{"id":238538,"date":"2006-07-21T17:43:00","date_gmt":"2006-07-21T17:43:00","guid":{"rendered":"http:\/\/new.moldova.org\/2006\/07\/21\/imf-to-assist-government-in-implementing-administrative-reform-14624-eng\/"},"modified":"2006-07-21T17:43:00","modified_gmt":"2006-07-21T17:43:00","slug":"imf-to-assist-government-in-implementing-administrative-reform-14624-eng","status":"publish","type":"post","link":"https:\/\/www.moldova.org\/en\/imf-to-assist-government-in-implementing-administrative-reform-14624-eng\/","title":{"rendered":"IMF to assist government in implementing administrative reform"},"content":{"rendered":"Reading Time: <\/span> 2<\/span> minutes<\/span><\/span>

An IMF mission which has been on a familiarization visit to Moldova completed it on Friday. <\/p>\n

The next visit of the mission is slated for December 2006. According to mission head Thomas Richardson, in autumn mission members will familiarize themselves with the implementation of the Memorandum approved by the IMF on May 5. <\/p>\n

Speaking at a summing up press conference in Chisinau, Thomas Richardson said that the IMF is ready to render technical assistance to Moldova in implementing the administrative reform aimed at using more efficiently financial resources which are at the disposal of the executive body. <\/p>\n

Fund’s experts are currently studying the activity of central and local tax services in the ministry. <\/p>\n

"The regulation reform must have a positive impact not only on professional use of financial resources, but also on the business climate which influences business favorably", Thomas Richardson remarked. <\/p>\n

He recalled that the optimization of the tax administration is embodied in the Moldova-EU plan of measures to be fulfilled until the end of 2007. <\/p>\n

Speaking about the role of direct foreign investments which could alleviate the shock of the new gas prices on the Moldovan national economy, the IMF mission head said that investments will play a positive role in the long-term outlook. As for the short-term outlook, their effect will not be so considerable. <\/p>\n

Asked by reporters whether there is panic feelings in the government due to the "external shocks" for the economy (gas price rise and wine ban), Thomas Richardson said that the government members "are competent and know what should be done in this situation". <\/p>\n

"The government understands that one has to tighten the belt in order to survive this complicated period when the new gas rates will be applied", Thomas Richardson said. <\/p>\n

According to him, there is certain concern on faces of government members, but not confusion. "I am sure that they sleep well during the night", the IMF mission head said. <\/p>\n

In May 2006, the IMF Board of Directors approved a new three-year program of cooperation with the Moldovan government. In accordance with this program, Moldova will receive about $118.2 million within the next three years for implementing the Economic Growth and Poverty Reduction Strategy. After that, Moldova will receive the first tranche worth 11.44 million special loan rights (about $16,9 million). The program is a privileged crediting device for low-income countries. The credit is given for ten years with a 5.5-year grace period and a 0.5% annual interest rate. The credit is given to the National Bank of Moldova for maintaining its foreign currency reserve and providing protection against external shocks. <\/p>\n

Moldova has been an IMF member since August 12, 1992. Its quota in the IMF constitutes more than $159 million. Moldova participates in the voting with 1 482 votes or 0.07% of the total number of votes. The last memorandum-agreement in the frames of the three-year Poverty Reduction and Economic Growth program at $142 million was signed in 2000. The IMF allocated three tranches at $12.6 million each before 2002 to support this program. After this, the IMF suspended crediting Moldova due to its failure to fulfill a number of recommendations, in particular, its refusal to introduce the pre-shipment inspection of imported goods.  \/\/ Infotag <\/p>\n","protected":false},"excerpt":{"rendered":"

Reading Time: <\/span> 2<\/span> minutes<\/span><\/span>The next visit of the mission is slated for December 2006 According to mission head Thomas Richardson in autumn mission members will familiarize themselves with the implementation of the Memorandum<\/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-238538","post","type-post","status-publish","format-standard","hentry","category-economy"],"content_social_share":"Reading Time: <\/span> 2<\/span> minutes<\/span><\/span>

An IMF mission which has been on a familiarization visit to Moldova completed it on Friday. <\/p>\n

The next visit of the mission is slated for December 2006. According to mission head Thomas Richardson, in autumn mission members will familiarize themselves with the implementation of the Memorandum approved by the IMF on May 5. <\/p>\n

Speaking at a summing up press conference in Chisinau, Thomas Richardson said that the IMF is ready to render technical assistance to Moldova in implementing the administrative reform aimed at using more efficiently financial resources which are at the disposal of the executive body. <\/p>\n

Fund’s experts are currently studying the activity of central and local tax services in the ministry. <\/p>\n

"The regulation reform must have a positive impact not only on professional use of financial resources, but also on the business climate which influences business favorably", Thomas Richardson remarked. <\/p>\n

He recalled that the optimization of the tax administration is embodied in the Moldova-EU plan of measures to be fulfilled until the end of 2007. <\/p>\n

Speaking about the role of direct foreign investments which could alleviate the shock of the new gas prices on the Moldovan national economy, the IMF mission head said that investments will play a positive role in the long-term outlook. As for the short-term outlook, their effect will not be so considerable. <\/p>\n

Asked by reporters whether there is panic feelings in the government due to the "external shocks" for the economy (gas price rise and wine ban), Thomas Richardson said that the government members "are competent and know what should be done in this situation". <\/p>\n

"The government understands that one has to tighten the belt in order to survive this complicated period when the new gas rates will be applied", Thomas Richardson said. <\/p>\n

According to him, there is certain concern on faces of government members, but not confusion. "I am sure that they sleep well during the night", the IMF mission head said. <\/p>\n

In May 2006, the IMF Board of Directors approved a new three-year program of cooperation with the Moldovan government. In accordance with this program, Moldova will receive about $118.2 million within the next three years for implementing the Economic Growth and Poverty Reduction Strategy. After that, Moldova will receive the first tranche worth 11.44 million special loan rights (about $16,9 million). The program is a privileged crediting device for low-income countries. The credit is given for ten years with a 5.5-year grace period and a 0.5% annual interest rate. The credit is given to the National Bank of Moldova for maintaining its foreign currency reserve and providing protection against external shocks. <\/p>\n

Moldova has been an IMF member since August 12, 1992. Its quota in the IMF constitutes more than $159 million. Moldova participates in the voting with 1 482 votes or 0.07% of the total number of votes. The last memorandum-agreement in the frames of the three-year Poverty Reduction and Economic Growth program at $142 million was signed in 2000. The IMF allocated three tranches at $12.6 million each before 2002 to support this program. After this, the IMF suspended crediting Moldova due to its failure to fulfill a number of recommendations, in particular, its refusal to introduce the pre-shipment inspection of imported goods.  \/\/ Infotag <\/p>\n

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