Upon completion of his visit to the
Republic of Moldova, Thomas Richardson, head of the IMF staff mission stated
that satisfaction on the economic growth marked during in first three months
of the current year.
In order to help the
authorities from Chisinau in overcoming negative consequences generated by
the external shocks experienced last year, the second tranche of money
disbursed by the IMF could be doubled as compared to the initially agreed
Thomas Richardson, Deputy Division Chief, Northeastern Division in the IMF’s
European Department in his interview to BBC told that jointly with the
Moldovan authorities they have reached a preliminary agreement on the new
Memorandum of Economic and Financial Policies for the reminder of 2007.
"The mission has marked with satisfaction that until presently the results
of implementation of program with the IMF were positive”, - stated Thomas
Richardson and expressed his satisfaction by the economic growth indicators
achieved by the Republic of Moldova during the first three months of the
"The economic growth that we see is at large concentrated in consumption and
construction and is basically financed at the expense of remittances from
the Moldavians working abroad”, - says IMF representative.
"This is a good phenomenon as it supports incomes of the population and
stimulates economic growth. However, for a long term, it is important that
this economic growth should be generated mostly by export and investments",
- added Thomas Richardson.
"We would like to see an improved business climate that would make money
investments more attractive as compared to what it is now, so that
businesses would be willing to invest in Moldova. This would automatically
stimulate economic growth and contribute to poverty reduction. We also
believe that the financial system needs to be upgraded and become more
competitive so that people could have on their bank accounts efficiently
functioning investment projects", - said Thomas Richardson to the BBC.
Being asked by the BBC on his opinion of president Voronin’s initiative on
liberalization of economy, the IMF representative stated that these reforms
are timely although contain certain risks.
"We see the biggest risk with tax amnesty. The IMF does not like to have tax
amnesty in either of the countries and I believe it is clear why: because we
are the creditors. We do not like it when someone who borrowed money from us
is forgiving somebody else’s debts. We do not approve of it as cancellation
of tax liabilities tends to be occasionally repeated. And it is important
that the Government takes measures that this amnesty is the first and last
one”, - said Thomas Richardson.
In May of the last year, the International Monetary Fund approved a loan for
the Republic of Moldova worth USD 116 millions.
More than half a year later, the IMF decides to increase the size of lending
up to USD 163 million to cope with the consequence inflicted by the external
The IMF staff missions visit Moldova once every three months to review the
performances on practical implementation of the macroeconomic policies and
reforms in the country.