Moldova & IMF IMF Activities Publications Press Releases

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63 years ago, on July 22, 1944, the IMF Articles of Agreement were formulated at the International Monetary and Financial Conference in Bretton Woods

During July 1-22, 1944, 730 delegates from 45 countries met at the Mount Washington Hotel in Bretton Woods (New Hampshire, USA) to discuss the postwar recovery of Europe as well as a number of monetary issues, such as unstable exchange rates and protectionist trade policies.

The delegates at Bretton Woods reached an agreement known as the Bretton Woods Agreement to establish a postwar international monetary system of convertible currencies, fixed exchange rates and free trade. To facilitate these objectives, the agreement created two international institutions: the International Monetary Fund (IMF) and the International Bank for Reconstruction and Development (the World Bank).

Article I of the Articles of Agreement sets out the IMF's main responsibilities:
  • promoting international monetary cooperation;
  • facilitating the expansion and balanced growth of international trade;
  • promoting exchange stability;
  • assisting in the establishment of a multilateral system of payments; and
  • making its resources available (under adequate safeguards) to members experiencing balance of payments difficulties.

Fast Facts on the IMF:

  • Current membership: 185 countries
  • Staff: approximately 2,716 from 165 countries
  • Total Quotas: $317 billion (as of 7/31/06)
  • Loans outstanding: $28 billion to 74 countries, of which $6 billion to 56 on concessional terms (as of 7/31/06)
  • Technical Assistance provided: 429.2 person years during FY2006
  • Surveillance consultations concluded: 128 countries during FY2006, of which 122 voluntarily published information on their consultation.


IMF activities

More generally, the IMF is responsible for ensuring the stability of the international monetary and financial system—the system of international payments and exchange rates among national currencies that enables trade to take place between countries.

The Fund seeks to promote economic stability and prevent crises; to help resolve crises when they do occur; and to promote growth and alleviate poverty. It employs three main functions—surveillance, technical assistance, and lending—to meet these objectives.

Moldova joined the IMF on August 12, 1992, right after it received full membership status with the UNO. Moldova’s quota in the IMF amounts to SDR 123.2 million (about US$183 million) or 0.06 percent of total quota. Moldova’s voting power in the IMF is 1,482 votes or 0.07 percent of total.

Moldova’s Governor in the IMF is the Hon. Leonid Talmaci, Governor, National Bank of Moldova; its Alternate Governor is the Hon. Mihai Pop, Minister of Finance.
Mr. Age Bakker (Dutch) is Moldova’s Executive Director in the IMF; his constituency also includes Armenia, Bosnia and Herzegovina, Bulgaria, Croatia, Cyprus, Georgia, Israel, the former Yugoslav Republic of Macedonia, Romania, and Ukraine.
IMF's Resident Representative in Moldova is Mr. Johan Mathisen (Norvegian).
IMF Mission Chief for the Republic of Moldova is Mr. Graeme Justice (British).

Age Bakker,
Director Executiv
al FMI pentru Moldova
Johan Mathisen,
reprezentant permanent
al FMI inMoldova
Graeme Justice,
şeful misiunii
FMI pentru Moldova                    

Since 1993, Moldova has had seven arrangements with the IMF in support of the Government's economic adjustment programs. Total amount of loans granted by IMF to Moldova totalled US$ 470m. Total Fund credit and loans outstanding at end-June 2007 amounted to US$ 131 million.

Starting with May 5, 2006, the Republic of Moldova is benefiting from IMF's financial assistance of about US$ 170 million, in the framework of the 3-year Poverty Reduction and Economic Growth Facility (PRGF).

The IMF has provided Moldova with technical assistance in a number of areas, including fiscal management, public expenditure, tax and customs, monetary accounting system, bank supervision, monetary policy/central bank organization, and in various statistical areas.