Limba romana
Russian
July
15, 2016
PRESS
RELEASE
IMF Staff Concludes Visit to Moldova
End-of-Mission press releases of IMF
staff teams convey preliminary findings
after a visit to a country. The views
expressed in this statement are those of
the IMF staff and do not necessarily
represent the views of the IMF’s
Executive Board. |
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Background. The Moldovan economy is
recovering from last year’s recession but the sources of growth are so far
subdued. Following a contraction of 0.5 percent in 2015, economic activity
expanded weakly in the first quarter of 2016, led by private consumption.
Inflation is declining and is likely to remain low. Aided by low import prices,
the current account deficit is narrowing, but is expected to gradually adjust to
its medium term level as growth recovers and reforms accelerate. Financing
constraints bind both on the execution of the 2016 budget and on private sector
growth. Despite a 9.5 percent decline in the policy rate since January, credit
growth has been stagnant. Restoring the capacity of the banking sector to expand
credit to the productive sectors of the economy will require quick progress in
restoring good governance and instilling confidence in economic reforms.
In response to a request from the Moldovan authorities, an
IMF mission led by Ms. Ivanna Vladkova-Hollar visited Chisinau from July 5 - 15,
2016, to hold discussions on a possible three-year arrangement under the IMF’s
Extended Fund Facility and Extended Credit Facility (EFF/ECF), in the amount of
about $180 million, to support the country’s economic reform program. At the end
of the visit, Ms. Vladkova-Hollar issued the following statement:
“The team held productive discussions with senior
government and National Bank officials. It also met with members of parliament,
representatives of the banking and private sectors, trade unions, donors, and
civil society. Discussions focused on the outlook for growth, financial sector
policies, the sustainability of public finances and structural reforms needed to
improve the business climate and attract investments.”
“Staff and the authorities made significant progress on
the negotiation of a new IMF arrangement, and discussions are well advanced.
Agreements were reached in a number of critical areas, including on reforms to
enhance governance and transparency in the banking sector, to ensure the
financial sustainability of the energy sector and to achieve medium-term fiscal
policy objectives. Only a few issues remain outstanding and discussions will
continue from Washington in the coming days. Upon reaching a staff level
agreement, a press release to that effect will be issued from Washington”.
“The mission would like to thank the authorities and all
those with whom they met for their frank and productive discussions, and for the
degree of professionalism and support that was extended to mission in the last
two weeks.”
IMF
Communications Department
MEDIA RELATIONS
PRESS OFFICER: Olga Ilinichna Stankova
Phone: +1 202 623-7100
Email: MEDIA@IMF.org
Source
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