{"id":236968,"date":"2005-12-18T12:10:00","date_gmt":"2005-12-18T12:10:00","guid":{"rendered":"http:\/\/new.moldova.org\/2005\/12\/18\/if-imf-resumes-financing-it-will-be-concessional-thomas-richardson-7484-eng\/"},"modified":"2005-12-18T12:10:00","modified_gmt":"2005-12-18T12:10:00","slug":"if-imf-resumes-financing-it-will-be-concessional-thomas-richardson-7484-eng","status":"publish","type":"post","link":"https:\/\/www.moldova.org\/en\/if-imf-resumes-financing-it-will-be-concessional-thomas-richardson-7484-eng\/","title":{"rendered":"If IMF resumes financing it will be concessional – Thomas Richardson"},"content":{"rendered":"Reading Time: <\/span> 2<\/span> minutes<\/span><\/span>

The value of the credits that the International Monetary Fund will grant to Moldova depends on the foreign currency reserves of the National Bank and on the country’s trade deficit, Thomas Richardson, the IMF chief negotiator for Moldova, said. <\/p>\n

At a press conference held at the end of his mission to Chisinau, Richardson told he used most of the time spent in Moldova to verify how Chisinau observes the provisions of article 4 on Fund’s constitution regarding the economic situation in the respective country. The current mission was like “an annual visit to the doctor”. Discussions over a new three-year program with Moldova divided into 3 annual components are still to be initiated, Richardson told. <\/p>\n

According to the IMF official, if the sides agree on the resumption of financing it will be concessional because Moldova is a poor country. The program is to be negotiated when the next mission arrives in February 2006. “”If we agree on details, the program of economic policies formulated by the Moldovan Government will be presented to the IMF Executive Board in May 2006,” Richardson said. <\/p>\n

The authorities managed to curb inflation through central bank’s active policies of sterilizing the foreign currency inflow and due to the conservative and prudent budgetary policies. Yet, it is necessary to adopt laws that would increase National Bank’s independence in compliance with the international practices, Richardson told. <\/p>\n

He praised the public administration reform and reiterated Fund’s readiness to provide technical assistance for adjusting the Moldovan legislation to that of the EU. At the same time, the IMF chief negotiator voiced hope that the privatization process will intensify next year and that the regulatory reform will be efficient. <\/p>\n

Referring to a possible rise in the price of gas Russia supplies to Moldova, Richardson said that this will have a negative impact on the population as the inflation will go up. \/\/ Reporter.MD<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Reading Time: <\/span> 2<\/span> minutes<\/span><\/span>The value of the credits that the International Monetary Fund will grant to Moldova depends on the foreign currency reserves of the National Bank and on the country\u2019s trade deficit, Thomas Richardson,<\/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-236968","post","type-post","status-publish","format-standard","hentry","category-economy"],"content_social_share":"Reading Time: <\/span> 2<\/span> minutes<\/span><\/span>

The value of the credits that the International Monetary Fund will grant to Moldova depends on the foreign currency reserves of the National Bank and on the country’s trade deficit, Thomas Richardson, the IMF chief negotiator for Moldova, said. <\/p>\n

At a press conference held at the end of his mission to Chisinau, Richardson told he used most of the time spent in Moldova to verify how Chisinau observes the provisions of article 4 on Fund’s constitution regarding the economic situation in the respective country. The current mission was like “an annual visit to the doctor”. Discussions over a new three-year program with Moldova divided into 3 annual components are still to be initiated, Richardson told. <\/p>\n

According to the IMF official, if the sides agree on the resumption of financing it will be concessional because Moldova is a poor country. The program is to be negotiated when the next mission arrives in February 2006. “”If we agree on details, the program of economic policies formulated by the Moldovan Government will be presented to the IMF Executive Board in May 2006,” Richardson said. <\/p>\n

The authorities managed to curb inflation through central bank’s active policies of sterilizing the foreign currency inflow and due to the conservative and prudent budgetary policies. Yet, it is necessary to adopt laws that would increase National Bank’s independence in compliance with the international practices, Richardson told. <\/p>\n

He praised the public administration reform and reiterated Fund’s readiness to provide technical assistance for adjusting the Moldovan legislation to that of the EU. At the same time, the IMF chief negotiator voiced hope that the privatization process will intensify next year and that the regulatory reform will be efficient. <\/p>\n

Referring to a possible rise in the price of gas Russia supplies to Moldova, Richardson said that this will have a negative impact on the population as the inflation will go up. \/\/ Reporter.MD<\/a><\/p>\n

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