{"id":237249,"date":"1999-02-15T10:40:00","date_gmt":"1999-02-15T10:40:00","guid":{"rendered":"http:\/\/new.moldova.org\/1999\/02\/15\/imf-world-bank-ready-to-continues-assistance-but-want-reforms-complete-17361-eng\/"},"modified":"1999-02-15T10:40:00","modified_gmt":"1999-02-15T10:40:00","slug":"imf-world-bank-ready-to-continues-assistance-but-want-reforms-complete-17361-eng","status":"publish","type":"post","link":"https:\/\/www.moldova.org\/en\/imf-world-bank-ready-to-continues-assistance-but-want-reforms-complete-17361-eng\/","title":{"rendered":"IMF, World Bank Ready To Continues Assistance But Want Reforms Complete"},"content":{"rendered":"Reading Time: <\/span> 3<\/span> minutes<\/span><\/span>
\n

The International Monetary Fundand World Bank have stated that their financial assistance willcontinue but Moldova instead should go on with its economic andpolitical reforms.<\/p>\n

Important is that the new government demonstrates its ability toimplement the reforms, enjoys the public support and proves moretransparency, the World Bank’s Resident Representative James Parkwas quoted as saying last week.<\/p>\n

The visit of international missions has coincided with the oustingof the Ciubuc cabinet. Although – given several weeks of talksabout a possible fall of the government – it said the dismissalwas not a surprise in fact, the Fund has reacted carefully byadjourning a mission visit by two weeks.<\/p>\n

The IMF has put off a February 17 mission for March 3.<\/p>\n

The World Bank, on the other hand, did not called back its mission,arrived in Moldova on the eve of the cabinet fall, "at the requestof Moldovan authorities," as it was officially announced for withthe Fund.<\/p>\n

According to Parks, the mission stayed in Chisinau "all the timeset in compliance with the agenda," anticipating talks with the newgovernment. And these talks will begin as soon as a new cabinetteam is installed. They are necessary "to see in what measure thestrategy of assistance and the terms of reforms are valid for thenew government as well."<\/p>\n

It is of no doubt early to make forecasts since not one point ofthe governing program has been made public so far. But when thelist of possible cabinet members revealed the names, the reactionof the IMF representative was prompt.<\/p>\n

Mark Horton showed concerns over the fact that the list containednames of people who were included in the Auditors Court’ blackreports. The domestic media even speculated that Horton would bedisturbed by this aspect rather than participation of theCommunists in the governing.<\/p>\n

The World Bank official was even more tempered. Parks said the Bankwould never cooperate with a corrupted government and this is ageneral policy which applies not only with Moldova.<\/p>\n

Both Horton and Parks noticed however that the Chisinau governmentdid not fully honour its commitments with the two financial bodies.Thus, even though the new legislation on retirement is "one of themost advanced in the region," the part on non-state pension fundsremains just a preliminary decision.<\/p>\n

Moldova did not succeed to maintain its budget debt at the level oflate 1997.<\/p>\n

An the IMF representative does not rule out that the Fund mayforward more conditions, so that it would allow to complete theprogram which Moldova agreed to carry out.<\/p>\n

These statements cannot leave in peace the future cabinet ofministers. This year will be extremely difficult for Moldova, firstof all under the financial aspect. By the end of the year theexternal debt is expected to reach 1.1 billion dollars, and theamount to honour it will increase to 2 billion lei, which is twothirds of the national revenue. The internal debt amounts to 1.2billion lei.<\/p>\n

Last week Horton told BASA that the situation in Moldova remains"complicated" and the factors which worsen it are the low taxcollection, weak exportation, the deficit of payment balance,rising foreign debts.<\/p>\n

World Bank experts believe Moldova would register an economicgrowth in 1999 only if a miracle happens. The financial problemswill not disappear, they say, therefore the new government willhave to draft a credible reform program and prove consistency inorder to avoid harder times.<\/p>\n

It is clear that in these circumstances an increasing – if notdecisive – influence is having the support from the internationalinstitutions. But this support is made available only if Moldovacontinues to walk on the reform path. Once Moldova crossed the lineand the IMF ceased for 18 month its financial assistance. The WorldBank, in its turn, prepares a 35-million-dollar tranche of itsSAL-II credit line, but it also depends on the talks with the newgovernment.<\/p>\n

Parks has repeated that the Bank needs that its partner, thegovernment, implements a reform package that can be assisted. \/\/ BASA-PRESS<\/b><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Reading Time: <\/span> 3<\/span> minutes<\/span><\/span>IMF, World Bank Ready To Continues Assistance But Want Reforms Complete<\/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-237249","post","type-post","status-publish","format-standard","hentry","category-economy"],"content_social_share":"Reading Time: <\/span> 3<\/span> minutes<\/span><\/span>

\n

The International Monetary Fundand World Bank have stated that their financial assistance willcontinue but Moldova instead should go on with its economic andpolitical reforms.<\/p>\n

Important is that the new government demonstrates its ability toimplement the reforms, enjoys the public support and proves moretransparency, the World Bank’s Resident Representative James Parkwas quoted as saying last week.<\/p>\n

The visit of international missions has coincided with the oustingof the Ciubuc cabinet. Although – given several weeks of talksabout a possible fall of the government – it said the dismissalwas not a surprise in fact, the Fund has reacted carefully byadjourning a mission visit by two weeks.<\/p>\n

The IMF has put off a February 17 mission for March 3.<\/p>\n

The World Bank, on the other hand, did not called back its mission,arrived in Moldova on the eve of the cabinet fall, "at the requestof Moldovan authorities," as it was officially announced for withthe Fund.<\/p>\n

According to Parks, the mission stayed in Chisinau "all the timeset in compliance with the agenda," anticipating talks with the newgovernment. And these talks will begin as soon as a new cabinetteam is installed. They are necessary "to see in what measure thestrategy of assistance and the terms of reforms are valid for thenew government as well."<\/p>\n

It is of no doubt early to make forecasts since not one point ofthe governing program has been made public so far. But when thelist of possible cabinet members revealed the names, the reactionof the IMF representative was prompt.<\/p>\n

Mark Horton showed concerns over the fact that the list containednames of people who were included in the Auditors Court’ blackreports. The domestic media even speculated that Horton would bedisturbed by this aspect rather than participation of theCommunists in the governing.<\/p>\n

The World Bank official was even more tempered. Parks said the Bankwould never cooperate with a corrupted government and this is ageneral policy which applies not only with Moldova.<\/p>\n

Both Horton and Parks noticed however that the Chisinau governmentdid not fully honour its commitments with the two financial bodies.Thus, even though the new legislation on retirement is "one of themost advanced in the region," the part on non-state pension fundsremains just a preliminary decision.<\/p>\n

Moldova did not succeed to maintain its budget debt at the level oflate 1997.<\/p>\n

An the IMF representative does not rule out that the Fund mayforward more conditions, so that it would allow to complete theprogram which Moldova agreed to carry out.<\/p>\n

These statements cannot leave in peace the future cabinet ofministers. This year will be extremely difficult for Moldova, firstof all under the financial aspect. By the end of the year theexternal debt is expected to reach 1.1 billion dollars, and theamount to honour it will increase to 2 billion lei, which is twothirds of the national revenue. The internal debt amounts to 1.2billion lei.<\/p>\n

Last week Horton told BASA that the situation in Moldova remains"complicated" and the factors which worsen it are the low taxcollection, weak exportation, the deficit of payment balance,rising foreign debts.<\/p>\n

World Bank experts believe Moldova would register an economicgrowth in 1999 only if a miracle happens. The financial problemswill not disappear, they say, therefore the new government willhave to draft a credible reform program and prove consistency inorder to avoid harder times.<\/p>\n

It is clear that in these circumstances an increasing – if notdecisive – influence is having the support from the internationalinstitutions. But this support is made available only if Moldovacontinues to walk on the reform path. Once Moldova crossed the lineand the IMF ceased for 18 month its financial assistance. The WorldBank, in its turn, prepares a 35-million-dollar tranche of itsSAL-II credit line, but it also depends on the talks with the newgovernment.<\/p>\n

Parks has repeated that the Bank needs that its partner, thegovernment, implements a reform package that can be assisted. \/\/ BASA-PRESS<\/b><\/p>\n<\/div>\n

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