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IMF thinks the slowdown in the economy of Moldova is explained by the economic situation in the region

8 may 2012, 16:35 print out copy link The link has been copied to the Clipboard

IMF European Department Mission Head Nikolay Gueorguiev stated this at a meeting with Premier of Moldova Vladimir Filet and noted that the Fund is carefully monitors the economic situation in our country and in the region. Participants of the dialogue discussed various aspects of cooperation of Moldova and IMF in the context of the program of financing of RM. The current IMF Mission has two objectives: to sicuss with authorities of Moldova the fifth review of Moldova’s performances under the Extended Credit Facility and under the Extended Fund Facility and hold consultation in line with Art. 4 of the IMF Agreement of Financial Mid-term Policies. According to Nikolay Gueorguiev, such consultations are held every two years. Experts of IMF carried out a number of research works and analyses to be discussed with Moldovan authorities.

They concern direct investment in Moldovan economy; vulnerability of Moldova to external financial shocks; mid-term reforms in the budget sector. IMF ED Mission Head thinks it necessary for Moldova to speed up justice reforms and guarantee the required budget deficit to keep tendency of the economic growth recorded during the recent 2 years. The current IMF Mission is last but one in the framework of the Aid Program, which is completed in January, 2013, with the last one being scheduled for this autumn. Vladimir Filat confirmed commitment of the government to continue implementation of the reforms,.

During the meeting participants arranged to work out a new program of cooperation between MIMF and Moldova after 2013. The Three-Year Arrangement approved by IMF for Moldova on January, 29, 2010 provides backing at a total amount of 369,6 mln. of Special Drawing Rights (SDR) of which 270 mln. SDR, that is about $415 mln., have already been transferred. 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 sum is extended under the Extended Fund Facility which stipulates the interest rate equal to the basis rate of SDR, that is 1,15% p.a. at present, the 4,5 -year long grace period and the 10-year long maturity.

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