Moldova & IMF IMF Activities Publications Press Releases

IMF Executive Board Approves Further Disbursement to Moldova  

The Executive Board of the International Monetary Fund (IMF) on July 16 considered performance of the Republic of Moldova under its Extended Fund Facility (EFF) arrangement and approved disbursement of the third tranche under the arrangement in an amount of SDR 15 million (approximately US$21 million).  The three-year, SDR 135 million EFF arrangement was approved by the IMF Board in May 1996.  With the present disbursement, IMF financial support for Moldova now amounts to SDR 185 million (approximately US$255 million), including SDR 37.5 million under the EFF. 

In reviewing Moldovaís performance under the EFF program, the IMF Executive Board welcomed the recent strengthening of economic reform efforts, as reflected in the authoritiesí economic program and in the recent approval of key measures by Parliament.  The Board particularly welcomed the implementation of such key structural measures as adjustment of energy prices to cost recovery levels and approval by the Government of debt restructuring and demonopolization plans for the energy sector, reform of the bankruptcy law and progress in initiating land reform.  The IMF Board stressed the need for effective implementation of these measures and adherence to the EFF programís financial targets in the months ahead, to set the stage for a recovery in output and living standards.   

An IMF mission to be led by Mr. David Owen of the Fundís European II Department will arrive in Chi_in_u next Wednesday, July 23, 1997, to continue the regular policy dialogue with the Moldovan authorities.  Mr. Shigimetsu Sugisaki, Deputy Managing Director of the IMF, will join the mission for two days of discussions with the Moldovan authorities. 



            Mark A. Horton
            IMF Resident Representative
            Chisinau, Moldova