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IMF MISSION, MOLDOVAN GOVERNMENT REACHED PRELIMINARY
AGREEMENT, SOME PROBLEMS NOT RESOLVED YET

Chisinau-18.06.2003/14:19:10/(BASA-economic) The International
Monetary Fund (IMF) mission, which completed on Wednesday a two-week
visit to Chisinau, has reached a preliminary agreement with the
Chisinau government regarding the actions to be taken, but there are
still some problems to be resolved in order to receive the promised
money from the lender, the Fund's negotiator for Moldova said.

"We have noticed an important progress, but there are still problems
to be resolved," Marta de Castello Branco, advisor in the IMF
European II Department, told a new conference in Chisinau. "This is
the last chance to finalize the programme in Moldova, which is being
implemented since December 2001."

Contacted by BASA, Branco stated that the mission is particularly
concerned about decisions for which the government was unable to
tell identify the sources of financial coverage. "Unfortunately,
there are too many examples of this kind," she said, referring to
facilities for the elderly, and the new administrative-territorial
reform.

The government has to fulfill all preliminary actions agreed with
the Fund by July 21, if it wants to clear the way for further
resources from the lender in September 2003.

"By July 21, because the Fund has an internal that takes time, and
any delay will lead to the postponement of the meeting of the
Managing Board," she stressed.

IMF Resident Representative Edgardo Ruggiero stated about the
actions assumed by Chisinau that Moldova has first to modify its
state budget and the social programme in line with agreements
reached with the fund, to remove limitations of exports, and to
reintroduce the preshipment inspection.

Marta de Castello Branco stressed that the government has to stop
interfering so much with the businesses, "because there are too
many signs of interference and too much control." The IMF resident
representative continued that it is important for Moldova to
improve its relation with the World Bank within the framework of the
SAC-III credit.

If in September the IMF approves the next 15-million-dollar tranche
of the Fund's 110.88-million-SDR credit (147 million dollars), which
has to complete in December 2003, the Fund could extend this
programme for another year. If not, the lender will work out
another programme for the ex-Soviet republic.

IMF INSISTS ON REINTRODUCTION OF PRESHIPMENT INSPECTION
BY JULY 21

Chisinau-18.06.2003/14:47:46/(BASA-business) The International
Monetary Fund (IMF) insists on the reintroduction of the preshipment
inspection by July 21, the Fund's chief negotiator for Moldova,
Marta Castello-Branco, told a news conference on Wednesday at
the end of an IMF assessment mission to Chisinau.

The IMF chief negotiator for Moldova said she the lender insists on
the resumption of the inspection in the nearest future, as Chisinau
has to continue what it stopped in 2002 rather than to begin
something new.

"One month is too much to resume the inspection," she stressed. The
negotiator was surprised of the fact that though the current draft
law on preshipment inspection was approved weeks ago, the parliament
has not adopted it yet.

The IMF representative added that it is not a business of the Fund
to select the company for inspection service, this being a
task of the Moldovan government.

The preshipment inspection of goods imported into Moldova was
introduced in late 2001, at the IMF's demand, and in mid-2002 the
government suspended it due to some differences between the cabinet,
businesses and the company in charge with this service.

The parliamentary commission for economy rejected Wednesday the new
draft law on preshipment inspection, under which inspection of
imported goods to Moldova is mandatory and a single company has to
deal with this service.

IMF COULD IS EXTEND CREDITING PROGRAMME IN MOLDOVA TILL
DECEMBER 2004

Chisinau-19.06.2003/10:42:54/(BASA-economic) The International
Monetary Fund will extend the crediting programme in Moldova till
December 2004, if Chisinau fulfills by July 21 the actions agreed
with the Fund. In this case, the lender will decide in September
to resume the financing of the ex-Soviet state, an IMF official
said.

If we come to meet the Managing Board, we shall ask it to prolong
this programme for another year, Marta de Castello Branco,
advisor in the IMF European II Department and negotiator for Moldova,
has stated.

On December 15, 2000, IMF approved a three-year crediting programme
in Moldova within the Poverty Reduction and Growth Facility
mechanism. Due to its failure to fulfill the actions within the
Economic and Financial Policies Memorandum, and a supplement to this
document, Chisinau has received only three tranches of this credit
(in December 2000, March 2001, and July 2002) in the amount of 37
million dollars.

If Moldova fails to resolve all the problems and thus obtain the
resumption of the programme, the government will have to negotiate
a new programme with the Fund, an action that will take time.

"The current programme will be suspended, and the resumption of
financing will be possible only in 2004," Branco stressed.

The longest pause in the financing of Moldova by the Fund lasted
for 18 months, in 1997-1998.

Due to the repeated suspension of the financing, Chisinau received
118.7 million dollars from the Fund's Extended Facility Loan in the
amount of 190 million dollars, approved in May 1996, and 43.8
million dollars from the 90-million-dollar standby credit, approved
in 1995.

In late 2002, Moldova's debt toward the IMF reached 151.42 million
dollars.

MISIUNEA FMI A AJUNS LA UN ACORD PRELIMINAR CU GUVERNUL, DAR MAI RAMAN PROBLEME NESOLUTIONATE, MARTA DE CASTELLO BRANCO

Misiunea Fondului Monetar International, care si-a incheiat miercuri vizita de doua saptamani la Chisinau, a ajuns la un acord preliminar cu Guvernul privind realizarea actiunilor convenite cu Fondul, insa Chisinaul mai are de rezolvat cateva probleme pentru a putea obtine bani de la FMI.

"Exista un progres destul de mare, dar mai sunt si lucruri de care am fost foarte nemultumiti", a declarat intr-o conferinta de presa sefa misiunii Marta de Castello Branco, consilier in Departamentul Europa II al FMI."Este ultima sansa de a finaliza programul cu Republica Moldova, care a inceput in decembrie 2000".

Solicitata de BASA-press, Marta de Castello Branco a subliniat ca cea mai mare ingrijorare o provoaca adoptarea unor hotarari care nu au acoperire financiara. "Din pacate sunt prea multe exemple de acestea", a spus negociatorul principal al FMI in relatia cu Republica Moldova. In context reprezentantul Fondului s-a referit la hotararile privind inlesnirile pentru veterani, reforma teritorial-administrativa, la care s-a procedat "fara a fi calculate costurile".

Guvernul trebuie sa realizeze toate actiunile preliminare pana la 21 iulie, ca sa poata spera la deblocarea finantarii in septembrie 2003.

Rezidentul FMI la Chisinau, Edgardo Ruggiero, a spus cu referire la actiunile ce urmeaza a fi realizate de Chisinau ca este vorba de modificarea bugetului de stat si bugetului asigurarilor sociale in corespundere cu intelegerile asupra carora am convenit, excluderea restrictiilor la export si reluarea inspectiei inainte de expeditie.

Marta de Castello Branco a mai estimat ca ar trebui sa fie micsorata interventia statului in afaceri, "deoarece mai exista tendinte de a interveni prea mult si a controla prea mult". Reprezentantul FMI a mai spus ca este important ca R.Moldova sa restabileasca relatiile cu Banca Mondiala in cadrul creditului SAC-III.

In cazul in care in septembrie consiliul executiv al FMI va aproba transa urmatoare in suma de circa 15 mln USD din creditul Fondului din creditul in valoare de 110,88 mln DST (147 mln USD), care expira in decembrie 2003, Fondul ar putea sa extinda acest program de creditare pe inca un an, dupa ce Chisinaul va fi vizitat de o misiune de consultare. In caz contrar se va proceda la elaborarea unui nou program.