IMF CONCERNED ABOUT SOME PROVISIONS IN GAS AGREEMENT WITH RUSSIA
Chisinau, December 12 (INFOTAG). The International Monetary Fund has expressed
with some provisions in the gas supply agreement signed recently between Moldova
In particular, in Article 12 the IMF experts perceived an indirect security to
ensured by the Moldovan Parliament to payment commitments taken by MoldovaGas, a
Moldo-Russian joint enterprise. By this article, the government has undertaken
favorable conditions for MoldovaGas activity in order to prevent the enterprise
liquidation, re-profiling, or reorganization during the document's 5-year
Minister of Energy Iacob Timciuc does not see any problem about that article, as
Cabinet is supposed to provide favorable business conditions for all economic
Besides, the article in question stipulates that if reorganization or
initiated by the Russian side, the Moldovan Government bears no responsibility
he told INFOTAG.
On December 18, an IMF mission is expected to arrive in Chisinau that will
advisor to the IMF European II Department and Fund's chief representative for
Mr. Richard Haas and an expert in payment balance problems Mr. Ron van Roden.
that time the Government will manage to work out a less explosive formula for
and agree upon it with the Russian side.
Deputy Minister of Finance Mariana Durlesteanu told your correspondent that the
million, promised by the World Bank as an addition to SAC-II program, will come
ministry's account within 2-3 days. In her words, an agreement was signed on
between the World Bank and the Government of the Netherlands on providing a $10
grant to Moldova - also as an addition to SAC-II.
"The grant is intended for supporting the country's payment balance, but it will
available only after the World Bank concludes an appropriate agreement with the
Government", Mrs. Durlesteanu said. She does not rule out that the agreement may
signed already this week by World Bank Regional Director Mr. Roger Grawe and by
of Finance Mihai Manoli. This money will permit to repay external dues without
domestic expenditures, she presumes.
Before the New Year, Moldova is supposed to repay $4.7 million against the $45
credit furnished by the European Union, and $3.6 million against Eurobonds.
The Ministry of Finance regards as fairly problematic the receipt in 2001 of
$12 million tranche from the IMF $142 million credit within program to combat
and ensure economic growth. Most probably, the December 21 IMF Board session
not include an item concerning the approval of a supplement to the IMF
on with the Moldovan Government in July 2001.