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Limba romana
Russian
Johan Mathisen
Resident Representative in the Republic of Moldova
PRESS STATEMENT
February 10, 2006
An IMF mission
headed by Thomas Richardson visited Chisinau during February 1-10, 2006 to
conclude Article IV discussions and continue discussions on policies for a
macroeconomic program that can be supported by the Poverty Reduction and Growth
Facility (PRGF - click for more details).
The program
negotiations resulted in a preliminary agreement between the Government of
Moldova and the IMF staff. The agreement contains a framework of economic and
financial policies for 2006, and aims at ensuring continued impetus to the
Government’s structural reform agenda. The preliminary agreement reached today
must be reviewed and approved by IMF management. Naturally, the final decision
on IMF support for the Government’s program will be taken by the IMF Executive
Board, and is contingent on adhering to the agreed macroeconomic policies.
If approved, the
Republic of Moldova will benefit from a three-year program worth 117 million USD
under PRGF. A new loan from the IMF would be on concessional terms (at an
interest rate of 0.5 percent, and with a maturity of 10 years, after 5½ years of
grace), and would be provided to the National Bank of Moldova to bolster
Moldova’s foreign reserves, thus providing a cushion against external shocks.
We
welcome the government's commitment to sound macroeconomic and financial polices
and continued implementation of structural reforms as outlined in the EGPRSP and
the EU-Moldova Action Plan. The macroeconomic program aims to achieve
macroeconomic stability and growth and provides a platform for the government to
address the country’s pressing development needs. The mission notes that
forceful and sustained implementation of structural reforms to improve the
business climate and stimulate both domestic and foreign investment will be
crucial in achieving these objectives, as will the maintenance of financial
stability.
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