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;
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.