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Interview with Hassan Al-Atrash, Resident Representative of the
International Monetary Fund to Moldova



In December, Moldova could receive a total of 42 million dollars in foreign loans from
the International Monetary Fund, World Bank and Dutch Government.
The final decision to consider resuming lending to Moldova could be
taken by the IMF's Executive Board in the mid-December when it
considers approving the Memorandum of Economic and Financial
Policies, which was signed by Moldovan Government last week.

According to the Resident Representative of the IMF in Chisinau,
Hassan Al-Atrash, most of the prior actions to resuming lending
were met. The State Budget for 2001 has been approved; bankruptcy
or reorganization procedures have been initiated against 23
companies with arrears to the Budget. The only remaining condition
to be met by Chisinau is the adoption of the Social Fund Budget,
which may be voted by Parliament this week.

Hassan-Al-Atrash pointed out that within three working days after the
Board's approval, about 12 million dollars could be disbursed to the
NBM as a first tranche under the Poverty Reduction and Growth
Facility. The program covers a period of 3 years, the total amount
committed is 150 million dollars. Loans will be granted for a period
of 10 years, with a grace period of 5,5 years at an interest rate of 0.5%.

The IMF's representative said that there is a good chance that also
in December the WB could provide the second tranche of 20 million
dollars under the Structural Adjustment Credit and the Dutch
Government could offer a grant of 10 million dollars to finance budget.

The new IMF's lending program assumes regular reviews to be made to
monitor compliance with the memorandum, with every such review
resulting in the disbursement of a new tranche of about 12 million
dollars, should its outcome be positive.

Since 1993, the IMF lent to Moldova around 300 million dollars. The
relationships with this international lending institution have been
suspended last spring because of the Parliament's failure to adopt
the privatization bill on wineries and tobacco factories, being
one the major conditions set forth by the WB and IMF to
continue lending.


considers the IMF's representative in Chisinau

In 2001, Moldova could receive external financing from donors and
international financial institutions of about 100 million dollars.
The IMF's Resident Representative in Chisinau had stated that these
credits would be contingent on good economic policies and progress in
structural reforms.

Economic performance, according to IMF's Representative in Chisinau,
is to a great extent dependent on continued structural reforms in
agriculture, energy deregulation and strengthening of the legal

Hassan-Al-Atrash has pointed out that even more important than
financial assistance is the promotion of foreign investments, the
latter being achievable only given a stable legal, economic and
political climate. One needs policies that are business-frien dly and
promoted in a transparent manner in a stable economic and political

Hassan Al-Atrash avoided saying to what extent political
uncertainties could impact on the lending arrangements for the next
year, yet, he pointed out that lack of stability and political
uncertainties could reflect in some way on investments.

Interviu cu Hassan Al-Atrash, reprezentantul permanent al Fondului Monetar International in Moldova 



In luna decembrie R.Moldova ar putea primi credite externe in valoare de 42 mln USD din partea Fondului Monetar International, a Bancii Mondiale si a Guvernului Olandei. Decizia de deblocare a creditarii externe pentru RM ar putea fi luata la 15 decembrie, cand Consiliului director al FMI se va reuni pentru a aproba memorandumul de politici economice si financiare semnat cu Guvernul moldovean.

Potrivit reprezentantului permanent al FMI la Chisinau, Hassan Al-Atrash, majoritatea masurilor
prealabile necesare pentru alocarea finantarii au fost indeplinite. A fost adoptat Bugetul de
Stat pentru 2001, legile cu privire la privatizarea fabricilor din industria vinului si a
tutunului, a inceput aplicarea procedurii de faliment sau reorganizare in cazul a 23 de
intreprinderi cu datorii la Buget. Singura conditie care mai trebuie indeplinita este adoptarea
Bugetului Fondului Social, care ar putea fi votat de Parlament saptamana curenta.

Hassan Al-Atrash a mentionat ca dupa adoptarea unei decizii pozitive, timp de trei zile
lucratoare pe conturile BNM ar putea fi transferate circa 12 mln USD in calitate de prima transa din finantarea acordata prin Programul pentru reducerea saraciei si cresterea economica.

Programul este prevazut pentru o perioada de trei ani, cu un buget total de 150 mln USD.
Creditele sunt acordate pentru o perioada de 10 ani, cu un termen de gratie de 5,5 ani si o
dobanda de 0,5%.

Rezidentul FMI a spus ca exista sanse mari ca tot in decembrie BM sa acorde cea de a doua transa din Creditul pentru Ajustari Structurale de 20 mln USD, iar Guvernul Olandei sa vina cu un imprumut nerambursabil de 10 mln USD pentru finantarea deficitului bugetar.

Noul program de creditare al FMI prevede efectuarea unor analize periodice a respectarii
conditiilor din memorandum, iar in cazul unor rezultate pozitive dupa fiecare control vor fi
alocate transe noi de 12 mln USD.

Din 1993 FMI a acordat R.Moldova credite de 300 mln USD. Relatiile cu FMI au fost intrerupte in primavara anului curent, dupa ce Parlamentul a refuzat sa adopte legile cu privire la
privatizarea fabricilor de vinuri si tutun, una dintre principalele conditii pentru continuarea
creditarii din partea BM si FMI.