IMF Mission Starts to Work in Moldova
OREANDA-NEWS. April 29, 2010. As the permanent representative of the International Monetary Fund in Moldova Tohir Mirzoev has told, within the fortnight visit mission will carry out the first review of the program of Moldova with the IMF, financed by the mechanisms of crediting ECF/EFF, and also will have consultations.
Mission will analyse the last economic events and the course of the program implementation, update the assessment of macroeconomic prospects of Moldova and discuss macroeconomic and structural policies which introduction is necessary in future with the authorities.
The three-year program of the IMF with Moldova approved on January 29, 2010 provides financial support in total of 369,6 million special borrowing rights (about USD574,4 million) from which 60 million of SBR (about USD 90 million) have already been transferred to Moldova. Half of the credit is given through the Expanded crediting facility (ECF) meaning zero interest rate up to the end of 2011, delay in payments for 5,5 years at 10-years term of repayment. The rest is given by means of the Expanded financing facility (EFF), which provides the interest rate equal to basic rate of the SBR (at present - 1,27 % annual), 10-years term of repayment with a grace period of 4,5 years.
These funds are intended for maintenance of the economic program of the country, which purpose is restoration of financial and external stability, preservation of financial stability, reduction of poverty and increase in the rates of economic growth. The new program of the IMF for Moldova follows the three-year program on reduction of poverty and assistance to economic growth (PRGF) which expired in May 2009. Moldova in 2009 received from the IMF 117,7 million SBR (about USD 186 million) and used them for covering budgetary deficit.
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