OREANDA-NEWS. June 24, 2010. This was informed by the permanent representative of IMF in Chisinau Tohir Mirzoev speaking at the opening of Investment week Moldova Business Week 2010. He noted that such decision will be made after IMF Executive council will approve the finishing of the first review of the program, supported through Extended Credit Facility/Extended Fund Facility (ECF/EFF).

Tohir Mirzoev reminded that Moldavian government reached all the target values by this program, planned for the Ist quarter of this year. A 3-year lasting program of IMF with Moldova, approved on January 29th, 2010, stipulates for financial support in total amount of 369.6 million of Special Drawing Rights (SDR) (about USD574.4 million) and is the biggest program of IMF for Moldova. Permanent representative of IMF in Moldova noted that the half of credit is provided by means of ECF, which stipulates a zero interest rate till the end of 2011, 5.5-year period of grace and final maturity of 10 years.

The rest of amount is provided by means of EFF, which stipulates the interest rate equal to the SDR basic rate (at this moment 1.27% per annum), 10-year final maturity and 4.5-year period of grace. Tohir Mirzoev emphasized that economic situation in Moldova improved considerably lately, after the period of recession was noted the economic growth, the increase of consumption, which partially grew up by means of renewal of volume of working immigrants’ remittances from abroad.

Tohir Mirzoev noted that current financial market situation in Moldova is stable; banks began to stand o their own feet, to increase their charter capital, the percentage of troubled credits reduced. In 2010 IMF is expecting the growth of Moldavian GDP by 2.5%. The experts of IMF stress that in medium-term perspective the further tax-budget measures are required. They recommend to authorities the gradual elimination of budget deficit.