Moldova & IMF IMF Activities Publications Press Releases

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Chisinau-11.07.2002/12:25:08/(BASA-economic) The International
Monetary Fund (IMF) completed on July 10 the first review of
Moldova's performance under a three-year, SDR 110.88 million (about
147 million dollars) Poverty Reduction and Growth Facility (PRGF)
arrangement. This decision entitles Moldova to the release of a
further SDR 9.24 million (12 million dollars), which will bring
total disbursements under the program to SDR 27.72 million (about
37 million dollars).

In approving the disbursement, the Executive Board granted waivers of
Moldova's non-observance of the end-March 2001 quantitative
performance criterion on net international reserves, as well as of
the performance criterion on non-accumulation of new external

The assistance resume after more than 15 months of standstill in ties
between the Fund and Chisinau, following the institution's
reservations toward the economic and financial policies of the former
Soviet state.

The resumption of financial assistance was included in the Executive
Board agenda after Moldovan authorities met a range of conditions
following the visit of an IMF mission to Moldova last May. Major
conditions were adoption of a new Civil Code and approval of the
Third Structural Adjustments Credit by the World Bank (June 20).

The IMF approved the PRGF credit in mid-December 2000. The first
12-million-dollar tranche was allocated in December 2000 and the
second one in February 2001.

The Moldovan authorities were encouraged by the IMF to negotiate
actively with the Paris Club of Creditors, holders of the expired
Eurobond and Gazprom notes to reach a mutually satisfactory agreement
on the rescheduling of these instruments.


Chisinau-11.07.2002/12:51:04/(BASA-economic) Moldova still have to
continue structural reforms and prudent fiscal and monetary policies,
and to negotiate the rescheduling of its external debts in order to
justify the resumption of assistance from the International Monetary
Fund, Deputy Managing Director and Acting Chairman Shigemitsu
Sugisaki was quoted as saying in a press release. The conclusion came
after the Fund completed on July 10 the first review of Moldova's
performance under a three-year, about 147-million-dollar Poverty
Reduction and Growth Facility (PRGF) arrangement and approved the
release of a further 12 million dollars to Moldova, which will bring
total disbursements under the program to SDR 27.72 million (about 37
million dollars).

Following the discussion of the Executive Board, Sugisaki said: "In
considering the conclusion of the First Review of Moldova's
Three-Year PRGF Arrangement, the authorities are to be commended for
largely pursuing prudent fiscal and monetary policies during the past
18 months, in line with the staff's advice. Most financial targets
under the 2001 program were met-or missed only narrowly-and waivers
of Moldova's non-observance of the end-March 2001 quantitative
performance criteria on net international reserves, as well as of the
non-accumulation of new external arrears, were granted. Progress on
the development of the PRSP, as evidenced by Moldova's PRSP
Preparation Status Report, has been satisfactory and provides a sound
basis for continued access to Fund concessional assistance; the
authorities are committed to complete the PRSP in early 2003."

At the same time, "The budgetary position remains vulnerable,
although fiscal policy has been prudent. Improvements in tax
collection, in addition to projected lower domestic interest
payments, will be needed to support the projected level of
non-interest expenditures in 2002. It is a source of concern that
expenditure arrears have again started to edge up since late 2001;
and unbudgeted wage hikes for social sector workers will need to be
accommodated within the programmed spending envelope. "Continued
tight monetary policy is essential to ensure sustained price and
exchange rate stability-fostering a further strengthening of money
demand, and financial deepening. The authorities have shown
commendable resolve in enforcing prudential regulations and ensuring
a sound banking system."

"Moldova's heavy external debt burden is a source of concern.
Financial support from the international community, including from
the private sector-complementing sustained fiscal consolidation-is
essential for the success of Moldova's economic program an d for the
sustainability of its external position. The authorities are
encouraged to negotiate actively with holders of the Eurobond and
Gazprom notes to reach a mutually satisfactory agreement on the
rescheduling of these instruments. "While monetary and fiscal
policies have remained sound since the 1998 crisis, it is now crucial
to promote structural reforms more vigorously to achieve sustainable
growth. There has been recent progress through the adoption of
several laws that would strengthen the institutional infrastructure
for a market-based economy, including the insolvency law and the
civil code. It is now important for the authorities to persevere with
structural reforms in other key areas, including privatization, and
to improve the business environment for foreign as well as domestic
investors," Sugisaki was quoted as saying.


Chisinau-11.07.2002/16:17:47/(BASA-economic) Moldova and the Paris
Club of Creditors will start negotiation on the restructuring of
the country's huge external debt next September, Finance Minister
Zinaida Greceanii stated to BASA on Thursday.

The minister did not specify what amount of debt Moldova intends to
reschedule or how much the creditors are available to restructure,
but she expressed certainty that the talks will produce a positive
outcome. The governent will negotiate with the Club and with each
creditor in part. Overall, Moldovan authorities hope to restructure
about 16 percent of the foreign obligations, she added.

The Chisinau executive has already won an understanding on debt
restructuring with Russia, Germany and other states, but so far it
was unable to postpone the payments because the ties with the
International Monetary Fund were disrupted in the summer of 2001.

The IMF entitled Moldova on July 10 to the release of a further SDR
9.24 million (12 million dollars), which will bring total
disbursements under the Poverty Reduction and Growth Facility (PRGF)
arrangement to SDR 27.72 million (about 37 million dollars), but
recommended the authorities in Chisinau to start negotiating the debt

As of May 31, according to Moldova's central bank, the country owed
over 1.271 billion dollars.

In another context, Greceanii welcomed the decision of the IMF
Executive Board to resume the assistance program for Moldova. The
money would be disbursed quarterly starting these days and it will be
used to fill in the currency reserves of the National Bank of

Greceanii also said Chisinau was expecting another 10 million dollars
in the first tranche of the Third Structural Adjustments Credit from
the World Bank; this money would be used to cover the budgetary


Chisinau-11.07.2002/16:58:52/(BASA-economic) The Moldovan government
is ready to continue economic and financial policies according to
requirements of the market economy and under the IMF's Poverty
Reduction and Growth Facility (PRGF) arrangement, Premier Vasile
Tarlev said in a statement released after the Fund's Executive Board
approved a new disbursement for Moldova Wednesday.

The premier hailed the IMF decision and stressed that the
disbursement, after a 15-month break, will essentially contribute
to the improvement of the investment climate. The government is
interested in good cooperation with the international lenders and it
is very important for Moldova to win the agreement of the Paris Club
of Creditors for the rescheduling and foregiveness of foreign debts,
including bilateral debts, the premier stated.


Chisinau-11.07.2002/8:19:28/(BASA-economic) Consiliul de directori al Fondului Monetar International a decis miercuri, 10 iulie, sa aloce Republicii Moldova transa a treia in suma de 12 mln USD din creditul in valoare de 110,88 mln DST (147 mln USD) pentru reducerea saraciei si cresterea economica, se arata intr-un comunicat al FMI.

Finantarea externa a fost stopata in martie 2001 dupa ce o misiune a FMI a formulat mai multe rezerve fata de politicele economice si financiare promovate de Chisinau, care nu a indeplinit criteriile de performanta pentru alocarea urmatoarei transe din credit.

Chestiunea privind deblocarea finantarii de catre FMI a Moldovei a fost inclusa pe ordinea de zi a sedintei din 10 iulie, dupa ce Chisinaul a indeplinit mai multe conditii dupa vizita din mai a anului curent a unei misiuni a Fondului. In particular, au fost operate modificari in Codul Civil, pentru a aduce unele compartimente ale acestuia in corespundere cu principiile economiei de piata. O alta conditie importanta a fost aprobarea de catre Consiliul de directori al Bancii Mondiale a Creditului SAC-III, care a adoptat o decizie favorabila Chisinaului la 20 iunie.

Creditul in valoare de 110,88 mln DST in cadrul Mecanismului de Reducere a Saraciei si Crestere Economica (PRGF) a fost aprobat de catre FMI la 15 decembrie 2000. Prima transa in suma de 12 mln USD din acest credit a fost alocata in decembrie 2000, iar cea de-a doua in februarie 2001. Pana in prezent Chisinaul a primit din creditul PRGF 37 mln USD.

Dupa deblocarea finantarii autoritatile moldovene spera sa inceapa in scurt timp negocierile privind restructurarea datoriilor externe prin Clubul Creditorilor de la Paris si a conditiilor de reesalonare a eurobonurilor, a caror termen de scadenta a expirat la 27 iunie.

11 iulie 2002

BASA-PRESS: Prima examinare a FMI a programului de reducere a saraciei si cresterii economice ofera Republicii Moldova disbursarea unei transe de 12 milioane USD

Consiliul director al FMI a finisat miercuri prima examinare a evoluarii Republicii Moldova in cadrul programului pentru reducerea saraciei si crestere economica (PRGF) in valoare de 110,88 milioane DST (147 milioane USD).

Potrivit unui comunicat de presa al FMI, decizia respectiva prevede acordarea transei de 9,24 milioane DST (aproximativ 12 milioane USD), valoarea totala a transelor acordate in cadrul acestui program fiind de 27,72 milioane DST (aproximativ 37 milioane USD).

Membrul consiliului executiv al FMI, Shigemitsu Sugisaki, a declarat ca aprobarea deciziei a depins de "executarea prudenta a politicilor fiscal-monetare pe parcursul ultimilor 18 luni", precum si de considerarea sfaturilor reprezentantilor FMI, majoritatea scopurilor financiare din programul pentru 2001 fiind "mai mult sau mai putin indeplinite". "Sectorul bugetar ramane a fi vulnerabil, chiar daca politicile fiscale promovate sunt prudente", a spus Sugisaki.

In opinia lui, datoria externa mare a Republicii Moldova este un alt motiv de ingrijorare. "Suportul financiar al comunitatii internationale, complementand sustinerea consolidarii fiscale, este un element esential pentru succesul programului economic al Republicii Moldova si favorabila pentru pozitia sa externa", a mentionat expertul. In acest sens, autoritatile Republicii Moldova sunt incurajate sa negocieze activ cu detinatorii de eurobonduri si creante ale "Gazprom"-ului pentru a ajunge la "o intelegere satisfacatoare si reciproc avantajoasa in ceea ce priveste restructurarea acestor instrumente financiare", a subliniat Sugisaki.

Promovarea mai riguroasa a reformelor structurale este, potrivit lui, de o importanta majora in atingerea unei cresteri economice durabile. "Un progres poate fi considerat adoptarea unor legi care intaresc infrastructura institutionala intr-o economie de piata, drept exemplu - legea insolvabilitatii si Codul civil. Este important ca autoritatile de la Chisinau sa continue reformele si in alte domenii strategice, inclusiv privatizarea, si sa imbunatateasca climatul investitional pentru investitorii locali si straini", a conchis Sugisaki.

AP FLUX reaminteste ca finantarea externa a Republicii Moldova a fost blocata in martie 2001 dupa ce o misiune a FMI a avut mai multe rezerve fata de politicele economico-financiare promovate de Chisinau, care nu a indeplinit angajamentele pentru alocarea urmatoarei transe din creditul PRGF. Problema deblocarii finantarii a fost inclusa in agenda sedintei FMI din 10 iulie curent.