{"id":238175,"date":"2006-05-10T15:41:00","date_gmt":"2006-05-10T15:41:00","guid":{"rendered":"http:\/\/new.moldova.org\/2006\/05\/10\/i-m-f-executive-board-approves-118-2-million-dollars-pgrf-agreement-with-moldova-12716-eng\/"},"modified":"2006-05-10T15:41:00","modified_gmt":"2006-05-10T15:41:00","slug":"i-m-f-executive-board-approves-118-2-million-dollars-pgrf-agreement-with-moldova-12716-eng","status":"publish","type":"post","link":"https:\/\/www.moldova.org\/en\/i-m-f-executive-board-approves-118-2-million-dollars-pgrf-agreement-with-moldova-12716-eng\/","title":{"rendered":"I.M.F. executive board approves 118.2 million dollars PGRF agreement with Moldova"},"content":{"rendered":"Reading Time: <\/span> 2<\/span> minutes<\/span><\/span>

\"\"The International Monetary Fund’s Executive Board approved Friday a 118.2 million dollars PGRF Agreement with Moldova. <\/p>\n

Thus, Moldova has obtained financing from the Fund after almost four years, as the last part from the old programme was granted in July 2002. <\/p>\n

"The approval of the arrangement enables Moldova to draw the equivalent of 11.44 million Special Drawing Rights (about 16.9 million dollars) immediately,” Johan Mathisen, resident representative of the International Monetary Fund to Moldova, said on May 5, 2006. The IMF’s Executive Board today has approved the new three-year arrangement under the Poverty Reduction and Growth Facility (PRGF) for an amount equivalent to 80.08 million Special Drawing Rights (about 118.2 million dollars) for Moldova." The PRGF is the IMF’s concessional facility for low income countries. PRGF loans carry an annual interest rate of 0.5 percent, and are repayable over 10 years with a 5.5-year grace period on principal payments. Once the new programme was approved, Moldova is free to negotiate the restructuring of bilateral external debts of about 260 million dollars out of the total governmental debt of 656 million dollars through the Paris Club. The negotiations will take plac e in Paris on May 11-12. Chisinau has already announced that it had reached a preliminary agreement with creditors, including Russia and the United States. The debts could be restructured or at least 15 years. <\/p>\n

"The programme with IMF will facilitate the allocation of sources to Moldova by donors," said IMF executive director Jeroen Kremers, who visited Chisinau in early April. <\/p>\n

Starting 1993, Moldova has benefited of six commitments with IMF for economic adjustment programmes of the government. Overall, IMF has released 270 million special drawing rights (about 408 million dollars). In 1995-2003, Moldova has obtained only 43.8 dollars out of 90 million dollars of the Stand-by credit, 118.7 million dollars out of 190 million dollars of the Enlarged Financing Facility credit approved in May 1996 and 37 million dollars out of 147 million dollars from the last programme because th e government did not honour its commitments agreed with IMF. \/\/ BASA-Press<\/p>\n","protected":false},"excerpt":{"rendered":"

Reading Time: <\/span> 2<\/span> minutes<\/span><\/span>The International Monetary Fund\u2019s Executive Board approved Friday a 118.2 million dollars PGRF Agreement with Moldova.<\/p>\n

Thus, Moldova has obtained financing from the Fund after almost four years, as<\/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-238175","post","type-post","status-publish","format-standard","hentry","category-economy"],"content_social_share":"Reading Time: <\/span> 2<\/span> minutes<\/span><\/span>

\"\"The International Monetary Fund’s Executive Board approved Friday a 118.2 million dollars PGRF Agreement with Moldova. <\/p>\n

Thus, Moldova has obtained financing from the Fund after almost four years, as the last part from the old programme was granted in July 2002. <\/p>\n

"The approval of the arrangement enables Moldova to draw the equivalent of 11.44 million Special Drawing Rights (about 16.9 million dollars) immediately,” Johan Mathisen, resident representative of the International Monetary Fund to Moldova, said on May 5, 2006. The IMF’s Executive Board today has approved the new three-year arrangement under the Poverty Reduction and Growth Facility (PRGF) for an amount equivalent to 80.08 million Special Drawing Rights (about 118.2 million dollars) for Moldova." The PRGF is the IMF’s concessional facility for low income countries. PRGF loans carry an annual interest rate of 0.5 percent, and are repayable over 10 years with a 5.5-year grace period on principal payments. Once the new programme was approved, Moldova is free to negotiate the restructuring of bilateral external debts of about 260 million dollars out of the total governmental debt of 656 million dollars through the Paris Club. The negotiations will take plac e in Paris on May 11-12. Chisinau has already announced that it had reached a preliminary agreement with creditors, including Russia and the United States. The debts could be restructured or at least 15 years. <\/p>\n

"The programme with IMF will facilitate the allocation of sources to Moldova by donors," said IMF executive director Jeroen Kremers, who visited Chisinau in early April. <\/p>\n

Starting 1993, Moldova has benefited of six commitments with IMF for economic adjustment programmes of the government. Overall, IMF has released 270 million special drawing rights (about 408 million dollars). In 1995-2003, Moldova has obtained only 43.8 dollars out of 90 million dollars of the Stand-by credit, 118.7 million dollars out of 190 million dollars of the Enlarged Financing Facility credit approved in May 1996 and 37 million dollars out of 147 million dollars from the last programme because th e government did not honour its commitments agreed with IMF. \/\/ BASA-Press<\/p>\n

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