Moldova has new agreement with IMF

The IMF Executive Board approved the program for Moldova's funding. The three-year program, during which time the Republic will receive approximately $180 million.

An agreement with the IMF was reached in June this year.

Moldovan authorities had to fulfill a number of conditions then in the financial, fiscal, energy and banking sectors. The government has assumed responsibility for the seven bills convention with the International Monetary Fund to release European funding.

Read also: Government wants agreement signed with IMF in October 

The document is based on two policies: first one based on the macroeconomic and financial stability and second one on reforms to facilitate economic growth.

Read also:  A new agreement with IMF will bring Moldova back to the investments map.

Earlier, the IMF mission, which was found in Moldova from July 5 to 15, has reached an agreement with the Government to conclude a new cooperation program.

"The IMF experts and Moldovan authorities have reached agreement at staff level on a program of economic reforms supported by a financing arrangement for 3 years through the Mechanism Extended Fund Facility (EFF) and Extended Credit Facility (ECF). Access the funding is proposed to be set at a level of 75% of Moldova's share in the IMF (about 179 million US dollars). The agreement at the staff level will have to be approved by IMF management and Executive Board. The examining of the matter in question to the Executive Board is expected for the month of October, if authorities will implement the set of priority actions" , said Vladkova-Hollar.

According to the head of the IMF mission, the new financial arrangement will aim to improve and advance the situation on the financial sector governance and supervisory framework of this sector.

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