Moldova & IMF IMF Activities Publications Press Releases

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Chisinau-22.12.2001/12:58:46/(BASA-economic) The Moldovan
government will urgently present the International Monetary Fund
(IMF) the interpretation of the provisions to the Moldovan-Russian
gas supply agreement, signed late November, to be able to bank on
the resumption of the talks with the IMF in January 2002, Premier
Vasile Tarlev told journalists on Friday.

There are divergencies between the Moldovan government and IMF on
the assessment of the Moldovan-Russian gas supply agreement.

For example, the IMF experts say that the article 12 of the
agreement has a "double meaning" and may be interpreted
differently. Thus, they say that if the Moldova-Gaz is reorganised
or bankrupted, the government will have to assume the debts of the
company owed towards the Russian Gazprom. But, the premier said
that the cabinet of ministers could not initiate the procedure to
close Moldova-Gaz, because it was not its creditor, thus, the IMF's
fears were groundless.

The IMF asked the amendment to the article 12 and insisted that the
changes be coordinated with the Fund. Previously, Deputy Premier
Andrei Cucu stated that the resumption of negotiations on the
contract was possible, but very difficult and long-lasting.

The IMF experts also are against the introduction of debts of the
Dniestr region into Moldova's debts towards the Russian Gazprom.
Right after the signature of the agreement in November, the Moscow
press said that the document stipulated the reschedule of some
800-million-dollar debts for a 11-year period and a 5.75-percent

It was not officially stated whether the IMF had objections towards
the interest rate of the debts rescheduled and the deadline.

In early December, the government released the Moldovan-Russian
agreement on gas supply to the Fund. Moldovan economics officials
said that IMF might have objections, because the interest rate of
5.75 and 7 percent in the document contradicted Chisinau's
commitments to take loans only at preferential interests (up to 1

In addition, a part of the payments for the gases were rescheduled
for a three-year period, while the debts for a 11-year period,
conditions that were not concessional (30-40 years).

Chisinau expects that the IMF resumes financing for Moldova late
January 2002.

The IMF postponed the examination of the issue on the approval of
the next tranche of the 142-million-dollar loan for Moldova,
planned for December 21, after formulated many objections,
including towards the Moldovan-Russian gas supply agreement. An IMF
mission paid a visit on December 19-21 in Chisinau to assess the
state of its ties with Moldova.
Moldova's financing by IMF was halted in July.


Chisinau, Dec 21 /Moldpres/ - The Government of Moldova is
to present to the International Monetary Fund a protocol on the
debts of the joint-stock company Moldova-Gaz to the Russian
company Gazprom and the interpretation of Art 12 of the
Moldo-Russian intergovernmental Accord on the delivery of gas.
Moldovan Premier Vasile Tarlev made statements on the issue
in an interview given with MOLDPRES.
The Prime Minister underscored that the agreement was
reached at the end of a visit to Chisinau by IMF Regional
Director Richard Haas this week.
Vasile Tarlev specified that during the talks with the
Fund's mission the sides expressed different opinions on the
Moldo-Russian Accord on the delivery of gas.
In the opinion of IMF experts, Art 12 of the accord has a
double sense, and allows another interpretation, Tarlev said.
Under the interpretation, the Government will have to assume the
debts of Moldova-Gaz to Gazprom in several cases, such as of
reorganization or bankruptcy of the company, he also said.
The Premier stressed that such an interpretation of the
clause lack any legal basis.
According to the Prime Minister, the Cabinet can not
initiate such procedures, since it is not the creditor of
Moldova-Gaz. Besides, Tarlev said, in conformity with the
legislation in force, the Government does not have the right to
accord state guarantees to economic agents without the
Parliament's agreement.
Asked what debts will be included into the protocol
requested by the IMF, Vasile Tarlev said that these are the debts
accumulated by Moldova-Gaz to Gazprom during 1998-2001. The
Premier specified that the debts of the districts from the left
bank of Dniester "can not be discussed" until the definitive
settlement of the Transnistrian dispute.
The Prime Minister also said that the documents demanded by
the IMF will be presented quickly, and the talks with the
representatives of the Fund will be resumed in January, next year.
Asked when the IMF Board of Directors will consider the
issue of resumption of Moldova's foreign crediting, Vasile Tarlev
said according to the statements made by Richard Haas, he will be
ready to discuss the matter only after the presentation of the
requested documents and of a confirmation of the World Bank, that
is favourable for Moldova.


Guvernul Republicii Moldova urmeaza sa prezinte Fondului Monetar International (FMI) protocolul privind datoriile societatii Moldova-Gaz fata de compania Gazprom a Federatiei Ruse si talmacirea art. 12 din Acordul interguvernamental moldo-rus privind livrarea gazelor. Afirmatii in acest sens a facut Primul-Ministru Vasile Tarlev, intr-un interviu acordat Agentiei MOLDPRES.

Premierul a aratat ca asupra acestei intelegeri s-a convenit in finalul vizitei intreprinse saptamana curenta la Chisinau de Richard Haas, director regional al FMI, precizand ca, la negocierile cu misiunea Fondului, partile au exprimat opinii diferite pe marginea Acordului moldo-rus privind livrarea gazelor. In opinia expertilor FMI, art. 12 din acest acord are un sens dublu si admite o alta interpretare, potrivit careia, in unele cazuri, de reorganizare sau falimentare a societatii Moldova-Gaz, Guvernul va trebui sa-si asume datoriile acesteia fata de Gazprom, a spus Vasile Tarlev, subliniind ca o asemenea talmacire a clauzei date nu are temei juridic.

Potrivit Premierului, Guvernul nu poate initia atare proceduri deoarece el nu este creditorul societatii Moldova-Gaz, in plus Cabinetul de Ministri, conform legislatiei in vigoare, nu are dreptul sa acorde garantii de stat agentilor economici, fara acordul Parlamentului. Intrebat, ce datorii vor fi inscrise in protocolul solicitat de FMI, Vasile Tarlev a spus ca este vorba de datoriile acumulate de societatea Moldova-Gaz fata de Gazprom in perioada 1998-2001, precizand ca cele ale raioanelor din stanga Nistrului, pana la solutionarea definitiva a
diferendului transnistrean, "nu pot fi discutate".

Premierul a mai aratat ca documentele solicitate de FMI vor fi prezentate in regim de urgenta, iar negocierile cu reprezentantii fondului vor fi reluate in ianuarie anul viitor. La intrebarea, cand va examina Consiliul Director al FMI problema reluarii finantarii externe a Republicii Moldova, Vasile Tarlev a raspuns ca acesta, potrivit afirmatiei lui Richard Haas, va fi dispus sa discute chestiunea data dupa prezentarea documentelor solicitate si a unei confirmari favorabile Moldovei din partea Bancii Mondiale./Moldpress/

21.12.2001  (preluat de la