{"id":237388,"date":"2006-02-11T08:08:00","date_gmt":"2006-02-11T08:08:00","guid":{"rendered":"http:\/\/new.moldova.org\/2006\/02\/11\/moldovan-government-and-imf-reach-preliminary-agreement-9361-eng\/"},"modified":"2006-02-11T08:08:00","modified_gmt":"2006-02-11T08:08:00","slug":"moldovan-government-and-imf-reach-preliminary-agreement-9361-eng","status":"publish","type":"post","link":"https:\/\/www.moldova.org\/en\/moldovan-government-and-imf-reach-preliminary-agreement-9361-eng\/","title":{"rendered":"Moldovan Government and IMF reach preliminary agreement"},"content":{"rendered":"Reading Time: <\/span> 2<\/span> minutes<\/span><\/span>

\"\"An IMF mission headed by Thomas Richardson visited Chisinau during February 1-10, 2006 to conclude Article IV discussions and continue discussions on policies for a macroeconomic program that can be supported by the Poverty Reduction and Growth Facility. <\/p>\n

The program negotiations resulted in a preliminary agreement between the Government of Moldova and the IMF staff. The agreement contains a framework of economic and financial policies for 2006, and aims at ensuring continued impetus to the Government’s structural reform agenda. The preliminary agreement reached today must be reviewed and approved by IMF management. Naturally, the final decision on IMF support for the Government’s program will be taken by the IMF Executive Board, and is contingent on adhering to the agreed macroeconomic policies. <\/p>\n

If approved, the Republic of Moldova will benefit from a three-year program worth 117 million USD under PRGF. A new loan from the IMF would be on concessional terms (at an interest rate of 0.5 percent, and with a maturity of 10 years, after 5½ years of grace), and would be provided to the National Bank of Moldova to bolster Moldova’s foreign reserves, thus providing a cushion against external shocks. <\/p>\n

“We welcome the government’s commitment to sound macroeconomic and financial polices and continued implementation of structural reforms as outlined in the EGPRSP and the EU-Moldova Action Plan,” Thomas Richardson told Friday at meeting held in Chisinau. The macroeconomic program aims to achieve macroeconomic stability and growth and provides a platform for the government to address the country’s pressing development needs. The mission notes that forceful and sustained implementation of structural reforms to improve the business climate and stimulate both domestic and foreign investment will be crucial in achieving these objectives, as will the maintenance of financial stability. <\/p>\n

Moldova will receive the first installment from the new program several days after the agreement is approved. Afterwards the installments will come once in half a year. <\/p>\n

The IMF representative declared himself for the successful accomplishment of the administrative reform, for the improvement of management of state enterprises, for enhancing transparency in enterprises’ accounting etc. <\/p>\n

Prime Minister Vasile Tarlev said at the same conference that the reached agreement is rather ambitious as it envisages the accelerated implementation of the planned reforms. He voiced hope the agreement between the Government of Moldova and the IMF staff will work for the benefit of the country and its people. The Premier thanked the fund for its backing, for the constructive and professional negotiations, for the support to the Memorandum that was worked out by the Moldovan side for the first time. \/\/ Reporter.MD<\/p>\n","protected":false},"excerpt":{"rendered":"

Reading Time: <\/span> 2<\/span> minutes<\/span><\/span>An IMF mission headed by Thomas Richardson visited Chisinau during February 1-10, 2006 to conclude Article IV discussions and continue discussions on policies for a macroeconomic program that can be s<\/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-237388","post","type-post","status-publish","format-standard","hentry","category-economy"],"content_social_share":"Reading Time: <\/span> 2<\/span> minutes<\/span><\/span>

\"\"An IMF mission headed by Thomas Richardson visited Chisinau during February 1-10, 2006 to conclude Article IV discussions and continue discussions on policies for a macroeconomic program that can be supported by the Poverty Reduction and Growth Facility. <\/p>\n

The program negotiations resulted in a preliminary agreement between the Government of Moldova and the IMF staff. The agreement contains a framework of economic and financial policies for 2006, and aims at ensuring continued impetus to the Government’s structural reform agenda. The preliminary agreement reached today must be reviewed and approved by IMF management. Naturally, the final decision on IMF support for the Government’s program will be taken by the IMF Executive Board, and is contingent on adhering to the agreed macroeconomic policies. <\/p>\n

If approved, the Republic of Moldova will benefit from a three-year program worth 117 million USD under PRGF. A new loan from the IMF would be on concessional terms (at an interest rate of 0.5 percent, and with a maturity of 10 years, after 5½ years of grace), and would be provided to the National Bank of Moldova to bolster Moldova’s foreign reserves, thus providing a cushion against external shocks. <\/p>\n

“We welcome the government’s commitment to sound macroeconomic and financial polices and continued implementation of structural reforms as outlined in the EGPRSP and the EU-Moldova Action Plan,” Thomas Richardson told Friday at meeting held in Chisinau. The macroeconomic program aims to achieve macroeconomic stability and growth and provides a platform for the government to address the country’s pressing development needs. The mission notes that forceful and sustained implementation of structural reforms to improve the business climate and stimulate both domestic and foreign investment will be crucial in achieving these objectives, as will the maintenance of financial stability. <\/p>\n

Moldova will receive the first installment from the new program several days after the agreement is approved. Afterwards the installments will come once in half a year. <\/p>\n

The IMF representative declared himself for the successful accomplishment of the administrative reform, for the improvement of management of state enterprises, for enhancing transparency in enterprises’ accounting etc. <\/p>\n

Prime Minister Vasile Tarlev said at the same conference that the reached agreement is rather ambitious as it envisages the accelerated implementation of the planned reforms. He voiced hope the agreement between the Government of Moldova and the IMF staff will work for the benefit of the country and its people. The Premier thanked the fund for its backing, for the constructive and professional negotiations, for the support to the Memorandum that was worked out by the Moldovan side for the first time. \/\/ Reporter.MD<\/p>\n

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