IMF Mission to Moldova During April 28-May 13, 1999

A mission from the European II Department of the International Monetary Fund led by Mr. Rick Haas will visit Chisinau, during April 28-May 13, 1999 with the following objectives:

·           completion of the 1999 annual Article IV Consultations with Moldova.  These are required of all IMF member countries and result in presentation of a comprehensive report on recent economic developments to the Executive Board of the Fund; 

·           review of performance under the current SDR 135 million EFF program at end-December 1998 and end-March 1999.  Satisfactory performance could lead to completion of the fourth review under the EFF program by the IMF Executive Board;

• assessment of the prospects for meeting EFF program targets at end-June; and,

• initiation of discussions on the program for IMF financial support during the rest of 1999, if possible on the basis of a more concessional Enhanced Structural Adjustment Facility (ESAF) arrangement.

 The mission will also discuss a request by the Moldovan authorities for additional Fund financial support via a drawing under the IMF’s Compensatory and Contingency Financing Facility (CCFF), due to the impact of the regional financial crisis on Moldova’s exports to Russia and other CIS countries.  For more information about the CCFF, please consult the IMF’s Internet website at: http://www.imf.org/external/pubs/ft/pam/pam45/III/IIIB.htm#IIIB9 . 

The IMF disbursed SDR 25 million following approval of the third review of the EFF program by the Fund’s Executive Board on January 4, 1999.  At that time, the Board also approved an extension of the EFF program by one year, until May 2000.  Four disbursements under the EFF program have taken place, amounting to a total of SDR 62.5 million.  Six further quarterly disbursements are planned, five of SDR 12.5 million and a sixth of SDR 10 million.  The present level of IMF support to Moldova amounts to approximately US$190 million.