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IMF WILL CONTINUE CREDITING MOLDOVA

Chisinau-02.02.2001/11:15:11/(BASA-economic) The conclusions of the
International Monetary Fund's mission that assessed this week how
the Republic of Moldova respected its commitments under the
Memorandum of Economic and Financial Policies are positive, a fact
that allows for the release of second tranche in the amount of 12
million dollars of the credit given under the Poverty Reduction and
Growth Facility.

In an interview given to the radio post "Free Europe", the head of
the International Monetary Fund mission, Richard Haas, Advisor in
the Europe II Department, declared that the next tranche of the
credit would be given around February 15.

The International Monetary Fund could continue crediting the
Republic of Moldova even under the conditions when the Parliament is
dissolved and the left forces could have an important weight in the
future composition of the legislative and executive branches.

Richard Haas said that the targets fixed for the end of December
regarding central bank credit to the government, international
reserves, budget cash deficit, and wage and pension arrears, have
all been observed, though they were very ambitious.

Richard Haas said that the mission also discussed the Poverty
Reduction Strategy the Government is working on, the possibility to
restructure the external debt of the Republic of Moldova, and the
IMF lawyers provided assistance in the field of preparation of the
legal basis regulating the activity of the free economic zones, so
that these become zones for the promotion of export and not a way of
avoiding payment of taxes, as it happens now.

According to the head of the IMF mission, the legislation regarding
the free zones should combine certain requirements - should limit
the types of activities to those of production of goods for export
and should limit the time of operation of the zones.

As regards the restructuring of foreign debt, Richard Haas said
moving from Extended Fund Facility (EFF), under which the Republic
of Moldova received credits in previous years, to the more recent
Poverty Reduction and Growth Facility effectively means a
restructuring of debts. This is because the previous program
provided for short-term credits on market terms. The present program
provides for longer term credits, with a lower interest. So as IMF
is one of the largest creditors of Moldova, it means in fact a
rescheduling of the foreign debt.

The value of credits extended by IMF to the Republic of Moldova
since 1992 is about 300 million dollars. Moldova is due to pay to this 
international body for debt service nearly 30 million dollars in 2001.


FONDUL MONETAR INTERNATIONAL VA CONTINUA CREDITAREA REPUBLICII MOLDOVA


Chisinau-02.02.2001/(BASA-press) Concluziile misiunii Fondului Monetar 
International, care a evaluat  saptamana aceasta respectarea angajamentelor 
asumate de Republica Moldova prin semnarea Memorandumului cu acest 
organism international, sunt pozitive, fapt care permite alocarea celei de a 
doua transe in valoare de 12 milioane dolari din creditul acordat in cadrul 
Mecansmului  de reducere a saraciei si crestere economica.

Intr-un interviu acordat postului de radio "Europa Libera", seful
Misiunii FMI, Richard Haas, director in Departamentul II pentru
Europa, a declarat ca transa de credit va fi alocata in jurul datei
de 15 februarie.

Fondul Monetar International va continua creditarea Republicii
Moldova, chiar in actualele conditii in care Parlamentul este
dizolvat, iar fortele de stanga ar putea avea o pondere importanta
in viitoarea componenta a legislativului si executivului.

Richard Haas a spus ca cifrele fixate pentru sfarsitul lunii
decembrie, care se refereau la rezerva de stat si la cea
internationala, la deficitul in numerar, la scaderea restantelor la
salarii si pensii, au fost indeplinite, chiar daca au fost foarte
ambitioase.

Richard Haas a spus ca misiunea a discutat si strategia de reducere
a saraciei pe care o pregateste Guvernul, posibilitatea de
restructurare a datoriei externe a Republicii Moldova, iar juristii
FMI au acordat asistenta in pregatirea bazei legislative pentru
activitatea zonelor economice libere, in asa fel incat acestea sa
devina zone pentru promovarea exportului si nu o modalitate de
eschivare de la plata impozitelor, cum se intampla in prezent.

Potrivit sefului misiunii FMI, legislatia ce tine de zonele libere
trebuie sa intruneasca anumite rigori - sa limiteze tipul de
activitati la cele de producere a marfurilor pentru export sau la
transportarea acestora si sa limiteze timpul pe parcursul caruia
aceste zone vor fi operationale.

Cu referire la restructurarea datoriei externe, Richard Haas s spus
ca trecerea de la programul EFF, in cadrul caruia RM a primit
creditare timp de mai multi ani, la actualul Mecanism de reducere a
saraciei si crestere economica presupune si o reiesalonare a
datoriilor. Aceasta, deoarece programul precedent prevedea
acordarea de credite pe termen scurt in conditii de piata.
Programul actual presupune credite pe termen mai mare, cu o dobanda
mai joasa. Si deoarece FMI este unul dintre creditorii cei mai mari
ai RM, acest lucru inseamna de fapt o reiesalonare a datoriei
externe.

Valoarea creditelor acordate de FMI Republicii Moldova din 1992 este
de aproape 300 milioane dolari. Moldova va trebui sa achite deservirea 
datoriei fata de acest organism international cca 30 milioane dolari in
 
anul 2001.