Mission to Moldova During July 12-19, 1999
A mission from the European II Department of the
International Monetary Fund led by Mr. Rick Haas will visit Chisinau
during July 12--19, 1999 with the following objectives:
review of implementation of structural reform measures and fulfilment of
financial performance targets that were agreed with the Moldovan government and
National Bank during an IMF mission in May;
conclusion of agreement on a new Memorandum of Economic and Financial
Policies for the second half of 1999, with financial performance targets to be
set for end-September 1999 and end-December 1999.
Satisfactory financial performance and
implementation of structural reform measures would lead to consideration by the
IMF Executive Board of disbursement of a SDR 25 million tranche (approximately
US$35 million) under the SDR 135 million Extended Fund Facility program that was
approved back in May 1996.
The last disbursement made by the IMF to Moldova
was a SDR 25 million tranche following approval of the third review of the EFF
program by the Fundís Executive Board on January 4, 1999.
At that time, the Board also approved an extension of the EFF program by
one year, until May 2000. Four
disbursements under the EFF program have taken place, amounting to a total of
SDR 62.5 million.
The present level of IMF support to Moldova
amounts to approximately US$190 million.
Mark A. Horton
IMF Resident Representative
Chisinau, Republic of Moldova