International Monetary Fund's experts team to come to Chisinau on 26 June

Chisinau, 19 June /MOLDPRES/ - A mission of the International Monetary Fund (IMF), led by Ruben Atoyan, will be on a working visit to Chisinau on 26 June – 10 July, according to the IMF’s Representation in Moldova.    

International Monetary Fund’s Resident Representative in Moldova Volodymyr Tulin said that, “during the visit, the mission will hold discussions with the authorities, in the context of the evaluation of the Programme backed by IMF within the financing facilities ECF (Extended Credit Facility) and EFF (Extended Fund Facility). The Mission will analyze the recent developments in the economy and the progress made in the programme’s implementation, will update the macroeconomic forecast and with discuss with the authorities the macroeconomic policies in the long run.”     

The Fund’s last working mission in Chisinau took place on 25-29 March 2019. At that time, IMF “updated the information on the recent economic developments and discussed policies promoted by the authorities to maintain the macroeconomic and budgetary and fiscal stability.”

The last evaluation of the IMF’s Programme with Moldova was carried out in the second half of March 2018, when the sides reached a staff-level agreement on the third evaluation. On 29 June 2018, the International Monetary Fund’s Executive Board finished the third assessment of the programme; as a result, Moldova received a new installment worth 33.8 million dollars. Subsequently the financing was suspended.  

The three-year programme of the Moldovan authorities, backed by IMF, was approved on 7 November 2016. The programme is financed through a credit worth 129.4 million Special Drawing Rights (a sum equivalent to about 179 million dollars and to about three fourths of Moldova’s share held at IMF), of which 81.4 million SDR (about 112 million dollars) has been already disbursed. Two thirds of the credit is provided based on the Extended Credit Facility, which sees an interest rate equal to zero till late 2018, a grace period of five years and a half and a ten-year repayment period. The rest of the loan is provided based on the Extended Fund Facility, which envisages an yearly interest rate equal to the basic rate of interest for SDR (2.1 per cent at the moment), a ten-year repayment period and a grace period of four years and a half.