Moldova Will Receive $558 Million in Financial Assistance from the IMF

Moldova Will Receive $558 Million in Financial Assistance from the IMF
28 July 2020 | 15:01

The International Monetary Fund (IMF) staff and the Moldovan authorities have reached a staff-level agreement on an economic reform program to be supported by a three-year Extended Credit Facility and Extended Fund Facility (ECF/EFF) arrangements. This would allow Moldova to access about $558 million of financial assistance. The new program will build on progress made under the previous program and strive to support Moldova’s post-pandemic recovery, and advance ambitious institutional reforms.

The IMF mission, led by Ruben Atoyan, held discussions remotely from the IMF Headquarters in Washington, D.C. with the Moldovan authorities during July 7-24, 2020 on an IMF-supported economic program.

“IMF staff and the Moldovan authorities have reached staff-level agreement on an economic reform program to be supported by three-year Extended Credit Facility and Extended Fund Facility (ECF/EFF) arrangements. Access under this arrangement is proposed to be set at SDR 400 million (232 percent of Moldova’s quota in the Fund and about US$ 558 million). 

The staff-level agreement is subject to approval by IMF Management and the Executive Board. Considerations of the new program by the Executive Board is expected in September, subject to the authorities’ implementation of a number of prior actions, including in areas of the central bank independence, financial sector oversight, and fiscal transparency,” stated Atoyan in a statement issued at the end of the consultations.  

According to the same statement, the new ECF/EFF arrangements will help maintain macroeconomic stability, provide an anchor for authorities’ policies to support the post-pandemic recovery, and catalyze external financing from other donors. Moreover, the new arrangement will also strive to advance ambitious institutional reforms aimed at tackling widespread vulnerabilities in areas of fiscal governance, non-bank financial sector oversight, market regulation, anti-corruption, and rule of law.

The IMF mission mentioned that an independent central bank helps macroeconomic stability, supports investor confidence, and protects the financial system—all crucial preconditions for inclusive and sustainable growth. The IMF mission added that it is in the interest of Moldova to preserve the independence of the National Bank and it is also a critical requirement under the new IMF-supported program.

In April 2020, the National Bank received a $235 million loan from the IMF.  

AUTHOR MAIL

 .

Roskomnadzor Orders ZdG to Delete an Article about Russia’s war on Ukraine and Asked Internet Operators to Block ZdG’s Website

Roskomnadzor (Federal Communications, Information Technology, and Media Surveillance Service) ordered Ziarul de Gardă to delete an article about Russia’s war on Ukraine and asked Internet operators to blo…
Roskomnadzor Orders ZdG to Delete an Article about Russia’s war on Ukraine and Asked Internet Operators to Block ZdG’s Website

TOP: Five ZdG Investigations from 2021 that Led to Opening Criminal Cases

Several articles published by ZdG during 2021 have had an impact and led to opening criminal cases or sanctions. The investigation ”Concrete Instead of Trees in a Chișinău Forest” brought to the public’s…
TOP: Five ZdG Investigations from 2021 that Led to Opening Criminal Cases

INVESTIGATION: The Army from which Recruits Flee

“I left the unit out of fear. I joined the army to do military service and not to let someone mock me. (…) The superiors reacted aggressively. I learnt nothing from the military service: I made repa…
INVESTIGATION: The Army from which Recruits Flee

ZdG Interview with Maia Sandu, President of Moldova

“Fighting corruption is a very important process that we engage to complete; the country’s strategy, however, must focus on education.” A year after the inauguration of Maia Sandu as President…
ZdG Interview with Maia Sandu, President of Moldova

OPINION POLL: A Year with Maia Sandu: “I think she has to put Shor, Plahotniuc, Platon in prison and take all their fortunes and give them to the people.”

On December 24, 2020, Maia Sandu pronounced her inauguration oath of office as President of the Republic of Moldova: “I swear to give all my strength and skill to the prosperity of the Republic of Moldova, to r…
OPINION POLL: A Year with Maia Sandu: “I think she has to put Shor, Plahotniuc, Platon in prison and take all their fortunes and give them to the people.”

OPINION POLL: 2021 is Leaving. What Would We Take with Us into 2022?

We say goodbye to 2021- a year full of question marks. Knock on 2022. How will it find us? More peaceful, more optimistic, more hopeful, or tired of waiting? It will be warm in the house, there will be bread on…
OPINION POLL: 2021 is Leaving. What Would We Take with Us into 2022?

Memur Maaşı Hesaplama

- dinamobet.club - bahsegel.club - cratosbet.club -
casinovale.club
-
süperbetin
- benjabet -

kolaybet

-
betgaranti
- jojobet.pro -

mersin eskort

- eskort - eskort eskişehir -
web tasarım hizmeti
-
istanbul avukat
- deneme bonusu veren siteler