InfoMarket.MD News Agency, issue
as of 15 May 2006
Moldova has received the first tranche of the
IMF's preferential credit in the amount of $17 million in the framework of the
new financing program for Moldova.
The "InfoMarket" news agency is reporting this with reference to the press
service of the NBM.
Reportedly, these financial resources are designed to support the build-up of
foreign exchange reserves, for maintaining the macro-economic stability and
safeguarding from external shocks.
The three-year program envisages the allocation
of $118.2 million. This concessional lending is provide for a term of 10 years,
with a five and a half grace period and the 0.5% annual interest rate.
The next tranches will be allocated in 6-month
increments, following an assessment of the program implementation.
NBM's foreign exchange reserves reached a record
of $616.5 million as of May 5, 2006. During 2006 the IMF forecasts a 25.6%
increase in NBM's foreign exchange reserves, which could reach $750 million at
the end of the year. At the end of 2005, the reserves constituted $597 million.