Moldovan authorities can access 20 million dollars from IMF

Chisinau, 12 March /MOLDPRES/- The Executive Board of the International Monetary Fund (IMF) completed the sixth and final review of Moldova’s economic performance under the Extended Credit Facility (ECF) and Extended Fund Facility (EFF). The completion of this review enables the disbursement SDR 14.4 million (about US$ 20 million).

The Moldovan authorities have successfully completed the three-year Fund-supported arrangements despite a challenging political landscape. A key objective achieved was the rehabilitation of the banking sector, which—alongside other reforms—helped entrench macroeconomic and financial stability.  However, growth remains insufficient to significantly boost living standards of the Moldovan people. Going forward, it is imperative that the authorities continue to pursue a prudent and well-coordinated policy mix, including structural reforms aimed at further strengthening the financial sector, a growth-friendly fiscal policy to increase infrastructure spending and support priority social expenditure while maintaining fiscal sustainability, and strengthening Moldova’s governance framework and institutions.

Significant progress has been achieved in reforming the banking sector, including by securing bank shareholder transparency via fitness and probity of bank owners, improved supervisory and regulatory frameworks, unwinding bank related-party exposures, and strengthening financial safety nets.