Moldova & IMF IMF Activities Publications Press Releases

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Chisinau-25.04.2001/16:10:54/(BASA-economic) A mission from the
International Monetary Fund began a week-long visit on April 25
to assess progress under the Poverty Reduction and Growth Facility
(PRGF) and to discuss future economic and financial policies with
the new president, parliament, and government. The mission will be
led by Richard Haas, Advisor in the IMF's European II Department.

The findings of the mission will be crucial for the further
relations between the former Soviet state and the lender, experts

According to government officials, Moldova has fulfilled most of
the conditions under the Memorandum on Economic and Fiancial
Policy, except for a number of laws, which remain queued since the
parliamentary crisis at the beginning of this year. Among these
there is a law on bankruptcy, law on free enterprise zones,
amendments to the law on banks.

According to the Memorandum on Economic and Fiancial Policy, the
Moldovan government and central bank are committed to increase the
international net reserves up to 67 million dollars and the
currency reserves up to 229 million dollars by the end of March.

The central bank was also limited to crediting the government in a
maximum amount of 1.419 billion lei. At the same time, Chisinau
pledged to amend the Fiscal Code and Law on Banks, including the
clause that bankrupt banks are closed by courts and not the
National Bank.

After the arrival of the Communists to power, IMF officials were
quoted as saying that the Fund would continue crediting Moldova in
order to reduce poverty and obtain economic growth. IMF builds its
relations with all member nations through the support for their
economic programs and policies, but not through the support for any
political parties or individuals, the officials stressed.

The new Moldovan government promised to strengthen the cooperation
with the International Monetary Fund, World Bank, European Bank for
Reconstruction and Development and other lenders, but noted that
these ties will be based on "national interests" and that "the
government will honour all its financial obligations."

The visit follows two purposes, government officials said: one is
to find out in what measure the true intentions of the communists
correspond to their statements concerning a possible review of the
law on nominal compensations and the laws on privatisation of the
wine and tobacco industries.

Adoption of these two laws was one of the basic conditions which
IMF traded for the resumption of assistance for Moldova. The
mission will discuss with the new government issues related to
prices control, and import tariff increase - two points which are
not accepted by the Fund.

Secondly, the mission will advise the IMF Board about the future
processes in Moldova and policies which must be promoted.

The IMF's Executive Board approved the three year loan under the
PRGF for the Republic of Moldova in an amount equivalent to SDR
110.88 million (about 142 million dollars) on December 21, 2000.
Two tranches, totaling nearly 25 million dollars, have already been
disbursed under the PRGF: the first tranche of 12 million dollars
was disbursed on December 29, 2000 and the second tranche of 12
million dollars was disbursed on February 23, 2001. The IMF office
in Chisinau will provide information on the outcome of the
discussions shortly after the mission's departure.


Chisinau-25.04.2001/16:10:54/(BASA-economic) O misiune a Fondului Monetar International, condusa de Richard Haas, consilier in Departamentul doi pentru Europa al FMI, a sosit astazi la Chisinau intr-o vizita de evaluare de o saptamana. Scopul acestei vizite este de a verifica respectarea prevederilor Memorandumului cu privire la politica economica si financiara, semnat la inceputul lunii decembrie 2000.

Vizita va fi determinanta pentru relatiile de mai departe dintre noua putere de la Chisinau si organismele financiare internationale.

Potrivit oficialilor din Guvern, majoritatea conditiilor prevazute pentru sfarsitul lunii martie au fost indeplinite, cu exceptia adoptarii unor legi care nu au trecut prin Legislativ data fiind criza parlamentara - legea cu privire la faliment, cu privire la activitatea zonelor economice libere, elaborata in comun cu expertii FMI, precum si de modificarile la legea cu privire la activitatea bancilor, care prevede falimentarea acestora prin judecata si nu prin decizia Bancii Nationale.

Surse din cadrul reprezentantei FMI ne-au comunicat ca aceasta vizita urmareste doua scopuri. Pe de o parte, misiunea va fi interesata sa afle in ce masura corespund intentiilor reale ale comunistilor cu declaratiile facute de unii lideri ai acestuia cu referire la revederea legii compensatiilor nominale si modificarea legii cu privire la privatizarea fabricilor de vinuri si tutun.

Adoptarea acestor doua legi a fost printre conditiile de baza pentru reluarea, anul trecut, a creditarii R.Moldova. Misiunea va discuta cu noul Guvern si punctele ce tin de controlul preturilor, prevedere continuta in programul de guvernare, precum si teza ce tine de majorarea tarifelor la import in vederea protejarii producatorului autohton, prevedere inacceptabila pentru FMI.

Pe de alta parte, misiunea va expune viziunea Fondului Monetar in ceea ce priveste viitoarele procese din R.Moldova si politicele care, in opinia sa, ar trebui sa fie promovate.

Consiliul Executiv al FMI a aprobat la 21 decembrie 2000 un credit pe 3 ani pentru R.Moldova, acordat in cadrul Mecanismului de reducere a saraciei si de crestere economica, in valoare de aproximativ 142 milioane dolari. Pana in prezent, FMI a acordat din acest credit doua transe, fiecare in valoare de aproximativ 12 milioane dolari. In functie de rezultatele vizitei, FMI ar putea acorda Chisinaului o a treia transa, tot de 12 milioane dolari.