A mission of the European
Department of the International Monetary Fund (IMF) led by Mr. Nikolay
Gueorguiev will visit Chişinău during April 27-May 12, 2011.
During its stay, the
mission will hold discussions with the authorities in the context of the
third review of the Moldova’s IMF-supported program 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 and
assess the macroeconomic outlook, and discuss with the authorities their
medium-term expenditure and tax policy plans, as well as other 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 170 million (about USD 259
million) have been already disbursed. The next loan disbursement of SDR 50
million (about USD 79 million) under the program will take place after the
completion of the third 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.