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IMF CONSIDERS THAT RESIGNATION OF MIHAI MANOLI 
IS A MAJOR LOSS

Chisinau-14.02.2002/09:20:21/(BASA-economic) The Resident
Representative of the International Monetary Fund (IMF), Hassan
Al-Atrash, is of the opinion that the resignation of the Minister
of Finance Mihai Manoli "is a major loss for Moldova". "Mihai
Manoli was an exceptional minister and I hope that his resignation
will not change the fiscal stance nor weaken the institution of
the Ministry of Finance, a thing that would be a tragedy for
Moldova", declared the IMF representative.

According to Hassan Al-Atrash, the lessons learned during his
mandate is that four things are needed for sustained growth.
"First, there is the need to reform the energy sector; it has been
called by some as "a state within a state", said Al-Altrash. Ac
cording to him, the energy sector is responsible for a "geometric
increase in Moldova's debt". It is also the most corrupt and least
transparent sector.

Another lesson is the necessity for public administration reform
to provide decent salaries in order to retain and attract capable
people.

A third lesson is the need for ownership of reforms. "It may be
simplistic but, in my view, IMF supported programs have succeeded
when there was ownership and a political consensus on the reforms
and have failed when ownership was lacking", said Al-Atrash.

The fourth important factor is the existence of strong
institutions, including a strong central bank and finance ministry
- these are the two main institutions that can contribute to
financial stabilization. This is the context in which the IMF
official placed the resignation of the Finance Minister. "Out of
these four premises for growth, only the last one currently exists
in the Republic of Moldova. It would be a tragedy if the finance
ministry is weakened", said Hassan Al-Atrash.

The official mentioned that, notwithstanding the resignation of
Mihai Manoli, the IMF mission is still expected to visit Chisinau
during February 25 - March 8. Among the conditions for the
resumption of IMF financing will be addressing the state debt
guarantee problem from the Moldovan-Russian gas Agreement,
parliamentary approval of a market-oriented Civil Code, progress
in negotiations with the World Bank on the SAC-III credit, and
pursuing policies consistent with those outlined in the Supplement
to the Memorandum agreed to in August/September 2001. Moreover,
the Mission will be interested in how expenditures on the rayon
will be covered and will verify the data on economic growth of 6.1
percent in 2001.

In the event of a successful conclusion, the IMF Board could meet
in March/April to discuss resuming financing.


 FMI CONSIDERA CA DEMISIA LUI MIHAI MANOLI ESTE  O MARE PIERDERE

Reprezentantul permanent la Chisinau al Fondului Monetar International (FMI), Hassan Al-Atrash, este de parere ca demisia ministrului de Finante Mihai Manoli "este o mare pierdere". "Mihai Manoli a fost un ministru exceptional si sper ca aceasta demisie nu va schimba politica fiscala si nu va slabi institutia Ministerului de Finante, lucru care ar fi o mare tragedie pentru R.Moldova", a declarat reprezentantul FMI. 

Potrivit lui Hassan Al-Atrash, pe parcursul mandatului sau in R.Moldova s-a convins de faptul ca exista patru factori necesari pentru a asigura o crestere economica stabila in R.Moldova. "In primul rand, este vorba despre o reforma a sectorului energetic, numit de cineva "stat in stat"", a spus Al-Atrash. Potrivit lui, in acest domeniu datoria continua sa creasca in progresie geometrica, existand foarte multa coruptie si putina transparenta. O alta masura necesara este reformarea sistemului de administratie publica si asigurarea functionarilor de stat cu un salariu decent. Hassan Al-Atrash sustine ca un salariu mic nu poate atrage si mentine in administratia publica specialisti buni. 

Un alt aspect este consensul si vointa politica de a promova reformele si angajarea personala in aceste reforme. Reformele, potrivit lui Hassan Al-Atrash nu trebuie sa fie impuse de FMI. Anume acest factor a asigurat succesul programelor FMI in unele state si esecul acestora in altele. 

Un alt patrulea factor important este existenta unei Banci centrale si a unui Minister de Finante puternice - doua institutii care pot contribui la stabilizarea situatiei economice. Anume in acest context a plasat oficialul FMI demisia ministrului de Finante. "Din aceste patru premise pentru crestere, doar acesta din urma la moment mai exista inca in R.Moldova. Ar fi o tragedie daca situatia s-ar schimba", a spus Hassan Al-Atrash. 

Oficialul a mentionat ca in pofida demisiei lui Mihai Manoli Misiunea FMI anuntata pentru perioada 25 februarie - 8 martie va sosi totusi la Chisinau. Printre conditiile pentru reluarea creditarii externe vor figura anularea garantiei de stat din acordul moldo-rus privind livrarile de gaze, adoptarea unui Cod Civil conform principiilor economiei de piata, obtinerea unor progrese in negocierile cu Banca Mondiala pentru alocarea creditului SAC-III, si respectarea indicatorilor macroeconomici fixati in Memorandumul bilateral. In plus, Misiunea va fi interesata de modul in care vor fi acoperite cheltuielile pentru revenire la raioane si va verifica datele privind cresterea economica de 6,1 la suta in 2001. Hassan Al-Atrash considera aceste cifre sunt "surprinzatoare". 

In cazul in care toate aceste probleme vor fi solutionate pozitiv, o decizie privind reluarea creditarii externe ar putea fi adoptata de FMI in aprilie.