OREANDA-NEWS. July 25, 2011. The letter sent to the Fund’s leadership by the Moldovan authorities reads that the economic recovery continues to gain strength, bolstered by the IMF-supported stabilization and reform program. Having recovered to its pre-crisis level, real GDP is expected to continue expanding at a healthy rate.

 The inflation rates are under control, the budget deficit has reduced considerably. These results had been achieved despite the difficulties in economy: fiscal adjustment and contribution to the growth encouraged by export need deep structural reforms; the inflationary pressure is resumed due to rising international energy and food prices; creation of workplaces has been slow; and unemployment still exceeds the pre-crisis one.

It is emphasized that the program is on track and the Moldovan government will continue to implement the reforms stipulated in the agreement with the IMF. In the near future, the Program’s main attention will be focused on maintaining the planned fiscal adjustment rates; containing the inflationary pressure; strengthening banking sector’s stability; restructuring the energy sector; implementing the education reform and other structural reforms to support Moldova’s re-orientation of growth encouraged by export.