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MOLDOVA AND THE IMF
FACTSHEET
At a Glance
-
Moldova joined
the IMF on August 12, 1992.
-
Moldova’s
quota
in the IMF amounts to
SDR
172.5 million (about US$ 230 million) or 0.04 percent of total quota. Moldova’s
voting power in the IMF is 3,177 votes or 0.06 percent of total.
-
Moldova accepted
the obligations of Article VIII of the IMF Articles of Agreement on June 30,
1995.
-
Moldova’s
currency is the leu (MDL); its external value is market determined.
-
Moldova’s
Governor in the IMF is Ms. Anga Dragu, Governor of the National Bank of
Moldova; Moldova’s Alternate Governor in the IMF is Mr. Vladimir Munteanu,
First Deputy Governor of the National Bank of Moldova.
-
Mr.
Jeroen Clicq is the Executive Director for Moldova at the IMF; his
constituency also includes Andorra, Armenia, Belgium, Bosnia and Herzegovina, Bulgaria,
Croatia, Cyprus, Georgia, Israel, Luxembourg, Montenegro, Netherlands,
Republic of North Macedonia, Romania, and Ukraine.
-
Ms. Alina Iancu is IMF's Mission Chief for Moldova.
-
Ms. Svetlana Cerović is IMF's Resident Representative in Moldova.
Financial Assistance
Since 1993, Moldova
has had the following arrangements with the IMF in support of the authorities'
economic adjustment programs: Compensatory and Contingency Financing Facility (CCFF),
Systemic Transformation Facility (STF), Stand-by arrangements (SBA),
Extended Fund Facilities (EFF),
and Poverty Reduction and Growth Facilities (PRGF)
- from 2009 called Extended Credit Facilities (ECF).
In August 2009 Moldova benefited from a one-time
SDR
allocation amounting to SDR 117.71 million.
Since 2020 Moldova
got access to the funding under the Rapid Financing Instrument (RFI),
available to all members, and the Rapid Credit Facility (RCF),
available only to low-income countries eligible for concessional financing. On
April 17, 2020 Moldova
received an outright RCF/RFI loan amounting to SDR 172.5 million (emergency
assistance to address the pandemic).
In August 2021
Moldova benefited from a new
SDR allocation amounting to SDR 165.3 million
(SDR allocation is cost free. Allocating SDRs does not require contributions
from donor countries’ budgets. SDRs are a reserve asset, not foreign aid. Most
importantly, an SDR allocation does not add to any country’s public debt
burden).
The current ECF/EFF
arrangement was approved on December 21, 2021 in the amount of SDR 400 million.
It was augmented on May 11, 2022, reaching SDR 594.26 million (about US$ 791
million). The objectives were to sustain the post-pandemic recovery, address
pressing developmental needs, and strengthen governance and institutional
frameworks.
On December 7,
2023 a new arrangement for Moldova was approved under the Resilience and
Sustainability Facility (RSF),
in the amount of SDR 129.375 million (about US$ 172 million). The RSF supports
Moldova’s efforts to strengthen resilience against climate shocks, support
energy sector reforms, enhance domestic financial sector preparedness, and
mobilize sustainable finance.
Total Fund
credit and loans outstanding at the end of October 2024 amounted to SDR 657
million (about US$ 875 million).
Type of
Arrangement/Resources
/Outright Loans |
Approval
Date |
Expiring/
Drawn |
Amount
Approved
(SDR Million) |
Amount
Drawn
(SDR Million) |
CCFF |
15-Jan-93 |
-- |
13.50 |
13.50 |
CCFF |
19-Dec-94 |
-- |
12.20 |
12.20 |
STF* |
16-Sep-1993 |
15-Sep-1994 |
45.00 |
45.00 |
Stand-by |
17-Dec-1993 |
16-Mar-1995 |
51.75 |
51.75 |
Stand-by |
22-Mar-1995 |
21-Mar-1996 |
58.50 |
32.40 |
EFF |
20-May 1996 |
19-May 2000 |
135.00 |
87.50 |
PRGF |
21-Dec-2000 |
20-Dec-2003 |
110.88 |
27.72 |
PRGF** |
5-May 2006 |
4-May 2009 |
110.88 |
88.00 |
EFF |
29-Jan-2010 |
30-Apr-2013 |
184.80 |
149.12 |
ECF |
29-Jan-2010 |
30-Apr-2013 |
184.80 |
170.88 |
EFF |
07-Nov-2016 |
13-Mar-2020 |
86.30 |
86.30 |
ECF |
07-Nov-2016 |
19-Mar-2020 |
43.10 |
43.10 |
RFI |
17-Apr-2020 |
21-Apr-2020 |
115.00 |
115.00 |
RCF |
17-Apr-2020 |
21-Apr-2020 |
57.50 |
57.50 |
ECF |
20-Dec-2021 |
19-Apr-2025 |
198.09 |
160.00 |
EFF |
20-Dec-2021 |
19-Oct-2025 |
396.18 |
289.10 |
RSF |
6-Dec-2023 |
19-Oct-2025 |
129.38 |
32.34 |
*
The STF was a temporary IMF financing facility that provided
assistance to member countries facing balance of payments difficulties arising
from severe disruptions in their trade and payments arrangements owing to a
shift from reliance on trading at nonmarket prices to multilateral market-based
trade.
**
The PRGF was replaced by ECF in 2009.
Year |
SDR million |
Purchases and Loans |
Charges and
Interest Paid |
Disbursements |
Repayments |
1993 |
63.0 |
0 |
0.7 |
1994 |
49.5 |
0 |
3.5 |
1995 |
42.4 |
0 |
6.7 |
1996 |
22.5 |
5.1 |
7.1 |
1997 |
15.0 |
14.6 |
8.0 |
1998 |
0 |
47.2 |
7.6 |
1999 |
50 |
47.9 |
5.5 |
2000 |
9.2 |
18.6 |
6.2 |
2001 |
9.2 |
11.3 |
5.0 |
2002 |
9.2 |
13.8 |
2.8 |
2003 |
0 |
15.8 |
2.0 |
2004 |
0 |
14.6 |
1.7 |
2005 |
0 |
14.6 |
1.8 |
2006 |
43.4 |
16.4 |
1.7 |
2007 |
21.7 |
14.5 |
1.4 |
2008 |
22.9 |
16.0 |
0.9 |
2009 |
0 |
9.7 |
0.5 |
2010 |
120 |
5.5 |
0.3 |
2011 |
100 |
3.9 |
0.8 |
2012 |
100 |
10.5 |
1.2 |
2013 |
0 |
14.2 |
1.6 |
2014 |
0 |
19.3 |
1.6 |
2015 |
0 |
29.1 |
1.5 |
2016 |
26.0 |
52.5 |
1.4 |
2017 |
31.4 |
63.5 |
1.9 |
2018 |
24.0 |
62.5 |
2.4 |
2019 |
33.6 |
59.0 |
2.4 |
2020 |
186.9 |
53.4 |
2.3 |
2021 |
57.2 |
35.3 |
2.3 |
2022 |
128.8 |
23.2 |
4.6 |
2023 |
162.6 |
41.6 |
14.5 |
2024 |
132.9 |
70.9 |
13.6 |
Month |
Purchases and Loans
SDR million |
Disbursements |
Repayments |
Jan-17 |
0 |
9.5 |
Feb-17 |
0 |
12.4 |
Mar-17 |
0 |
4.2 |
Apr-17 |
10.5 |
4.8 |
May-17 |
5.2 |
0 |
Jun-17 |
0 |
0 |
Jul-17 |
0 |
9.5 |
Aug-17 |
0 |
14.1 |
Sep-17 |
0 |
1.1 |
Oct-17 |
0 |
7.8 |
Nov-17 |
0 |
0 |
Dec-17 |
15.7 |
0 |
Jan-18 |
0 |
7.3 |
Feb-18 |
0 |
14.1 |
Mar-18 |
0 |
1.1 |
Apr-18 |
0 |
9.2 |
May-18 |
0 |
0 |
Jun-18 |
16.0 |
0 |
Jul-18 |
8.0 |
7.3 |
Aug-18 |
0 |
14.1 |
Sep-18 |
0 |
0 |
Oct-18 |
0 |
9.2 |
Nov-18 |
0 |
0 |
Dec-18 |
0 |
0 |
Jan-19 |
0 |
6.2 |
Feb-19 |
0 |
14.1 |
Mar-19 |
0 |
0 |
Apr-19 |
0 |
9.2 |
May-19 |
0 |
0 |
Jun-19 |
0 |
0 |
Jul-19 |
0 |
6.2 |
Aug-19 |
0 |
14.1 |
Sep-19 |
33.6 |
0 |
Oct-19 |
0 |
9.2 |
Nov-19 |
0 |
0 |
Dec-19 |
0 |
0 |
Jan-20 |
0 |
11.8 |
Feb-20 |
0 |
8.4 |
Mar-20 |
14.4 |
0 |
Apr-20 |
172.5 |
0 |
May 20 |
0 |
0 |
Jun-20 |
0 |
0 |
Jul-20 |
0 |
10.2 |
Aug-20 |
0 |
4.4 |
Sep-20 |
0 |
0 |
Oct-20 |
0 |
9.2 |
Nov-20 |
0 |
0 |
Dec-20 |
0 |
0 |
Jan-21 |
0 |
4.5 |
Feb-21 |
0 |
4.4 |
Mar-21 |
0 |
0 |
Apr-21 |
0 |
9.2 |
May 21 |
0 |
1.4 |
Jun-21 |
0 |
0 |
Jul-21 |
0 |
4.5 |
Aug-21 |
0 |
4.4 |
Sep-21 |
0 |
0 |
Oct-21 |
0 |
5.3 |
Nov-21 |
0 |
1.4 |
Dec-21 |
57.2 |
1.4 |
Jan-22 |
0 |
0 |
Feb-22 |
0 |
4.4 |
Mar-22 |
0 |
0 |
Apr-22 |
0 |
5.3 |
May-22 |
108.1 |
2.3 |
Jun-22 |
0 |
0.9 |
Jul-22 |
0 |
0 |
Aug-22 |
0 |
0 |
Sep-22 |
20.7 |
3.0 |
Oct-22 |
0 |
2.3 |
Nov-22 |
0 |
2.8 |
Dec-22 |
0 |
2.2 |
Jan-23 |
20.7 |
0 |
Feb-23 |
0 |
0 |
Mar-23 |
0 |
0 |
Apr-23 |
71.0 |
0.9 |
May-23 |
0 |
2.8 |
Jun-23 |
0 |
2.7 |
Jul-23 |
0 |
14.4 |
Aug-23 |
0 |
0 |
Sep-23 |
0 |
0 |
Oct-23 |
0 |
15.3 |
Nov-23 |
0 |
2.8 |
Dec-23 |
71.0 |
2.7 |
Jan-24 |
0 |
15.2 |
Feb-24 |
0 |
0 |
Mar-24 |
0 |
1.9 |
Apr-24 |
0 |
15.2 |
May-24 |
0 |
2.8 |
Jun-24 |
0 |
2.7 |
Jul-24 |
132.9 |
15.2 |
Aug-24 |
0 |
0 |
Sep-24 |
0 |
2.7 |
Oct-24 |
0 |
15.2 |
More detailed tables:
Republic of
Moldova: Financial Position in the Fund
(including transactions with the Fund - summary of
disbursements and repayments,
IMF credit outstanding, projected payments...)
IMF Staff Reports on Moldova
Memorandums of
Economic and Financial Policies
Other IMF Publications on Moldova
IMF Articles of
Agreement
Technical Assistance
The IMF has provided
Moldova with technical assistance in a number of areas, including fiscal
management, public expenditure, tax and customs, monetary accounting system,
bank supervision, monetary policy/central bank organization, and in various
statistical areas.
The IMF Institute
provided training to Moldovan officials in areas such as financial programming
and policy, external policies, monetary and exchange operations, and balance of
payments and government finance statistics; Moldovan officials also attended
courses and seminars offered by the Joint Vienna Institute, in areas such as
central bank accounting, macroeconomic analysis and policy, public expenditure,
tax policy administration and reform, banking supervision, and in various
statistical areas.
_________________________
Last update: November 2024 |