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IMF TO STUDY RESUMPTION OF FINANCIAL ASSISTANCE FOR MOLDOVA IN JUNE

Chisinau-12.03.2003/14:15:40/(BASA-economic) The Managing Board of
the International Monetary Fund is likely to study the resumption of
its financial assistance for Moldova as early as in June, the
resident representative of the IMF in Moldova, Edgardo Ruggiero,
told a news conference on Wednesday.

Ruggiero said this is an optimistic forecast and avoided forecasts
about further relations between Moldova and the Fund. "I don't like
pessimistic scenarios," Ruggiero said.

An IMF mission, led by Marta Castello-Branco, assistant director of
the IMF's European Department II and chief negotiator for Moldova,
is expected in Chisinau on March 13-26. The conclusions of the new
mission will be crucial in deliberations in the Fund's Managing
Board whether to disburse the 4th tranche of the 110.88-million SDR
credit (147 million dollars), approved in December 2000.

Examination of this issue was initially scheduled for December-
January, but it has been postponed because Moldova was failing to
respect two conditions imposed by the Fund, the IMF representative
stated.

First, Moldova failed to adopt a law on preshipment inspection, and
then its parliament passed a larger budget and social programme
than the government and the Fund had agreed earlier. IMF experts
insist that Chisinau modify these laws.

At that moment, the parliament removed the export restrictions, but
later we received signals that there were some restrictions in the
exportation of wheat and sun-flower, Ruggiero said.

He continued that the IMF mission will discuss these issues with the
Moldovan authorities. "We shall also examine the results of the
year 2002 and the forecasts for 2003, the macroeconomic framework,
and inflation registered in January-February." In the first two
months of 2003, inflation in Moldova was 3.7 percent, the highest in
the past four years.

Ruggiero highly appreciated the results registered by Moldova in
2002, particularly the 7.2-percent growth of the Gross Domestic
Product. "The situation was very good," he said.

The IMF experts will also examine the progress registered in the
drafting of the Poverty Reduction and Strategy Papers.

At the same time, Ruggiero said the IMF mission could suggest the
Managing Board to decide in favour of disbursement of the next
tranche from the credit under the condition that Moldova registered
a progress in the SAC-III implementation. The support from the
World Bank is very important, since earnings from the privatization
programme are late.

Chisinau expected to receive 25 million dollars from the IMF in
mid-December 2002. It received the 3rd tranche of 9.24 million SRD
(12.3 million dollars) in July.

 FMI AR PUTEA EXAMINA CHESTIUNEA PRIVIND RELUAREA FINANTARII R. MOLDOVA NU MAI DEVREME DE LUNA IUNIE

Chisinau-12.03.2003/14:58:28/(BASA-economic) Consiliul de directori
al Fondului Monetar International ar putea examina chestiunea cu
privire la reluarea finantarii Republicii Moldova la inceputul
lunii iunie, a declarat miercuri intr-o conferinta de presa
rezidentul FMI la Chisinau Edgardo Ruggiero.

Reprzentantul Fondului a apreciat acest pronostic drept optimist si
a ezitat sa faca preiviziuni asupra perspectivei relatiilor intre
RM si FMI in cazul in care nu vor fi inergistrate progrese. "Nu-mi
plac scenariile pesimiste", a spus Edgardo Ruggiero.

De concluziile misiunii FMI, condusa de negociatorul principal in
relatia FMI cu R.Moldova Marta Castello-Branco, care se va afla
in vizita la Chisinau in perioada 13-26 martie, va depinde daca va
fi sau nu inclusa pe ordinea de zi a consiliului de directori ai
Fondului chestiunea privind acordarea a 25 mln USD din creditul
in valoare de 110,88 mln DST (147 mln USD), aprobat in
decembrie 2000.

Examinarea acestei chestiuni a fost anuntata initial pentru
decembrie-ianuarie, iar apoi a fost amanata din cauza ca doua
dintre actiunile convenite intre Fond si Guvern nu au fost
indepilinite, a spus rezidentul FMI.

In primul rand, nu a fost adoptata Lege cu privire la inspectia
inainte de expeditie si, in al doilea rand, la adoptarea
bugetului de stat si a bugetului asigurarilor sociale de stat nu
au fost respectati unii parametri asupra carora s-a convenit.
Expertii Fondului sunt de parere ca Chisinaul ar trebui sa
amendeze legile vizate.

La acel moment (luna decembrie 2002 - n.r.) au fost eliminate
restrictiile la export, insa ulterior au fost semnale ca ar exista
restrictii la exportul graului si floarea-soarelui, a estimat
Ruggiero.

Rezidentul Fondului a spus ca aceste probleme vor fi discutate de
misiunea FMI cu autoritatile moldovene. "Vom examina, de
asemenea, rezultatele pe anul 2002 si prognozele pe anul 2003,
cadrul macroeconomic, inclusiv inflatia in ianuarie-februarie". In
primele doua luni ale anului curent in RM s-a inregistrat cea
mai inalta inflatie din ultimii patru ani, 3,7%.

Ruggiero a apreciat inalt rezultatele obtinute de R.Moldova in anul
trecut, in special cresterea de 7,2% a Produsului Intern Brut.
"Situatia a fost foarte buna", a spus reprezentantul
FMI.

Expertii Fondului vor examina progresele inregistrate in elaborarea
Startegiei de Crestere Economica si Reducere a Sararciei.

Totodata Edgardo Ruggiero a spus ca misiunea FMI va putea propune
consiliului de directori sa examineze chesitunea privind eliberarea
transei ordinare din creditul pentru RM doar in cazul in care vor
fi inregistrate progrese in realizarea SAC-III. Finantarea Bancii
Mondiale, in opinia acestuia, este foarte importanta, in conditiile
in care veniturile de la privatizare intarzie.

Chisinaul astepta sa primeasca de la FMI 25 mln USD la mijlocul
lunii decembrie 2002. Cea de-a treia transa in suma de 9,24 mln
DST (12,3 mln USD) a primit-o in iulie anul trecut.