Moldova Suverana Daily Newspaper, 9 May 2007
Preliminary agreement on the new Memorandum with IMF
The IMF staff mission, jointly with the authorities of the Republic of
Moldova reached a preliminary agreement on the new Memorandum of Economic
and Financial Policies for the remainder of 2007.
The statements to that end were made this Wednesday during press conference
by Thomas Richardson, Deputy Division Chief, Northeastern Division (Belarus,
Moldova, Norway and Russia) in the IMF’s European Department during press
conference this Wednesday, who headed staff mission that visited Moldova
during April 25 – 8 May.
The mission head highlighted that the aforementioned agreement will be
assessed by the Fund management so as to be subsequently submitted to the
Executive Board of the IMF for consideration. “We hope that the Executive
Board of the IMF will review the suggested agreement at the end of June
2007”, - assured Richardson.
During their stay in Chisinau, the IMF staff assessed performances over the
previous six months in implementing macroeconomic policies and structural
reforms agreed in the Memorandum of Economic and Financial Policies (MEFP),
of November 29, 2006, and held discussions on the Government’s and the
National Bank’s MEFP for the next 6-month period. “The mission was pleased
to note that performance under the program with IMF so far has been
positive”, - added Thomas Richardson.
Likewise, Thomas Richardson emphasized that the objective pursued by the IMF
mission was to conduct the second review of the IMF program with Moldova.
This is a program that was signed for a period of 3 years. The IMF official
reminded that in May 2006, the Executive Board of the IMF approved a loan
for the Republic of Moldova worth USD 116 million. In December of 2006, the
Executive Board of the IMF decided to increase the size of a loan granted to
Moldova from USD 116 million up to USD 163 million and approved a tranche
worth USD 47 million; these funds were extended to the National Bank and
earmarked for consolidation of the NBM foreign currency reserves.
"If at the end of June 2007, the Executive Board of the IMF will review
country assessment report for Moldova and all will go well, we expect
approval of the next tranche for Moldova worth USD 33 million. The third
review as part of the respective program is scheduled for October 2007. If
this review will be also a success, we will go to the Executive Board of the
IMF and solicit approval of the next tranche worth USD 16,9 million. This is
an ordinary tranche granted by the IMF to its member-state biannually”, -
added Thomas Richardson.
Attending press conference was Igor Dodon, Minister of Economy and Trade
Prezent who stated that the International Monetary Fund remains an important
partner for the development of the Republic of Moldova.