Moldova & IMF IMF Activities Publications Press Releases

Limba romana                                                                         Russian


February 28, 2007


Johan Mathisen
IMF Resident Representative in the Republic of Moldova
 

PRESS STATEMENT


A mission of the International Monetary Fund (IMF) headed by Mr. Thomas Richardson, Deputy Division Chief, Northeastern Division (Belarus, Finland, Moldova, Norway and Russia) in the IMF’s European Department, visited Chişinău during February 21-28, 2007.

The IMF mission took stock of the work of the government and the National Bank in meeting commitments under the PRGF-supported program[1], and assessed the macroeconomic outlook for 2007 in the light of recent developments, such as the increase in gas prices and the outlook for resuming wine exports to Russia.

The mission was pleased to note that performance under the program in 2006 has generally been positive. Some actions under the program have been implemented earlier than planned, and the macroeconomic outlook is improving.

A mission to conduct the Second Review under the program is expected to visit Moldova in April-May. That mission will assess Moldova’s performance under the program and prepare a report for consideration by the IMF’s Executive Board during the summer.

 

[1] The Poverty Reduction and Growth Facility (PRGF) is the IMF's concessional facility for low income countries. PRGF loans carry an annual interest rate of 0.5 percent, and are repayable over 10 years with a 5.5-year grace period on principal payments. On May 5, 2006 IMF’s Executive Board approved the PGRF arrangement with Moldova in the total amount of about US$118.5 million, the first tranche of which – about US$17 million – was transferred to the National Bank of Moldova in mid-May 2006. On December 15, 2006 IMF’s Executive Board approved an increase in the size of the loan to about US$167 million. The second disbursement was approved for an amount equivalent to about US$ 48.2 million.