A mission of the European Department of the
International Monetary Fund (IMF) led by Mr. Nikolay Gueorguiev will visit
Chişinău during February 2-16, 2011.
During its stay, the mission will hold discussions with
the authorities in the context of the second review of the Moldova’s program
with the IMF under the Extended Credit Facility (ECF) and the Extended Fund
Facility (EFF) arrangements.
The mission will take stock of the recent economic
developments and program implementation, update assessment of the
macroeconomic outlook, and discuss with the authorities macroeconomic and
structural policies to foster macroeconomic stability and promote
sustainable growth in the period ahead.
As usual, Mr. Gueorguiev will brief the press at the
end of the visit.
Moldova’s three-year IMF program, approved on January 29, 2010, is supported
by a loan of SDR 369.6 million, of which SDR 120 million (about USD 180
million) have been already disbursed. The next loan disbursement of SDR 50
million (about USD 77 million) under the program will take place after the
completion of the second program review. One half of the loan is provided
under the Extended Credit Facility, which carries a zero interest rate until
end-2011, a grace period of 5½ years, and a 10-year maturity. The rest of
the loan is provided under the Extended Fund Facility, which
carries an annual interest rate equal to the SDR basic rate of charge (currently
1.27 percent), and is repayable over 10 years with a 4½ -year grace period.