Moldova & IMF IMF Activities Publications Press Releases

Limba romana


Chisinau-26.04.2001/16:10:59/(BASA-economic) As prudent policies
continued in 2000, a slight rebound of output emerged in the first
half of 2000, despite news shocks in the form of drought and
increased energy prices, according to a reported of the
International Monetary Fund entitled "Republic of Moldova: Recent
Economic Developments".

The report says that the fiscal stance was consolidated in 2000 by
one-and-a half percent of GDP. The stock of energy arrears was reduced
in 2000 with and equity swap involving Moldovagas shares and the
issuance of promissory notes to Russian Gazprom. At the end of September
2000, the total stock of public and publicly guaranteed debt stood at
about 1 billion dollars or 72 percent of GDP, while energy arrears added
an estimated 300 million dollars or 21 debts of GDP. In 2000 inflation
was much lower, reflecting further monetary tightening. 12-month
inflation fell to 29 percent by end-September 2000. According to the IMF
report, internal reserves reached a low of 140 million dollars by the
end of 1998. Since then the National Bank of Moldova has rebuilt the
reserves to 190 million dollars as of end-September 2000, while paying
large amounts in foreig n debt service (67 million dollars in the first
quarter of 2000). Throughout the period, the BNM has allowed the
exchange rate of the leu to float freely. In real terms, by
end-September 2000, the ley had depreciated by roughly 35 percent
vis-a-vis the U S dollar compared to its pre-August 1998 level.

Renewed eforts on the structural front were made in 2000, when the
parliament finally apporved the privatization plan for five major
wineries and the tobacco sector, three electricity distributing
companies were sold to a strategic investor and the Civil Code was
passed in the first reading by the parliament.

The raport says that in the first half of 2000 agricultural production
fell by 4 percent over the same period in 1999, while total industrial
production increased by 8 percent. In the first half of 2000, final
consumption increased by over 10 percent of GDP, while gross capital
formation dropped by 8 percent of GDP as compared to the same period
last year. The trade balance worsened in the first half of 2000; the
recovery in imports was stronger than in exports; with the latter
recovering only slowly because of the drought. The average monthly wage
in the first five months of 2000 reached 351 Moldovan lei, remaining
roughly stable in dollar terms.In the first ten months of 2000 prices
rose by 16 percent which is 12 percent points less than during the same
period of 1999.

The total revenues were in line with the 2000 budget. Priority was
given to the payment of arouns 147 million dollars of arrears on
pension and wages, to debt service ogligations. Monetary policy was
successfully tightened in the first half of 2000, however reserve
money grew by less than 8 percent during this period and broad money
by 11 percent. The "Republic of Moldova: Recent Economic
Developments" report was prepared by a staff team of the IMF as
background document for the periodic consultation with the member
country. It is based on the information available at the time it was
completed on December 1, 2000. The views expressed in this
document are those of the staff team and do not necessary reflect
the views of the Moldovan government or of the Executive Board of
the IMF.

Full text of the Report is here.


Chisinau-26.04.2001/16:10:59/(BASA-economic) In pofida secetei de proportii care a afectat Republica Moldova la mijlocul anului trecut si a majorarii preturilor la energie, volumul productiei a inregistrat o usoara crestere in RM, in 2000, se arata in raportul Fondului
Monetar International (FMI) intitulat "R.Moldova: Dezvoltari economice recente", facut public in a doua jumatate a lunii curente.

Potrivit raportului, in anul 2000 in Moldova a fost consolidata politica fiscala prin cresterea cu 1,5 la suta a produsului intern brut (PIB).

Datoriile pentru energie au fost reduce prin acordarea unui pachet de actiuni ale companiei Moldovagaz concernului rus Gazprom si prin emiterea cambiilor.

La sfarsitul lunii septembrie 2000, datoriile publice si cele garantate de stat constitui au circa 1 miliard USD sau 72% din PIB, plus datorii pentru energie in suma de 300 mln USD sau 21% din PIB.

In anul 2000, nivelul inflatiei a fost mult mai scazut in comparatie cu anii precedenti, in particular
datorita consolidarii politicii monetare. 

Potrivit raportului FMI, Banca Nationala a Moldovei (BNM) a majorat rezervele interne de la 140 mln USD la sfarsitul anului 1998, cand a fost inregistrat cel mai jos nivel, pana la 190 mln USD la sfarsitul lunii septembrie 2000. In acelasi timp, in prima jumatate a
anului trecut, BNM a achitat datorii externe in suma de 67 mln USD.

Potrivit FMI, pe parcursul anului 2000 in R.Moldova au fost inregistrate progrese in sectorul structural, in particular Parlamentul a votat privatizarea a cinci companii vinicole si a combinatelor din tutunarit, trei retele energetice de distributie au fost vandute
unui partener strategic, programul de privatizare a pamantului a fost incheiat cu succes, iar Codul Civil a fost adoptat de catre Parlament in prima lectura.

Potrivit raportului, consumul final s-a majorat cu peste 10 la suta din PIB in primele 6 luni ale anului 2000, in timp ce capitalul brut a scazut cu peste 8% din PIB in comparatie cu perioada corespunzatoare a anului 1999.

Autorii raportului constata ca veniturile bugetare au fost colectate la nivelul prevazut de bugetul de stat pentru 2000. A fost acordata prioritate achitarii restantelor la pensii si salarii in suma de circa 147 mln USD si achitarii datoriilor externe.

Raportul a fost intocmit de o echipa de experti ai FMI in baza datelor puse la dispozitie pana la 1 decembrie 2000. In raport se mentioneaza ca punctele de vedere exprimate in document apartin echipei de autori si nu reflecta obligatoriu pozitia guvernului R.Moldova sau
cea a consiliului directorilor al FMI.

Textul integral al raportului (in limba engleza) se afla aici.