National Bank of Moldova and the Moldovan Government have met the prior actions of the Memorandum of Economic and Financial Policies of the agreement at staff level between the Moldovan authorities and IMF experts concluded on July 26, 2016.
As a result, the Executive Board of the International Monetary Fund will meet on November 7th, 2016 to discuss the funding program of reforms in Moldova, over a period of three years through the Extended Credit Facility and Extended Fund Mechanism of IMF. The financial arrangement provides access to 75-per-cent funding of Moldova's IMF quota (about $182.7 million).
The program with the IMF aims, among other things, the rapid improvement of governance and supervision of the banking sector. In particular, the program seeks to assess the transparent shareholding of commercial banks in Moldova. The monetary policy will continue to be focused on maintaining price stability in the context of a flexible exchange rate.