{"id":236505,"date":"2005-10-21T09:54:00","date_gmt":"2005-10-21T09:54:00","guid":{"rendered":"http:\/\/new.moldova.org\/2005\/10\/21\/imf-is-cautious-about-financing-resumption-5659-eng\/"},"modified":"2005-10-21T09:54:00","modified_gmt":"2005-10-21T09:54:00","slug":"imf-is-cautious-about-financing-resumption-5659-eng","status":"publish","type":"post","link":"https:\/\/www.moldova.org\/en\/imf-is-cautious-about-financing-resumption-5659-eng\/","title":{"rendered":"IMF is cautious about financing resumption"},"content":{"rendered":"Reading Time: <\/span> 2<\/span> minutes<\/span><\/span>

\"\"“We are cautious about resuming the negotiations on a financing program with Moldova,” Thomas Richardson, the International Monetary Fund chief negotiator for Moldova, specified at the end of the working visit of the IMF mission to our country. The expert told a press conference on Thursday that he cannot say exactly when a financing program with Moldova will be initiated because the results of the examination of the county’s economic situation are to be discussed firstly with the administration in Washington. “I cannot promise we will come back to initiate a financing program,” Richardson said. <\/p>\n

The IMF representative mentioned among the successes achieved in economy the maintenance of the inflation under the level of 10 percent, the “rather small” budget deficit, the efforts made by the central bank to sterilize the inflows of foreign currency, as well as the reforms applied in central public administration, the progress in implementing the regulatory reform. “We are satisfied with the reduction in inflation and with the intention to bring it down to 0.5 percent next year,” Paul Bermingham, the FMI representative, has said. <\/p>\n

The foreign currency inflow, especially the remittances from abroad, created problems to the National Bank of Moldova which met difficulties in registering it. On the other hand, the experts specified that central bank’s legislative basis is good but in certain fields this institution is not fully independent from the administration of the country. <\/p>\n

The IMF representatives drew attention to the trade balance deficit which is increasing and which “needs to be kept under control”. Richardson said the agricultural sector should be developed and investments be attracted in order to reduce the trade deficit. <\/p>\n

According to the experts, the funding to be offered by IMF will be directed to the National Bank and not to the state budget so as “to protect Moldova from profiteering attacks or from such eventual shocks as the impact of electric power and natural gas prices, the accumulation of financial resources being very important in this respect”. <\/p>\n

The IMF’s financing program was interrupted in 2003 because the financial organization and the leadership of the country “did not reach a consensus” on a number of aspects. Moldova received only 37 million dollars of the total sum of 147 million dollars included in the old program that was approved on December 15, 2000. \/\/ Reporter.MD<\/p>\n","protected":false},"excerpt":{"rendered":"

Reading Time: <\/span> 2<\/span> minutes<\/span><\/span>\u201cWe are cautious about resuming the negotiations on a financing program with Moldova,\u201d Thomas Richardson, the International Monetary Fund chief negotiator for Moldova, specified at the end of the work<\/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-236505","post","type-post","status-publish","format-standard","hentry","category-economy"],"content_social_share":"Reading Time: <\/span> 2<\/span> minutes<\/span><\/span>

\"\"“We are cautious about resuming the negotiations on a financing program with Moldova,” Thomas Richardson, the International Monetary Fund chief negotiator for Moldova, specified at the end of the working visit of the IMF mission to our country. The expert told a press conference on Thursday that he cannot say exactly when a financing program with Moldova will be initiated because the results of the examination of the county’s economic situation are to be discussed firstly with the administration in Washington. “I cannot promise we will come back to initiate a financing program,” Richardson said. <\/p>\n

The IMF representative mentioned among the successes achieved in economy the maintenance of the inflation under the level of 10 percent, the “rather small” budget deficit, the efforts made by the central bank to sterilize the inflows of foreign currency, as well as the reforms applied in central public administration, the progress in implementing the regulatory reform. “We are satisfied with the reduction in inflation and with the intention to bring it down to 0.5 percent next year,” Paul Bermingham, the FMI representative, has said. <\/p>\n

The foreign currency inflow, especially the remittances from abroad, created problems to the National Bank of Moldova which met difficulties in registering it. On the other hand, the experts specified that central bank’s legislative basis is good but in certain fields this institution is not fully independent from the administration of the country. <\/p>\n

The IMF representatives drew attention to the trade balance deficit which is increasing and which “needs to be kept under control”. Richardson said the agricultural sector should be developed and investments be attracted in order to reduce the trade deficit. <\/p>\n

According to the experts, the funding to be offered by IMF will be directed to the National Bank and not to the state budget so as “to protect Moldova from profiteering attacks or from such eventual shocks as the impact of electric power and natural gas prices, the accumulation of financial resources being very important in this respect”. <\/p>\n

The IMF’s financing program was interrupted in 2003 because the financial organization and the leadership of the country “did not reach a consensus” on a number of aspects. Moldova received only 37 million dollars of the total sum of 147 million dollars included in the old program that was approved on December 15, 2000. \/\/ Reporter.MD<\/p>\n

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