting to the IMF’s Statistics Department.

Series: Country Report No. 2022/030
Publication date: February 7, 2022

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2022
Republic of Moldova: 2021 Article IV Consultation and Requests for an Arrangement under the Extended Fund Facility and an Arrangement under the Extended Credit Facility
– Press Release; Staff Report; and Statement by the Executive Director for the Republic of Moldova

Summary: The 2016-20 ECF/EFF helped rehabilitate Moldova’s banking sector, bolstering macro-financial stability. However, the COVID-19 pandemic, drought in 2020, and the ongoing surge in global energy prices, have slowed economic activity, intensified downside risks, and complicated policy making. While emergency financial assistance under a blended RCF/RFI (100 percent of quota) and SDR allocation (US$236 million) helped cushion the pandemic’s impact, Moldova remains among the poorest countries in Europe with long-standing governance and structural weaknesses inhibiting income convergence.

Series: Country Report No. 2022/001
Publication date: January 4, 2022
Formal Report date: December 3, 2021

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2021
Republic of Moldova : Technical Assistance Report – Country Governance Assessment

Summary: Despite having legal and institutional frameworks largely in place, Moldova continues to suffer from significant corruption and governance vulnerabilities. These are fairly pronounced in the areas of rule of law, anti-corruption, anti-money laundering and combatting the financing of terrorism (AML/CFT), and SOE governance, while other areas assessed for purposes of this report (PFM, tax administration, central bank governance and financial sector oversight) presented some good progress in mitigating such vulnerabilities.

Series: Country Report No. 2021/167
Publication date: July 26, 2021

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2020
Technical Report on Report on Public Investment Management Assessment (PIMA) in Moldova

Author/Editor: Arturo Navarro, Yugo Koshima, Anjum Israr, Francisco Mejia, Eivind Tandberg,
and Elena Corman
Report date: December 2020
Series: FAD TA report

Summary: In response to a request from the Ministry of Finance (MoF), a Fiscal Affairs Department (FAD) mission visited Chisinau, Moldova, from October 9 to 22, 2019, to provide Capacity Development on public financial management (PFM).
The tasks of the mission were, to: (i) assess Moldova’s public investment management framework; (ii) assist the authorities to prepare a reform strategy and prioritized action plan for strengthening the management of public investment; and (iii) recommend follow-up areas of technical assistance that could be provided by FAD or other development partners.

Full Text in PDF format
Traducerea in limba romana: in PDF format

Relevant info about PIMA: link + PDF


2020
Republic of Moldova : Technical Assistance Report Government Finance Statistics Mission

Summary: In response to a request from the European Department, a Public-Sector Debt Statistics (PSDS) technical assistance (TA) mission was conducted in Chisinau during October 2–8, 2019. The mission funded by the Data for Decisions (D4D) multi-donor trust fund and followed up on a D4D Public Sector Debt Statistics (PSDS) workshop held in Vienna, Austria during July 2019, where participants from Moldova identified data gaps with current compilation of debt statistics. The mission primarily worked with the Ministry of Finance (MOF) Public Debt Department (PDD), but also had discussions with the Budget and Treasury Department. Outside the MOF, the mission had meetings with the Public Property Agency (PPA), the Municipality of Chisinau and the National Bank of Moldova (NBM). Finally, the mission also held a joint meeting with representatives of a separate IMF TA Mission on sectoral accounts with Treasury and attended the concluding meeting of that mission with the NBM.

Series: Country Report No. 20/240
Publication date: August 4, 2020

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2020
Republic of Moldova : Technical Assistance Report Report on Sectoral Accounts Mission

Summary: As part of the IMF’s Data for Decisions (D4D) Trust Fund Project, a technical assistance (TA) mission was conducted by John Joisce and Dario Florey, IMF Experts, during September 23-October 4, 2019, to help the authorities of the Republic of Moldova in developing sectoral financial accounts and financial balance sheet statistics (FABS). The mission was the follow up to the mission held in December 2018, and evaluated the progress made since the last mission against the objectives set out in the action plan. The mission worked principally with the National Bank of Moldova (NBM), but also had meetings with officials from the Ministry of Finance (MOF), the Central Securities Depository (CSD), the National Commission for Financial Markets (NCFM) and the National Bureau of Statistics of the Republic of Moldova (NBS).

Series: Country Report No. 20/174
Publication date: May 22, 2020

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2020
Republic of Moldova: Staff Report for the 2020 Request for Disbursement Under the Rapid Credit Facility and Purchase Under the Rapid Financing Instrument – Press Release; Staff Report; and Statement by the Executive Director for the Republic of Moldova

Summary: Thanks to recent reforms, Moldova entered the current crisis with strong fiscal, financial, and external buffers. However, the economic outlook has deteriorated sharply due to the COVID-19 pandemic. GDP is expected to fall by 3 percent due to lower external and domestic demand, aggravated by a significant slowdown in remittances. This, together with negative shocks to confidence and spillovers from global financial channels, has created an urgent balance of payments need. Fiscal, exchange rate, and financing pressures—already significant—are likely to worsen in the coming weeks. On March 11, the Executive Board concluded the 2020 Article IV consultation and completed the final review under the 2016 ECF/EFF arrangements.

Series: Country Report No. 20/129
Publication date: April 22, 2020
Formal Report date: April 10, 2020

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2020
Republic of Moldova: Selected Issues (Governance Assessment)


Summary: This paper on the Republic of Moldova was prepared by a staff team of the International
Monetary Fund as background documentation for the periodic consultation with the
member country. It is based on the information available at the time it was completed on
February 28, 2020.

Series: Country Report No. 20/77
Publication date: March 18, 2020

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2020
Republic of Moldova: Staff Report for the 2020 Article IV Consultation and Sixth Reviews Under the Extended Credit Facility and Extended Fund Facility Arrangements Press Release;
Staff Report; and Statement by the Executive Director for the Republic of Moldova

Summary: Moldova has made important progress in addressing macro-financial vulnerabilities under the 2016 ECF/EFF arrangements. Despite successful stabilization efforts, growth remains insufficient to significantly boost living standards.

Series: Country Report No. 20/76
Publication date: March 18, 2020
Formal Report date: March 2, 2020

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2019
Republic of Moldova: Fourth and Fifth Reviews Under the Extended Credit Facility and Extended Fund Facility Arrangements, Completion of the Inflation Consultation, and Request for Extension of the Arrangements and Rephasing of Access – Press Release; Staff Report; and Statement
by the Executive Director for the Republic of Moldova

Summary: The economy continued to strengthen. Robust growth in 2018 was propelled by infrastructure and private investments, while private consumption continued to expand into 2019, supported by growing real incomes and bank lending recovery. Inflation slowed in 2018, but pressures are building up. The labor market improved significantly, with strengthening labor force participation, employment growth, and falling unemployment.

Series: Country Report No. 19/305
Publication date: September 25, 2019
Formal Report date: September 6, 2019

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2019
Republic of Moldova: Technical Assistance Report-Financial Soundness Indicators Mission

Summary: With the support of the International Monetary Fund’s (IMF’s) European Department (EUR), the IMF’s Statistics Department (STA) conducted a financial soundness indicators (FSIs) technical assistance (TA) mission in Chisinau, Moldova, during March 18 29, 2019, to improve Moldova’s FSI compilation. The mission was financed by Netherlands Capacity Development Partnership Program. The mission worked with staff of the National Bank of Moldova (NBM) (i) to review available source data for deposit takers (DTs) and other sectors including other financial corporations (OFCs); and (ii) to review the current FSIs compiled by the NBM with a view to ensure methodological consistency of the FSI compilation with the IMF’s FSI Compilation Guide 2006 (FSI Guide). In collaboration with staff of the NBM, the mission delivered these objectives and agreed with the authorities on an action plan to improve FSIs in Moldova. The improvement of FSIs contributes to enhancement of policy analysis and decision-making by the NBM.

Series: Country Report No. 19/284
Publication date: September 4, 2019

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2019
Improving the Efficiency and Equity of Public Education Spending: The Case of Moldova

Author/Editor: Hui Jin; La-Bhus Fah Jirasavetakul; Baoping Shang
Publication Date: February 26, 2019
Series: Working Paper No. 19/42

Summary: This paper, using Moldova as an example, presents a systematic approach to assess the efficiency and equity of public education spending, identify sources of inefficiencies and inequality, and formulate potential reform options. The analytical framework combines international benchmarking with country-specific analysis—such as microeconomic analysis based on household survey data—and can provide important insights into diagnosing and reforming education systems. The analysis finds significant scope to improve both efficiency and equity of the education sector in Moldova. Potential reform measures include further consolidating the oversized school network, reducing overstaffing, and better targeting government subsidies. The current remuneration policy could also be improved to attract high quality teachers and incentivize performance.

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2018
Republic of Moldova: Technical Assistance Report-Public Sector Debt Statistics

Author/Editor:
International Monetary Fund. Statistics Dept.
Publication Date:
October 3, 2018
Series: Country Report No. 18/281

Summary:
In response to a request from the European Department, a Public-Sector Debt Statistics (PSDS) technical assistance (TA) mission was conducted in Chisinau during April 2–6, 2018. With the objective of improving Moldovan public sector debt statistics, the mission conducted an evaluation of data comprehensiveness in terms of: (i) institutional coverage; (ii) instrument coverage, including maturity structures; (iii) valuation of debt liabilities; and; (iv) additional fiscal risks resulting from contingent liabilities (on-lending and guarantees). Like the recent article IV mission1 and Public Finance Management (PFM) assessment,2 the mission found that Moldova continues to improve their recording, compilation and dissemination of public sector debt statistics reflecting potential fiscal risks, but faces five main statistical challenges going forward.

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2018
Republic of Moldova: Third Reviews under the Extended Credit Facility and Extended Fund Facility Arrangements and Request for Modification of Performance Criteria – Press Release; Staff Report; and Statement by the Executive Director for the Republic of Moldova

Summary: The economy strengthened in 2017. Higher-than-expected GDP growth was driven by strong domestic demand and a positive external environment. Inflation slowed, driven by regulated and food prices, prudent policies and exchange rate appreciation, to below the target of the National Bank of Moldova (NBM).

Series: Country Report No. 18/205
Publication date: July 5, 2018
Formal Report date: June 15, 2018

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2017
Republic of Moldova: Article IV Consultation and Second Reviews under the Extended Fund Facility and Extended Credit Facility Arrangements – Press Release; Staff Report; and Statement
by the Executive Director for the Republic of Moldova


Summary: Following the 2014 crisis, Moldova has experienced a period of relative economic and financial stability, but still faces significant challenges. Growth has returned, inflation pressures have been contained, and fiscal performance has improved. Financial sector rehabilitation is underway, but further steps are needed to strengthen banks’ governance and balance sheets, which are critical to restore credit growth. Faster growth is needed if Moldova is to lift per capita income, which is the lowest in the region. • To accelerate growth and improve living standards while maintaining macroeconomic stability, policies should continue to focus on: (i) decisively strengthening the banking sector to facilitate deeper financial intermediation; (ii) bolstering the inflation targeting framework to help improve the transmission mechanism, while continuing to allow for exchange rate flexibility; (iii) maintaining fiscal discipline, while providing for growth-friendly priority public investment and safeguarding debt sustainability; and (iv) advancing structural reforms for sustainable and inclusive growth.

Series: Country Report No. 17/398
Publication date: December 21, 2017
Formal Report date: December 6, 2017

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2017
Republic of Moldova: Selected Issues

Summary: This Selected Issues paper on the Republic of Moldova was prepared by a staff team of
the International Monetary Fund as background documentation for the periodic
consultation with the member country. It is based on the information available at the
time it was completed on December 6, 2017.

Series: Country Report No. 17/399
Publication date: December 21, 2017

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2017
Republic of Moldova: First Reviews Under the Extended Credit Facility and Extended Fund Facility Arrangements and Request for Modification of Performance Criteria – Press Release and
Staff Report

Summary: Following the political and economic turmoil of recent years, the Moldovan economy has started to recover. Economic growth in 2016 was stronger than originally projected benefiting from solid agricultural performance and better-than-expected exports; and the outlook for 2017 has been marked up. Inflation decelerated sharply from the high levels of 2015, but has returned to the target range.

Series: Country Report No. 17/102
Publication date: May 1, 2017
Formal Report date: April 13, 2017

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2016
Republic of Moldova: Requests for an Extended Arrangement Under the Extended Fund Facility and an Arrangement Under the Extended Credit Facility – Press Release; Staff Report; and Statement by the Executive Director for the Republic of Moldova

Summary: Since late 2014, Moldova’s economy has been hit by a number of domestic and external shocks. Chief among them is the exposure of extensive and wellorchestrated fraud in the banking system, resulting in the closure of three banks at a public cost of 10 percent of GDP. During the following period, confidence collapsed, external concessional financing largely froze, and international reserves fell by onethird, prompting significant tightening of monetary conditions. Domestic political turmoil, marked by three changes in government, constrained solutions and delayed collaboration with the international community on possible financial support.

Series: Country Report No. 16/343
Publication date: November 9, 2016
Formal Report date: October 26, 2016

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2016
Republic of Moldova: Staff Report for the 2015 Article IV Consultation and Third Post-Program Monitoring Discussions – Press Release; Staff Report; and Statement by the Executive Director
for the Republic of Moldova

Summary: Moldova has been in the midst of political, economic, and financial turmoil since late 2014. On October 29, 2015, the government led by Mr. Strelet (already the third cabinet in 2015) was dismissed by a no confidence vote in Parliament. Political instability has been amplified by the revelation of a large-scale fraud in the financial sector. This resulted in a collapse of three large banks, with a cost to the budget of around 12 percent of GDP and a significant loss in reserves. The homegrown problems occurred at the time of difficult external environment, marked by a recession in Russia.

Series: Country Report No. 16/19
Publication date: January 20, 2016

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2014
Fragmentation and Vertical Fiscal Imbalances Lessons from Moldova


Author/Editor:
Serhan Cevik
Publication Date: December 19, 2014
Series: Working Paper No. 14/233

Summary:
Using a novel municipality-level panel dataset, this paper investigates the empirical characteristics of vertical fiscal imbalances (VFIs) in Moldova over the period 2005–13. The results show that the extent of variation in VFIs across 898 municipalities can be explained by the level of per capita income, fiscal capacity, and demographic characteristics, as well as the central government’s fiscal behavior that reflects fiscal constraints and policy preferences at the national level. Political affiliation does not appear to be a significant factor, and the results are inconclusive in terms of direction. While some model specifications show larger VFIs when the mayor of a municipality belongs to the same party ruling the central government, other models suggest better coordination and thus lower VFIs. Altogether, these findings underscore the need for well-coordinated reforms to create economies of scale, enhance revenue collection, and improve the composition of spending at the subnational level.

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2014
Republic of Moldova: Second Post-Program Monitoring Discussions – Staff Report; Staff Statement; Press Release; Statement by the Executive Director

Summary: Key issues: Governance in the banking system remains poor and the condition of some large banks is fragile. The budget faces a tight financing situation, and—without corrective measures—the deficit is projected to widen significantly in 2015. Russia’s new restrictions on imports from Moldova are exacerbating the ongoing slowdown in activity, easing inflationary pressures, and weakening export performance. Discussions mainly focused on policies to address the significant risks in the banking sector, return to a path of fiscal consolidation, and boost potential growth and preserve external stability. Financial sector. The recommendations of the recent FSAP should be implemented, in particular regarding the enforcement of regulatory requirements. A plan to deal with weak banks needs to be developed. Fiscal policy. Returning to a path of fiscal consolidation, with a view to lower reliance on exceptionally high donor support over the medium term is important. This objective can be achieved by containing the budget deficit below 3 percent of GDP in 2015, gradually reducing it 1½ percent by 2018. Monetary policy. The supportive monetary policy stance should be maintained but the NBM should stand firm against pressures to facilitate its financing of the budget. Exchange rate movements driven by fundamentals should not be resisted. Structural reforms. Structural reforms are needed to boost potential output growth and reduce vulnerabilities. Strengthening external stability requires efforts to diversify export products and markets, and sources of financing.

Series: Country Report No. 14/346
Publication date: December 17, 2014

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2014
25 Years of Transition: Post-Communist Europe and the IMF


Author/Editor:
James Roaf , Ruben Atoyan, Bikas Joshi , Krzysztof Krogulski and an IMF Staff Team
Publication Date: October 24, 2014
Series:
Regional Economic Issues Special Report, October 2014

Summary:
The past 25 years have seen a dramatic transformation in Europe's former communist countries, resulting in their reintegration into the global economy, and, in most cases, major improvements in living standards. But the task of building full market economies has been difficult and protracted. This report covers the European transition economies of Central and Eastern Europe, up to Belarus, Moldova, Russia, and Ukraine among the former Soviet republics.

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2014
Republic of Moldova: 2014 Article IV Consultation and First Post-Program Monitoring Discussions – Staff Report; Press Release; and Statement by the Executive Director for the Republic of Moldova

Summary: Key issues: Moldova largely achieved the main objectives of the combined ECF/EFF supported program that expired on April 30, 2013. The economy has strongly recovered from the drought-related contraction in 2012 but will slow down in 2014. Key risks to the near-term outlook relate to financial stability, fiscal policy slippages in the run up to the 2014 parliamentary elections, a further slowdown in activity in main trading partners, and intensification of geopolitical tensions. Financial sector policies: Corporate governance in the banking sector is a major concern. In line with FSAP recommendations, significant weaknesses in the legal and regulatory frameworks must be urgently addressed to ensure stability and soundness of the financial sector. Fiscal policy: Moldova has achieved a substantial degree of fiscal consolidation in recent years, but this trend is now reversing. Resisting pre-election pressures for selective spending increases and returning to the path of fiscal consolidation would reduce reliance on exceptionally-high donor support. Structural fiscal reforms would help safeguard sustainability. Monetary and exchange rate policy: Monetary policy has been successful in maintaining inflation within the NBM’s target range. Going forward, the NBM needs to remain ready to adopt a tightening bias if inflationary pressures start emerging. There is room to strengthen the inflation targeting regime. Structural reforms: The implementation of structural reforms outlined in the National Development Strategy (NDS) Moldova 2020—especially in the business environment, physical infrastructure, and human resources development areas—would help boost potential growth and reduce poverty.

Series: Country Report No. 14/190
Publication date: July 8, 2014

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2012
Republic of Moldova: Staff Report for the 2012 Article IV Consultation, Fifth Reviews Under the Extended Arrangement and Under the Three-Year Arrangement Under the Extended Credit Facility, and Requests for Waivers for Non-Observance and Modification of Performance Criteria –
Staff Report; Public Information Notice; Press Release

Summary: After the 2009 crisis, policies have improved markedly, backed by substantial foreign assistance. Notably, fiscal adjustment has reduced the large budget imbalance, monetary policy has tamed inflation, and structural reforms have spurred strong export expansion. These reforms led to impressive growth in 2010–11, but activity decelerated in 2012, reflecting the slowdown in the EU. The economy is highly exposed to further intensification of the euro area crisis via its dependence on remittances, exports, and capital inflows.

Series: Country Report No. 12/288
Publication date: October 22, 2012

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2012
Republic of Moldova: Selected Issues

Summary: This Selected Issues paper on the Republic of Moldova was prepared by a staff team of the International Monetary Fund as background documentation for the periodic consultation with the member country. It is based on the information available at the time it was completed on September 17, 2012. The views expressed in this document are those of the staff team and do not necessarily reflect the views of the government of the Republic of Moldova or the Executive Board of the IMF.

Series: Country Report No. 12/289
Publication date: October 22, 2012

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2012
Moldova : Taking Compliance Management Further

Summary: This report discusses implementation of the compliance risk model (CRM) by Moldova’s tax department. The CRM has shown encouraging results in 2011, in terms of extra revenue. However, the assessment reports that for long-lasting impact, the model requires further improvement in taxpayer services, audit, tax fraud investigations, information technology, and the value-added tax refund system. The compliance plan for 2012 involves implementing measures within the segment of wealthy individuals.

Series: Country Report No. 12/199
Publication date: July 26, 2012

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2012
Fiscal Policy Response to External Crises The Case of Moldova 1998-2010

Author/Editor:
Qehaja, Driton
Publication Date: March 1, 2012
Series:
Working Paper No. 12/82

Summary:
External shocks pose major challenges to fiscal policy makers through lower output and large fiscal imbalances. This paper analyzes the case of Moldova, which faced parallel crises a decade apart: the Russian crisis of 1998 and the global financial crisis of 2008-2009. The country went through large fiscal adjustments during these crises and launched important fiscal reforms. The paper reviews the crises and reform experience. In particular, it aims to explain the motivation for reforms, describe reform design and implementation, and provide an understanding of their outcomes. The paper also catalogues the form and size of international assistance for Moldova.

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2012
Republic of Moldova: Fourth Reviews Under the Extended Arrangement and Under the Three-Year Arrangement Under the Extended Credit Facility, and Requests for Waiver for Nonobservance of a Performance Criterion and for Modification of a Performance Criterion – Staff Report; Staff Statement; Press Release on the Executive Board Discussion; and Statement by the Executive Director for the Republic of Moldova

Series: Country Report No. 12/38
Publication date: February 9, 2012

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2011
Republic of Moldova: Third Reviews Under the Extended Arrangement and Under the Three-Year Arrangement Under the Extended Credit Facility, and Request for Modification of Performance Criteria – Staff Report; Staff Supplement; Press Release

Series: Country Report No. 11/200
Publication date: July 25, 2011

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2011
Republic of Moldova: Second Reviews Under the Extended Arrangement and Under the Three-Year Arrangement Under the Extended Credit Facility, and Request for Waiver of Applicability of Performance Criteria – Staff Report; Staff Statement; Press Release on the Executive Board Discussion; and Statement by the Executive Director for the Republic of Moldova

Series: Country Report No. 11/89
Publication date: April 15, 2011

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2010
Republic of Moldova: Selected Issues Paper

Series: Country Report No. 10/232
Publication date: July 27, 2010

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2010
Republic of Moldova: 2010 Article IV Consultation and Staff Report for the 2010 Article IV Consultation, First Reviews Under the Extended Arrangement and Under the Three-Year Arrangement Under the Extended Credit Facility, and Request for Modification of a Performance Criterion Staff Report; Staff Statement and Supplement; Public Information Notice and
Press Release on the Executive Board Discussion; and Statement by the Executive Director
for the Republic of Moldova

Series: Country Report No. 10/234
Publication date: July 27, 2010

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2010
House Price Determinants in Selected Countries of the Former Soviet Union

Author/Editor:
Vahram Stepanyan ; Tigran Poghosyan ; Aidyn Bibolov 
Publication Date: April 1, 2010
Series:
Working Paper No. 10/104

Summary:
This paper analyses the recent boom-bust cycle in the housing markets of selected Former Soviet Union (FSU) countries. The analysis is based on a newly constructed database on house prices in the FSU countries. Our estimations suggest that house price developments can largely be explained by the dynamics of fundamentals, such as GDP, remittances, and external financing. Overall, we find that deviations of house prices from their fundamentals have not been pronounced, suggesting that house price bubbles have not been formed in the FSU countries.

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2010
Republic of Moldova: Request for a Three-Year Arrangement Under the Extended
Credit Facility and Request for an Extended Arrangement –
Staff Report; Staff Report Supplement; Staff Statement; Press Release; Executive Director's Statement

Series: Country Report No. 10/32
Publication date: February 1, 2010

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2008
Republic of Moldova: Fourth Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility and Request for Waiver of Nonobservance of Performance Criterion – Staff Report; Staff Report Supplement; and Press Release

Series: Country Report No. 08/320
Publication date: October 2, 2008

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2008
Zero Corporate Income Tax in Moldova : Tax Competition and Its Implications for Eastern Europe

Author/Editor:
Marcin Piatkowski ; Mariusz Jarmuzek
Publication Date: August 1, 2008
Series:
Working Paper No. 08/203

Summary:
Global economic integration intensified tax competition and raised concerns about the resulting "race to the bottom", which could undermine public investment and social spending. The aim of this paper is to test predictions that (i) there is interdependence in CIT rate setting in Eastern Europe and that (ii) the recent CIT cut in Moldova may intensify tax competition in the region. It finds that there is indeed evidence that during 1995-2006 countries in Eastern Europe strategically responded to changes in CIT rates in the region and that Moldovan zero CIT is likely to encourage further cuts in CIT. The paper also discusses implications of tax competition for Eastern Europe and finds that FDI flows will not be much affected, tax revenues are likely to decline, the shift in the composition in tax revenue may increase economic efficiency, but decrease equity. Tax coordination, while difficult politically, could help stem further decline in corporate taxation, but any gains might be modest and not certain to exceed the costs of tax coordination. Without tax coordination, however, it is unclear what exactly could stop corporate taxes from falling further.

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2008
Republic of Moldova: 2007 Article IV Consultation and Third Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility – Staff Report; Staff Supplement; Public Information Notice and Press Release on the Executive Board Discussion; and Statement by the Executive Director for the Republic of Moldova

Series:
Country Report No. 08/139
Publication date: April 25, 2008

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În limba română (cateva extrase)


2008
Republic of Moldova: Selected Issues

Series:
Country Report No. 08/134
Publication date: April 25, 2008

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În limba română (capitolul 3)


2008
Republic of Moldova: Statistical Appendix

Series:
Country Report No. 08/132
Publication date: April 18, 2008

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2007
Republic of Moldova: Second Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility and Request for Waiver of Nonobservance of Performance Criterion – Staff Report; Staff Statement; Staff Supplement; Press Release on the Executive Board Discussion; and Statement by the Executive Director for the Republic of Moldova

Series: Country Report No. 07/275
Publication date: August 6, 2007

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În limba română


2007
Republic of Moldova: First Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility and Requests for Waiver of Performance Criterion and Augmentation of Access – Staff Report; Staff Supplement; Press Release on the Executive Board Discussion; and Statement by the Executive Director for the Republic of Moldova

Series: Country Report No. 07/45
Publication date: February 6, 2007

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 Note that the PDF contains several parts: the main report on pages 1-77, followed by
 (these are not listed in the table of contents!): the Dec-2006 Supplement, the Press Release on
 the Executive Board discussion, and the Statement by the Executive Director for Moldova).

În limba română
 Notă: fişierul PDF conţine câteva părţi: raportul de bază pe pag. 1-77, urmat de
 (acestea nu sunt indicate în "Cuprins"!): o scurtă actualizare pentru luna decembrie 2006,
 comunicatul de presă privind discuţiile de la şedinţa Consiliului Executiv şi declaraţia
 Directorului Executiv pentru Moldova).


2006
Republic of Moldova: Statistical Appendix

Series:
Country Report No. 06/187
Publication date: May 26, 2006

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2006
Republic of Moldova: 2006 Article IV Consultation and Request for a Three-Year Arrangement Under the Poverty Reduction and Growth Facility – Staff Report; Staff Statement; Public Information Notice and Press Release on the Executive Board Discussion; and Statement by the Executive Director for the Republic of Moldova

Series: Country Report No. 06/184
Publication date: May 25, 2005

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Romanian language translation


2005
Republic of Moldova: Selected Issues

Series:
Country Report No. 05/54
Publication date: February 17, 2005

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2005
Republic of Moldova: Statistical Appendix

Series:
Country Report No. 05/53
Publication date: February 17, 2005

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2005
Republic of Moldova: 2004 Article IV Consultation – Staff Report; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for the Republic of Moldova

Series: Country Report No. 05/48
Publication date: February 17, 2005

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2004
Republic of Moldova: Statistical Appendix

Series:
Country Report No. 04/40
Publication date: February 18, 2004

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2004
Republic of Moldova: 2003 Article IV Consultation – Staff Report and Public Information Notice on the Executive Board Discussion

Series: Country Report No. 04/39
Publication date: February 18, 2004

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2003
Reforming Tax Systems: Experience of the Baltics, Russia, and Other Countries of the Former Soviet Union


Author/Editor:
Vahram Stepanyan
Publication Date: September 1, 2003
Series:
Working Paper No. 03/173

Summary:
Starting in the early 1990s, the Baltics, Russia, and other (BRO) countries of the former Soviet Union initiated tax reforms that varied widely at the later stages. Recently, some of the BRO countries, basing decisions on the proposition that lowering of the top marginal income tax rate would significantly benefit economic development and increase tax compliance, have initiated a new stage of tax reforms. This paper reviews country experiences and suggests that (i) overall, there seems to be little evidence of a substantial improvement in income tax revenues resulting simply from a reduction in the top marginal tax rates, and (ii) in the BRO countries, the elasticity of the behavior of economic agents, in terms of labor supply, saving, and investment, with respect to income tax rates is not large, and a reduction of the existing income tax rates is unlikely to lead to a notable expansion of economic activity.

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2002
Republic of Moldova: 2002 Article IV Consultation, First Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility and Request for Waiver of Performance Criteria – Staff Report

Series: IMF Staff Country Report No. 02/190
Publication date: August 26, 2002

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2001
Armenia, Georgia, Kyrgyz Republic, Moldova, and Tajikistan: External Debt and Fiscal Sustainability


Author/Editor:
Jointly Prepared by the European II Department of the IMF and the
Europe and Central Asia Region of the World Bank
Publication Date:
March 12, 2001

Subject:
This paper examines the debt situation in the five CIS countries that are eligible for PRGF and IDA only. It describes the size and composition of the debt and the key factors that have led to its rapid accumulation in recent years.

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2001
Republic of Moldova: Recent Economic Developments

Series:
Country Report No. 01/22
Publication date: January 25, 2001

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Brief info from Basa-Press news agency - click here.

Russian translation: full text in PDF format.


2000
The Great Contractions in Russia, the Baltics and the Other Countries of the Former Soviet Union: A View From the Supply Side

Author/Editor:
Mark De Broeck and Vincent Koen
Publication Date: February 1, 2000
Series:
Working Paper No. 00/32

Summary:
The output contractions during the initial transition stages in the Baltics and in Russia and the other CIS countries are examined across several dimensions, and the reliability of the available official statistics evaluated. The depth, length and breadth of the contractions are studied and set against a longer-run historical perspective. The relationship between inputs and outputs as described in a standard accounting framework shows that there is more to the contractions than collapsing investment and shrinking employment. Sharp declines in productivity, reflecting in part transition-related factors, also played a major role.

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1999
Fiscal Federalism and Government Size in Transition Economies - The Case of Moldova

Author/Editor:
de Mello, Luiz; Fiscal Affairs Department
Publication Date: December 1, 1999
Series:
Working Paper No. 99/176

Subject:
Revenues; Moldova; Government expenditures

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1999
Republic of Moldova Country Report

Series:
IMF Staff Country Report No. 99/110
Publication date: October 7, 1999

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1999
Central Bank Autonomy, and Inflation and Output Performance in the Baltic States, Russia, and Other Countries of the Former Soviet Union, 1995-1997

Author/Editor:
Tonny Lybek
Publication Date: January 1, 1999
Series:
Working Paper No. 99/4

Summary:
A higher degree of de jure autonomy and accountability of the central banks of the Baltic states, Russia, and other countries of the former Soviet Union appears to be positively correlated with lower average inflation. There also seems to be some positive correlation between greater central bank autonomy and higher average real growth, after the initial period of reforms. Central banks with a higher degree of autonomy and accountability have apparently also reformed their operations more aggressively.

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1998
Republic of Moldova - Recent Economic Developments
 

Series: IMF Staff Country Reports No. 98/58
Publication date: August 5, 1998

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1998
Government Expenditure Arrears - Securitization and Other Solutions

Author/Editor:
Ramos, Alberto; Western Hemisphere Department
Publication Date: May 1, 1998
Series:
Working Paper No. 98/70

Subject:
Payments arrears;Argentina;Armenia;Azerbaijan;Belarus;Georgia;Kazakhstan;Kyrgyz Republic;Latvia;Cameroon;Moldova;Russian Federation;Tajikistan;Turkmenistan

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1998
Pension Reform in the Baltics, Russia, and other Countries of the Former Soviet Union

Author/Editor:
Marta de Castello Branco
Publication Date: February 1, 1998
Series:
Working Paper No. 98/11

Summary:
Despite their increasing fiscal burden, the public pension systems of BRO countries are failing to provide adequate social protection. Although there is a broad consensus about the need for pension reforms, BRO countries are debating whether to embark on systemic reforms or whether to correct the distortions in their pay-as-you-go (PAYG) pension systems. The paper reviews the measures taken by BRO countries during the transition period to address their pension problems and examines the options for further reform. It makes a strong case for a gradual reform approach aimed at establishing a multi-pillar system over the long run, but initially focused on implementation of “high-quality” reforms of the PAYG system.

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1997
Explaining and Forecasting the Velocity of Money in Transition Economies, with Special Reference to the Baltics, Russia and other Countries of the Former Soviet Union

Author/Editor:
Mark De Broeck, Kornelia Krajnyak, and Henri Lorie
Publication Date: September 1, 1997
Series:
Working Paper No. 97/108

Summary:
The paper identifies a number of stylized facts on the behavior of key macroeconomic variables during high inflation and stabilization in countries in transition. To examine the extent to which these stylized facts conform to the predictions of standard open economy monetary theory, the paper develops a simple monetary model of the exchange rate incorporating price stickiness and inflation inertia, and carries out an econometric analysis of the behavior of real money balances during inflation stabilization. The paper concludes by assessing the prospects for velocity developments in countries in transition, including the likely pace of remonetization.

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1997
External Borrowing by the Baltics, Russia and Other Countries of the Former Soviet Union : Developments and Policy Issues

Author/Editor:
Ishan Kapur and Emmanuel van der Mensbrugghe
Publication Date: June 1, 1997
Series:
Working Paper No. 97/72

Summary:
Many countries among the Baltics, Russia and other CIS states are increasingly borrowing on international capital markets, a development that generally reflects their success in achieving financial stabilization. In view of the low level of domestic saving and large capital requirements, recourse to foreign borrowing may of course generate significant benefits for these economies in transition. However, the rapid increase in external debt suggests that consideration also needs to be given to the risks from too high a dependence on foreign saving, including inter alia risk of the postponement of needed structural reforms.

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1996
Republic of Moldova - Recent Economic Developments

Series:
IMF Staff Country Reports No. 96/117
Publication date: November 20, 1996

On paper only


1995
Republic of Moldova - Recent Economic Developments

Series: IMF Staff Country Reports No. 95/73
Publication date: July 24, 1995

On paper only


1994
Monitoring Financial Stabilization in Moldova: The Role of Monetary Policy, Institutional Factors and Statistical Anomalies

Author/Editor:
Haley, James;Shabsigh, Ghiath;European II Department
Publication Date: December 1, 1994
Series:
Papers on Policy Analysis and Assessments No. 94/25

Subject:
Fund-supported adjustment programs;Moldova;Inflation;Monetary policy

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