Moldova & IMF IMF Activities Publications Press Releases


Republic of Moldova - IMF Staff/Country Reports

2020
Title: Republic of Moldova : Technical Assistance Report-Report on Sectoral Accounts Mission

Summary: As part of the IMF’s Data for Decisions (D4D) Trust Fund Project, a technical assistance (TA) mission was conducted by John Joisce and Dario Florey, IMF Experts, during September 23–October 4, 2019, to help the authorities of the Republic of Moldova in developing sectoral financial accounts and financial balance sheet statistics (FABS). The mission was the follow up to the mission held in December 2018, and evaluated the progress made since the last mission against the objectives set out in the action plan. The mission worked principally with the National Bank of Moldova (NBM), but also had meetings with officials from the Ministry of Finance (MOF), the Central Securities Depository (CSD), the National Commission for Financial Markets (NCFM) and the National Bureau of Statistics of the Republic of Moldova (NBS).

Series: Country Report No. 20/174
Publication date: May 22, 2020

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2020
Title: Republic of Moldova: Staff Report for the 2020 Request for Disbursement Under the Rapid Credit Facility and Purchase Under the Rapid Financing Instrument-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Moldova

Summary: Thanks to recent reforms, Moldova entered the current crisis with strong fiscal, financial, and external buffers. However, the economic outlook has deteriorated sharply due to the COVID-19 pandemic. GDP is expected to fall by 3 percent due to lower external and domestic demand, aggravated by a significant slowdown in remittances. This, together with negative shocks to confidence and spillovers from global financial channels, has created an urgent balance of payments need. Fiscal, exchange rate, and financing pressures—already significant—are likely to worsen in the coming weeks. On March 11, the Executive Board concluded the 2020 Article IV consultation and completed the final review under the 2016 ECF/EFF arrangements.

Series: Country Report No. 20/129
Publication date: April 22, 2020
Formal report date: April 10, 2020

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2020
Title: Republic of Moldova: Selected Issues (Governance Assessment)

Summary: This paper on the Republic of Moldova was prepared by a staff team of the International
Monetary Fund as background documentation for the periodic consultation with the
member country. It is based on the information available at the time it was completed on
February 28, 2020.

Series: Country Report No. 20/77
Publication date: March 18, 2020

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2020
Title: Republic of Moldova: Staff Report for the 2020 Article IV Consultation and Sixth Reviews Under the Extended Credit Facility and Extended Fund Facility Arrangements-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Moldova

Summary: Moldova has made important progress in addressing macro-financial vulnerabilities under the 2016 ECF/EFF arrangements. Despite successful stabilization efforts, growth remains insufficient to significantly boost living standards.

Series: Country Report No. 20/76
Publication date: March 18, 2020
Formal report date: March 2, 2020

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2019
Title: Republic of Moldova: Fourth and Fifth Reviews Under the Extended Credit Facility and Extended Fund Facility Arrangements, Completion of the Inflation Consultation, and Request for Extension of the Arrangements and Rephasing of Access-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Moldova

Summary: The economy continued to strengthen. Robust growth in 2018 was propelled by infrastructure and private investments, while private consumption continued to expand into 2019, supported by growing real incomes and bank lending recovery. Inflation slowed in 2018, but pressures are building up. The labor market improved significantly, with strengthening labor force participation, employment growth, and falling unemployment.

Series: Country Report No. 19/305
Publication date: September 25, 2019
Formal report date: September 6, 2019

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2019
Title: Republic of Moldova: Technical Assistance Report-Financial Soundness Indicators Mission

Summary: With the support of the International Monetary Fund’s (IMF’s) European Department (EUR), the IMF’s Statistics Department (STA) conducted a financial soundness indicators (FSIs) technical assistance (TA) mission in Chisinau, Moldova, during March 18 29, 2019, to improve Moldova’s FSI compilation. The mission was financed by Netherlands Capacity Development Partnership Program. The mission worked with staff of the National Bank of Moldova (NBM) (i) to review available source data for deposit takers (DTs) and other sectors including other financial corporations (OFCs); and (ii) to review the current FSIs compiled by the NBM with a view to ensure methodological consistency of the FSI compilation with the IMF’s FSI Compilation Guide 2006 (FSI Guide). In collaboration with staff of the NBM, the mission delivered these objectives and agreed with the authorities on an action plan to improve FSIs in Moldova. The improvement of FSIs contributes to enhancement of policy analysis and decision-making by the NBM.

Series: Country Report No. 19/284
Publication date: September 4, 2019
Formal report date: August 2019

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2018
Title: Republic of Moldova: Third Reviews under the Extended Credit Facility and Extended Fund Facility Arrangements and Request for Modification of Performance Criteria – Press Release; Staff Report; and Statement by the Executive Director for the Republic of Moldova

Summary: The economy strengthened in 2017. Higher-than-expected GDP growth was driven by strong domestic demand and a positive external environment. Inflation slowed, driven by regulated and food prices, prudent policies and exchange rate appreciation, to below the target of the National Bank of Moldova (NBM).

Series: Country Report No. 18/205
Publication date: July 5, 2018
Formal report date: June 15, 2018

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2017
Title: Republic of Moldova: Article IV Consultation and Second Reviews under the Extended Fund Facility and Extended Credit Facility Arrangements-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Moldova

Summary: Following the 2014 crisis, Moldova has experienced a period of relative economic and financial stability, but still faces significant challenges. Growth has returned, inflation pressures have been contained, and fiscal performance has improved. Financial sector rehabilitation is underway, but further steps are needed to strengthen banks’ governance and balance sheets, which are critical to restore credit growth. Faster growth is needed if Moldova is to lift per capita income, which is the lowest in the region. • To accelerate growth and improve living standards while maintaining macroeconomic stability, policies should continue to focus on: (i) decisively strengthening the banking sector to facilitate deeper financial intermediation; (ii) bolstering the inflation targeting framework to help improve the transmission mechanism, while continuing to allow for exchange rate flexibility; (iii) maintaining fiscal discipline, while providing for growth-friendly priority public investment and safeguarding debt sustainability; and (iv) advancing structural reforms for sustainable and inclusive growth.

Series: Country Report No. 17/398
Publication date: December 21, 2017
Formal report date: December 6, 2017

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2017
Title: Republic of Moldova: Selected Issues

Summary: This Selected Issues paper on the Republic of Moldova was prepared by a staff team of
the International Monetary Fund as background documentation for the periodic
consultation with the member country. It is based on the information available at the
time it was completed on December 6, 2017.

Series: Country Report No. 17/399
Publication date: December 21, 2017

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2017
Title: Republic of Moldova: First Reviews Under the Extended Credit Facility and Extended Fund Facility Arrangements and Request for Modification of Performance Criteria - Press Release and Staff Report

Summary: Following the political and economic turmoil of recent years, the Moldovan economy has started to recover. Economic growth in 2016 was stronger than originally projected benefiting from solid agricultural performance and better-than-expected exports; and the outlook for 2017 has been marked up. Inflation decelerated sharply from the high levels of 2015, but has returned to the target range.

Series: Country Report No. 17/102
Publication date: May 1, 2017
Formal report date: April 13, 2017

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2016
Title: Republic of Moldova: Requests for an Extended Arrangement Under the Extended Fund Facility and an Arrangement Under the Extended Credit Facility - Press Release; Staff Report; and Statement by the Executive Director for the Republic of Moldova

Summary: Since late 2014, Moldova’s economy has been hit by a number of domestic and external shocks. Chief among them is the exposure of extensive and wellorchestrated fraud in the banking system, resulting in the closure of three banks at a public cost of 10 percent of GDP. During the following period, confidence collapsed, external concessional financing largely froze, and international reserves fell by onethird, prompting significant tightening of monetary conditions. Domestic political turmoil, marked by three changes in government, constrained solutions and delayed collaboration with the international community on possible financial support.

Series: Country Report No. 16/343
Publication date: November 9, 2016
Formal report date:
October 26, 2016

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2016
Title: Republic of Moldova: Staff Report for the 2015 Article IV Consultation and Third Post-Program Monitoring Discussions-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Moldova

Summary: Moldova has been in the midst of political, economic, and financial turmoil since late 2014. On October 29, 2015, the government led by Mr. Strelet (already the third cabinet in 2015) was dismissed by a no confidence vote in Parliament. Political instability has been amplified by the revelation of a large-scale fraud in the financial sector. This resulted in a collapse of three large banks, with a cost to the budget of around 12 percent of GDP and a significant loss in reserves. The homegrown problems occurred at the time of difficult external environment, marked by a recession in Russia.

Series: Country Report No. 16/19
Publication date: January 20, 2016

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2014
Title: Republic of Moldova: Second Post-Program Monitoring Discussions-Staff Report; Staff Statement; Press Release; Statement by the Executive Director

Summary: KEY ISSUES Governance in the banking system remains poor and the condition of some large banks is fragile. The budget faces a tight financing situation, and—without corrective measures—the deficit is projected to widen significantly in 2015. Russia’s new restrictions on imports from Moldova are exacerbating the ongoing slowdown in activity, easing inflationary pressures, and weakening export performance. Discussions mainly focused on policies to address the significant risks in the banking sector, return to a path of fiscal consolidation, and boost potential growth and preserve external stability. Financial sector. The recommendations of the recent FSAP should be implemented, in particular regarding the enforcement of regulatory requirements. A plan to deal with weak banks needs to be developed. Fiscal policy. Returning to a path of fiscal consolidation, with a view to lower reliance on exceptionally high donor support over the medium term is important. This objective can be achieved by containing the budget deficit below 3 percent of GDP in 2015, gradually reducing it 1½ percent by 2018. Monetary policy. The supportive monetary policy stance should be maintained but the NBM should stand firm against pressures to facilitate its financing of the budget. Exchange rate movements driven by fundamentals should not be resisted. Structural reforms. Structural reforms are needed to boost potential output growth and reduce vulnerabilities. Strengthening external stability requires efforts to diversify export products and markets, and sources of financing.

Series: Country Report No. 14/346
Publication date: December 17, 2014

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2014
Title: Republic of Moldova: 2014 Article IV Consultation and First Post-Program Monitoring Discussions-Staff Report; Press Release; and Statement by the Executive Director for the Republic of Moldova

Summary: KEY ISSUES Context: Moldova largely achieved the main objectives of the combined ECF/EFF supported program that expired on April 30, 2013. The economy has strongly recovered from the drought-related contraction in 2012 but will slow down in 2014. Key risks to the near-term outlook relate to financial stability, fiscal policy slippages in the run up to the 2014 parliamentary elections, a further slowdown in activity in main trading partners, and intensification of geopolitical tensions. Financial sector policies: Corporate governance in the banking sector is a major concern. In line with FSAP recommendations, significant weaknesses in the legal and regulatory frameworks must be urgently addressed to ensure stability and soundness of the financial sector. Fiscal policy: Moldova has achieved a substantial degree of fiscal consolidation in recent years, but this trend is now reversing. Resisting pre-election pressures for selective spending increases and returning to the path of fiscal consolidation would reduce reliance on exceptionally-high donor support. Structural fiscal reforms would help safeguard sustainability. Monetary and exchange rate policy: Monetary policy has been successful in maintaining inflation within the NBM’s target range. Going forward, the NBM needs to remain ready to adopt a tightening bias if inflationary pressures start emerging. There is room to strengthen the inflation targeting regime. Structural reforms: The implementation of structural reforms outlined in the National Development Strategy (NDS) Moldova 2020—especially in the business environment, physical infrastructure, and human resources development areas—would help boost potential growth and reduce poverty.

Series: Country Report No. 14/190
Publication date: July 8, 2014

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2012
Title: Republic of Moldova: Staff Report for the 2012 Article IV Consultation, Fifth Reviews Under the Extended Arrangement and Under the Three-Year Arrangement Under the Extended Credit Facility, and Requests for Waivers for Non-Observance and Modification of Performance Criteria

Staff Report; Public Information Notice; Press Release

Summary: After the 2009 crisis, policies have improved markedly, backed by substantial foreign assistance. Notably, fiscal adjustment has reduced the large budget imbalance, monetary policy has tamed inflation, and structural reforms have spurred strong export expansion. These reforms led to impressive growth in 2010–11, but activity decelerated in 2012, reflecting the slowdown in the EU. The economy is highly exposed to further intensification of the euro area crisis via its dependence on remittances, exports, and capital inflows.

Series: Country Report No. 12/288
Publication date: October 22, 2012

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2012
Title: Republic of Moldova: Selected Issues

Summary: This Selected Issues paper on the Republic of Moldova was prepared by a staff team of the International Monetary Fund as background documentation for the periodic consultation with the member country. It is based on the information available at the time it was completed on September 17, 2012. The views expressed in this document are those of the staff team and do not necessarily reflect the views of the government of the Republic of Moldova or the Executive Board of the IMF.

Series: Country Report No. 12/289
Publication date: October 22, 2012

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2012
Title: Moldova : Taking Compliance Management Further

Summary: This report discusses implementation of the compliance risk model (CRM) by Moldova’s tax department. The CRM has shown encouraging results in 2011, in terms of extra revenue. However, the assessment reports that for long-lasting impact, the model requires further improvement in taxpayer services, audit, tax fraud investigations, information technology, and the value-added tax refund system. The compliance plan for 2012 involves implementing measures within the segment of wealthy individuals.

Series: Country Report No. 12/199
Publication date: July 26, 2012

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2012
Title: Republic of Moldova: Fourth Reviews Under the Extended Arrangement and Under the Three-Year Arrangement Under the Extended Credit Facility, and Requests for Waiver for Nonobservance of a Performance Criterion and for Modification of a Performance Criterion

Staff Report; Staff Statement; Press Release on the Executive Board Discussion; and Statement by the Executive Director for the Republic of Moldova

Series: Country Report No. 12/38
Publication date: February 9, 2012

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2011
Title: Republic of Moldova: Third Reviews Under the Extended Arrangement and Under the Three-Year Arrangement Under the Extended Credit Facility, and Request for Modification of Performance Criteria

Staff Report; Staff Supplement; Press Release

Series: Country Report No. 11/200
Publication date: July 25, 2011

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2011
Title: Republic of Moldova: Second Reviews Under the Extended Arrangement and Under the Three-Year Arrangement Under the Extended Credit Facility, and Request for Waiver of Applicability of Performance Criteria

Staff Report; Staff Statement; Press Release on the Executive Board Discussion; and Statement by the Executive Director for the Republic of Moldova

Series: Country Report No. 11/89
Publication date: April 15, 2011

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2010
Title: Republic of Moldova: Selected Issues Paper

Series: Country Report No. 10/232
Publication date: July 27, 2010

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2010
Title: Republic of Moldova: 2010 Article IV Consultation and Staff Report for the 2010 Article IV Consultation, First Reviews Under the Extended Arrangement and Under the Three-Year Arrangement Under the Extended Credit Facility, and Request for Modification of a Performance Criterion

Staff Report; Staff Statement and Supplement; Public Information Notice and Press Release on the Executive Board Discussion; and Statement by the Executive Director for the Republic of Moldova

Series: Country Report No. 10/234
Publication date: July 27, 2010

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2010
Title: Republic of Moldova: Request for a Three-Year Arrangement Under the Extended
Credit Facility and Request for an Extended Arrangement

Staff Report; Staff Report Supplement; Staff Statement; Press Release; Executive Director's Statement

Series: Country Report No. 10/32
Publication date: February 1, 2010

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2008
Title: Republic of Moldova: Fourth Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility and Request for Waiver of Nonobservance of Performance Criterion

Staff Report; Staff Report Supplement; and Press Release

Series: Country Report No. 08/320
Publication date: October 2, 2008

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2008
Title: Republic of Moldova: 2007 Article IV Consultation and Third Review Under the Three - Year Arrangement Under the Poverty Reduction and Growth Facility
 
Staff Report; Staff Supplement; Public Information Notice and Press Release on the Executive Board Discussion; and Statement by the Executive Director for the Republic of Moldova

Series:
Country Report No. 08/139
Publication date: April 25, 2008

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În limba română (cateva extrase)


2008
Title:
Republic of Moldova: Selected Issues
Series: Country Report No. 08/134
Publication date: April 25, 2008

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În limba română (capitolul 3)


2008
Title: Republic of Moldova: Statistical Appendix
Series: Country Report No. 08/132
Publication date: April 18, 2008

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2007
Title: Republic of Moldova: Second Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility and Request for Waiver of Nonobservance of Performance Criterion

Staff Report; Staff Statement; Staff Supplement; Press Release on the Executive Board Discussion; and Statement by the Executive Director for the Republic of Moldova

Series: Country Report No. 07/275
Publication date: August 6, 2007

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În limba română


2007
Title: Republic of Moldova: First Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility and Requests for Waiver of Performance Criterion and Augmentation of Access

Staff Report; Staff Supplement; Press Release on the Executive Board Discussion; and Statement by the Executive Director for the Republic of Moldova

Series: Country Report No. 07/45
Publication date: February 6, 2007

Full Text in PDF format
 Note that the PDF contains several parts: the main report on pages 1-77, followed by
 (these are not listed in the table of contents!): the Dec-2006 Supplement, the Press Release on
 the Executive Board discussion, and the Statement by the Executive Director for Moldova).

În limba română
 Notă: fişierul PDF conţine câteva părţi: raportul de bază pe pag. 1-77, urmat de
 (acestea nu sunt indicate în "Cuprins"!): o scurtă actualizare pentru luna decembrie 2006,
 comunicatul de presă privind discuţiile de la şedinţa Consiliului Executiv şi declaraţia
 Directorului Executiv pentru Moldova).


2006
Title: Republic of Moldova: Statistical Appendix
Series: Country Report No. 06/187
Publication date: May 26, 2006

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2006
Title: Republic of Moldova: 2006 Article IV Consultation and Request for a Three-Year Arrangement Under the Poverty Reduction and Growth Facility
 
Staff Report; Staff Statement; Public Information Notice and Press Release on the Executive Board Discussion; and Statement by the Executive Director for the Republic of Moldova

Series: Country Report No. 06/184
Publication date: May 25, 2005

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Romanian language translation


2005
Title:
Republic of Moldova: Selected Issues
Series: Country Report No. 05/54
Publication date: February 17, 2005

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2005
Title: Republic of Moldova: Statistical Appendix
Series: Country Report No. 05/53
Publication date: February 17, 2005

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2005
Title: Republic of Moldova: 2004 Article IV Consultation

Staff Report; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for the Republic of Moldova

Series: Country Report No. 05/48
Publication date: February 17, 2005

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2004
Title: Republic of Moldova: Statistical Appendix
Series: Country Report No. 04/40
Publication date: February 18, 2004

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2004
Title: Republic of Moldova: 2003 Article IV Consultation

Staff Report; and Public Information Notice on the Executive Board Discussion

Series: Country Report No. 04/39
Publication date: February 18, 2004

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2002
Title: Republic of Moldova: 2002 Article IV Consultation, First Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility and Request for Waiver of Performance Criteria

Staff Report

Series: IMF Staff Country Report No. 02/190
Publication date: August 26, 2002

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2001
Title: Republic of Moldova: Recent Economic Developments
Series: Country Report No. 01/22
Publication date: January 25, 2001

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Brief info from Basa-Press news agency - click here.

Russian translation: full text in PDF format.


1999
Title: Republic of Moldova
Series: IMF Staff Country Report No. 99/110
Publication date: October 7, 1999

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1998
Title:
Republic of Moldova - Recent Economic Developments
Series: IMF Staff Country Reports No. 98/58
Publication date: August 5, 1998

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1996
Title:
Republic of Moldova - Recent Economic Developments
Series: IMF Staff Country Reports No. 96/117
Publication date: November 20, 1996

On paper only


1995
Title:
Republic of Moldova - Recent Economic Developments
Series: IMF Staff Country Reports No. 95/73
Publication date: July 24, 1995

On paper only