{"id":235901,"date":"2005-06-15T11:27:00","date_gmt":"2005-06-15T11:27:00","guid":{"rendered":"http:\/\/new.moldova.org\/2005\/06\/15\/national-international-experts-urge-wb-and-imf-to-restructure-immediately-and-unconditionally-moldovas-foreign-debts-3335-eng\/"},"modified":"2005-06-15T11:27:00","modified_gmt":"2005-06-15T11:27:00","slug":"national-international-experts-urge-wb-and-imf-to-restructure-immediately-and-unconditionally-moldovas-foreign-debts-3335-eng","status":"publish","type":"post","link":"https:\/\/www.moldova.org\/en\/national-international-experts-urge-wb-and-imf-to-restructure-immediately-and-unconditionally-moldovas-foreign-debts-3335-eng\/","title":{"rendered":"National, international experts urge WB and IMF to restructure "Immediately and unconditionally" Moldova's foreign debts"},"content":{"rendered":"Reading Time: <\/span> 2<\/span> minutes<\/span><\/span>

\"\""There is no reason to condition the rescheduling of debts on changes in the field of policies, because the rescheduling would mean the correction of a mistake made by the creditors," according to a report, Moldova: Economic Growth Policies, Creating Jobs, and Reducing Poverty, which has been worked out by national and international experts and unveiled today in Chisinau. <\/p>\n

The experts recommend to the World Bank (WB) and the International Monetary Fund (IMF) to restructure "immediately and unconditionally" Moldova’s multilateral debts, and change the crediting conditions set for commercial loans given at end-1990s. <\/p>\n

The authors of the independent survey consider that the foreign debt is a tragic inheritance of the previous transition period, when the average incomes dropped sharply, plunging to the level of low-income countries, while the foreign financial institutions refused to give preferential loans. "The burden of foreign debt continues to limit the government’s capacity to allot public revenues to boost the economic growth and reduce poverty," the report says. <\/p>\n

According to the experts, at present, the Moldovan government has a more solid position enabling it to lobby for a more favourable condition to reschedule the foreign debt. They consider that this favourable condition has been determined by the fact that the government tries to decrease its commercial debts to bilateral creditors who are not Paris Club members. <\/p>\n

"The negotiations on rescheduling the foreign debt should start from the general recognition of the fact that Moldova should benefit from preferential instead of commercial credits, starting with the very first loans given in early 1990s. As to the difference between the accumulated interest of the two kinds of loans, it should be forgiven immediately," according to the report. <\/p>\n

At the same time, the experts recommend to the international financing organisations to restructure immediately the interest obtained from the difference of conditions set down by the International Bank for Reconstruction and Development and the International Development Agency, as well as the date of payment of non-preferential debts. These operations should lead to a significant decrease in the net value of Moldova’s debts, which would create grounds favourable to economic growth and poverty reduction, the report says. <\/p>\n

Moldova’s state foreign debt was of 758 million dollars in late 2004. The government allotted 125 million dollars to pay for it in 2004. This year, the Finance Ministry is to transfer to foreign creditors more than 31 million dollars. <\/p>\n

In 2000-2004, the government-guaranteed debt, compared to the Gross Domestic Product fell from 60.6 per cent to 36.4 per cent, while, according to the international rigours, the limit level is of 60 per cent. <\/p>\n

Moldova faced the most difficult situation in terms of foreign debt in 2002, when the government had to reschedule urgently the debt created after the issue in 1997 of 75-million-dollar eurobonds. But the team of negotiators of the Finance Ministry reached an agreement with the International Monetary Fund on restructuring state bonds for seven years.<\/p>\n","protected":false},"excerpt":{"rendered":"

Reading Time: <\/span> 2<\/span> minutes<\/span><\/span>"There is no reason to condition the rescheduling of debts on changes in the field of policies, because the rescheduling would mean the correction of a mistake made by the creditors," according to a report, Moldova: Economic Growth Policies, Creating Jobs, and Reducing Poverty, which has been worked out by national and international experts and […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-235901","post","type-post","status-publish","format-standard","hentry","category-economy"],"content_social_share":"Reading Time: <\/span> 2<\/span> minutes<\/span><\/span>

\"\""There is no reason to condition the rescheduling of debts on changes in the field of policies, because the rescheduling would mean the correction of a mistake made by the creditors," according to a report, Moldova: Economic Growth Policies, Creating Jobs, and Reducing Poverty, which has been worked out by national and international experts and unveiled today in Chisinau. <\/p>\n

The experts recommend to the World Bank (WB) and the International Monetary Fund (IMF) to restructure "immediately and unconditionally" Moldova’s multilateral debts, and change the crediting conditions set for commercial loans given at end-1990s. <\/p>\n

The authors of the independent survey consider that the foreign debt is a tragic inheritance of the previous transition period, when the average incomes dropped sharply, plunging to the level of low-income countries, while the foreign financial institutions refused to give preferential loans. "The burden of foreign debt continues to limit the government’s capacity to allot public revenues to boost the economic growth and reduce poverty," the report says. <\/p>\n

According to the experts, at present, the Moldovan government has a more solid position enabling it to lobby for a more favourable condition to reschedule the foreign debt. They consider that this favourable condition has been determined by the fact that the government tries to decrease its commercial debts to bilateral creditors who are not Paris Club members. <\/p>\n

"The negotiations on rescheduling the foreign debt should start from the general recognition of the fact that Moldova should benefit from preferential instead of commercial credits, starting with the very first loans given in early 1990s. As to the difference between the accumulated interest of the two kinds of loans, it should be forgiven immediately," according to the report. <\/p>\n

At the same time, the experts recommend to the international financing organisations to restructure immediately the interest obtained from the difference of conditions set down by the International Bank for Reconstruction and Development and the International Development Agency, as well as the date of payment of non-preferential debts. These operations should lead to a significant decrease in the net value of Moldova’s debts, which would create grounds favourable to economic growth and poverty reduction, the report says. <\/p>\n

Moldova’s state foreign debt was of 758 million dollars in late 2004. The government allotted 125 million dollars to pay for it in 2004. This year, the Finance Ministry is to transfer to foreign creditors more than 31 million dollars. <\/p>\n

In 2000-2004, the government-guaranteed debt, compared to the Gross Domestic Product fell from 60.6 per cent to 36.4 per cent, while, according to the international rigours, the limit level is of 60 per cent. <\/p>\n

Moldova faced the most difficult situation in terms of foreign debt in 2002, when the government had to reschedule urgently the debt created after the issue in 1997 of 75-million-dollar eurobonds. But the team of negotiators of the Finance Ministry reached an agreement with the International Monetary Fund on restructuring state bonds for seven years.<\/p>\n

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