{"id":260568,"date":"2009-10-29T13:53:56","date_gmt":"2009-10-29T13:53:56","guid":{"rendered":"http:\/\/new.moldova.org\/2009\/10\/29\/imf-resumes-financing-for-moldova-204234-eng\/"},"modified":"2009-10-29T13:53:56","modified_gmt":"2009-10-29T13:53:56","slug":"imf-resumes-financing-for-moldova-204234-eng","status":"publish","type":"post","link":"https:\/\/www.moldova.org\/en\/imf-resumes-financing-for-moldova-204234-eng\/","title":{"rendered":"IMF resumes financing for Moldova"},"content":{"rendered":"Reading Time: <\/span> 3<\/span> minutes<\/span><\/span>

The International Monetary Fund (IMF) resumes the financing of Moldova, whose GDP does not exceed $1.8 thousand per capita of the population.<\/p>\n

On Wednesday Head of the International Monetary Fund (IMF) mission to Chisinau, which worked in Moldova on October14-28, Nikolai Gueorgiev said at a joint conference with Moldovan Prime Minister Vlad Filat that the mission and the Government arrived at concerted terms of the Memorandum, which envisages an assistance for Moldova in the amount of 369.6 Special Drawing Rights (SDR) equivalent to above $588 million.<\/p>\n

In the frame of the new three-year program the International Monetary Fund (IMF) will allocate about $290 million to cover the expected budget deficit for 2009 in the amount of 9% of the GDP, as well as about $290 million for replenishing the foreign currency reserves of the National Bank of Moldova (NBM).<\/p>\n

The fund resources will be released in several tranches provided the Government and the bank will pursue a tough budget, tax and monetary policy, which would allow maintaining the state budget deficit on the planned level. The growth of civil servants’ salaries, pension and compensation increase will be possible only at the cost of the real economy development.<\/p>\n

The resumption of financing signifies the International Monetary Fund’s support for the new pro-Western Moldovan authorities of four parties, which formed the Alliance for European Integration after the early parliamentary elections of July 29 after eight years of the Communist rule. The main priority of the Alliance is the European integration. The first round of talks between Chisinau and Brussels on Moldova’s associated membership in the European Union is slated for January 12.<\/p>\n

The mission confessed that discussions with the Moldovan Government were tough, but constructive.<\/p>\n

He said that the sides agreed that the Moldovan Government will pursue policies, aimed at restoring the financial and external stability and for reducing budget deficit in 2010 to 7% of the GDP against 9% in 2009.<\/p>\n

In Gueorghiev’s words, the Memorandum terms envisage that the budget deficit in 2011 will constituted 5% of the GDP and in 2012 – 3%.<\/p>\n

Prime Minister Vlad Filat said that the International Monetary Fund financial resources are divided in two equal parts.<\/p>\n

"The first part of $295 million will be used to cover the budget deficit and the National Bank of Moldova (NBM) will receive the second part of $295 million for replenishing its foreign currency reserves", Filat remarked.<\/p>\n

The terms are different. The Government receives financial resources for marinating the balance of payments for 10 yeas, interest 0.25%, grace – 5 years. The terms for the National Bank of Moldova are: maturity – 5 years, interest – 1.3%, grace -3 years.<\/p>\n

"The Government will receive financial resources for maintaining the balance of payments in the near time without waiting for the signing of the Memorandum, which is slated for January 2010", the Premier said.<\/p>\n

Speaking about the social payment for the Memorandum with the International Monetary Fund (IMF), Filat said that it does not envisage tough terms, with which the opposition intimidated the population.<\/p>\n

The civil servants’ salaries will not be reduced, there will be no abrupt rise of the VAT, as well as the increase of the pension age, which will remain the same: 57 years – for women and 62 – for men", the Prime Minister underlined.<\/p>\n

In order to reduce the budget deficit the Government agreed upon raising the excises on gasoline and diesel – by 7.5%, tobacco – by 10%, alcoholic beverages- by 4%, cosmetics – by 14%, luxury cars – by 20%, as well as it must cut 4000 vacant positions in the budget sphere.<\/p>\n

"This will allow us to get additional 500 million lei of budget revenues already in 2010", Filat said.<\/p>\n

The IMF does not forecast the second wave of the global financial and economic crisis for Moldova. According to Nikolai Gueorghiev, the IMF envisages the gradual economy growth for Moldova from the beginning of 2010 and the complete recovery of the Moldovan national economy in 2012.<\/p>\n

In the first half of 2009 Moldova’s GDP contracted by 7.8%, and the budget deficit reached $560 million or 16.5% of the GDP,<\/p>\n

"The measures, we take, will allow us to reduce the budget deficit to 9-9.5% in 2009, when the revenues dropped by 10% against 2008 and the expenditures increased by 13%", Filat said.<\/p>\n

The International Monetary Fund mission head does not consider that difficulties with the election of the new President will make the implementation of the policies, envisaged for the Government in the Memorandum for 2009-2012 more complicated.<\/p>\n

Gueorghiev considers that the country has an efficient Parliament and the Government and this fact will allow realizing the Government’s policies. While the Cabinet of Ministers fulfill the IMF terms, it is ready to finance Moldova, Such was the conclusion of the IMF mission Head.
\n <\/p>\n","protected":false},"excerpt":{"rendered":"

Reading Time: <\/span> 3<\/span> minutes<\/span><\/span>The International Monetary Fund (IMF) resumes the financing of Moldova, whose GDP does not exceed $1.8 thousand per capita of the population.<\/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-260568","post","type-post","status-publish","format-standard","hentry","category-economy"],"content_social_share":"Reading Time: <\/span> 3<\/span> minutes<\/span><\/span>

The International Monetary Fund (IMF) resumes the financing of Moldova, whose GDP does not exceed $1.8 thousand per capita of the population.<\/p>\n

On Wednesday Head of the International Monetary Fund (IMF) mission to Chisinau, which worked in Moldova on October14-28, Nikolai Gueorgiev said at a joint conference with Moldovan Prime Minister Vlad Filat that the mission and the Government arrived at concerted terms of the Memorandum, which envisages an assistance for Moldova in the amount of 369.6 Special Drawing Rights (SDR) equivalent to above $588 million.<\/p>\n

In the frame of the new three-year program the International Monetary Fund (IMF) will allocate about $290 million to cover the expected budget deficit for 2009 in the amount of 9% of the GDP, as well as about $290 million for replenishing the foreign currency reserves of the National Bank of Moldova (NBM).<\/p>\n

The fund resources will be released in several tranches provided the Government and the bank will pursue a tough budget, tax and monetary policy, which would allow maintaining the state budget deficit on the planned level. The growth of civil servants’ salaries, pension and compensation increase will be possible only at the cost of the real economy development.<\/p>\n

The resumption of financing signifies the International Monetary Fund’s support for the new pro-Western Moldovan authorities of four parties, which formed the Alliance for European Integration after the early parliamentary elections of July 29 after eight years of the Communist rule. The main priority of the Alliance is the European integration. The first round of talks between Chisinau and Brussels on Moldova’s associated membership in the European Union is slated for January 12.<\/p>\n

The mission confessed that discussions with the Moldovan Government were tough, but constructive.<\/p>\n

He said that the sides agreed that the Moldovan Government will pursue policies, aimed at restoring the financial and external stability and for reducing budget deficit in 2010 to 7% of the GDP against 9% in 2009.<\/p>\n

In Gueorghiev’s words, the Memorandum terms envisage that the budget deficit in 2011 will constituted 5% of the GDP and in 2012 – 3%.<\/p>\n

Prime Minister Vlad Filat said that the International Monetary Fund financial resources are divided in two equal parts.<\/p>\n

"The first part of $295 million will be used to cover the budget deficit and the National Bank of Moldova (NBM) will receive the second part of $295 million for replenishing its foreign currency reserves", Filat remarked.<\/p>\n

The terms are different. The Government receives financial resources for marinating the balance of payments for 10 yeas, interest 0.25%, grace – 5 years. The terms for the National Bank of Moldova are: maturity – 5 years, interest – 1.3%, grace -3 years.<\/p>\n

"The Government will receive financial resources for maintaining the balance of payments in the near time without waiting for the signing of the Memorandum, which is slated for January 2010", the Premier said.<\/p>\n

Speaking about the social payment for the Memorandum with the International Monetary Fund (IMF), Filat said that it does not envisage tough terms, with which the opposition intimidated the population.<\/p>\n

The civil servants’ salaries will not be reduced, there will be no abrupt rise of the VAT, as well as the increase of the pension age, which will remain the same: 57 years – for women and 62 – for men", the Prime Minister underlined.<\/p>\n

In order to reduce the budget deficit the Government agreed upon raising the excises on gasoline and diesel – by 7.5%, tobacco – by 10%, alcoholic beverages- by 4%, cosmetics – by 14%, luxury cars – by 20%, as well as it must cut 4000 vacant positions in the budget sphere.<\/p>\n

"This will allow us to get additional 500 million lei of budget revenues already in 2010", Filat said.<\/p>\n

The IMF does not forecast the second wave of the global financial and economic crisis for Moldova. According to Nikolai Gueorghiev, the IMF envisages the gradual economy growth for Moldova from the beginning of 2010 and the complete recovery of the Moldovan national economy in 2012.<\/p>\n

In the first half of 2009 Moldova’s GDP contracted by 7.8%, and the budget deficit reached $560 million or 16.5% of the GDP,<\/p>\n

"The measures, we take, will allow us to reduce the budget deficit to 9-9.5% in 2009, when the revenues dropped by 10% against 2008 and the expenditures increased by 13%", Filat said.<\/p>\n

The International Monetary Fund mission head does not consider that difficulties with the election of the new President will make the implementation of the policies, envisaged for the Government in the Memorandum for 2009-2012 more complicated.<\/p>\n

Gueorghiev considers that the country has an efficient Parliament and the Government and this fact will allow realizing the Government’s policies. While the Cabinet of Ministers fulfill the IMF terms, it is ready to finance Moldova, Such was the conclusion of the IMF mission Head.
\n <\/p>\n

<\/div>
<\/div>
<\/path><\/svg><\/span><\/a><\/path><\/svg><\/span><\/a><\/path><\/svg><\/span><\/a><\/path><\/svg><\/span><\/a><\/div>
<\/div><\/div>
<\/div>","yoast_head":"\nIMF resumes financing for Moldova - Moldova.org<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.moldova.org\/en\/imf-resumes-financing-for-moldova-204234-eng\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Autor invitat\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.moldova.org\\\/en\\\/imf-resumes-financing-for-moldova-204234-eng\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.moldova.org\\\/en\\\/imf-resumes-financing-for-moldova-204234-eng\\\/\"},\"author\":{\"name\":\"Autor invitat\",\"@id\":\"https:\\\/\\\/www.moldova.org\\\/en\\\/#\\\/schema\\\/person\\\/e590ccdfbd35fcd038aaf1b84370dadd\"},\"headline\":\"IMF resumes financing for Moldova\",\"datePublished\":\"2009-10-29T13:53:56+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.moldova.org\\\/en\\\/imf-resumes-financing-for-moldova-204234-eng\\\/\"},\"wordCount\":772,\"articleSection\":[\"Economy\"],\"inLanguage\":\"en-GB\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.moldova.org\\\/en\\\/imf-resumes-financing-for-moldova-204234-eng\\\/\",\"url\":\"https:\\\/\\\/www.moldova.org\\\/en\\\/imf-resumes-financing-for-moldova-204234-eng\\\/\",\"name\":\"IMF resumes financing for Moldova - Moldova.org\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.moldova.org\\\/en\\\/#website\"},\"datePublished\":\"2009-10-29T13:53:56+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/www.moldova.org\\\/en\\\/#\\\/schema\\\/person\\\/e590ccdfbd35fcd038aaf1b84370dadd\"},\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.moldova.org\\\/en\\\/imf-resumes-financing-for-moldova-204234-eng\\\/#breadcrumb\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.moldova.org\\\/en\\\/imf-resumes-financing-for-moldova-204234-eng\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.moldova.org\\\/en\\\/imf-resumes-financing-for-moldova-204234-eng\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.moldova.org\\\/en\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"IMF resumes financing for Moldova\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.moldova.org\\\/en\\\/#website\",\"url\":\"https:\\\/\\\/www.moldova.org\\\/en\\\/\",\"name\":\"Moldova.org\",\"description\":\"The first news website of Moldova\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.moldova.org\\\/en\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-GB\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/www.moldova.org\\\/en\\\/#\\\/schema\\\/person\\\/e590ccdfbd35fcd038aaf1b84370dadd\",\"name\":\"Autor invitat\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-GB\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/f57d391b1fe13609c1c398a550a7b6f0e8babe6cd537d48bbeb806ba55c53094?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/f57d391b1fe13609c1c398a550a7b6f0e8babe6cd537d48bbeb806ba55c53094?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/f57d391b1fe13609c1c398a550a7b6f0e8babe6cd537d48bbeb806ba55c53094?s=96&d=mm&r=g\",\"caption\":\"Autor invitat\"},\"url\":\"https:\\\/\\\/www.moldova.org\\\/en\\\/author\\\/admin\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"IMF resumes financing for Moldova - Moldova.org","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.moldova.org\/en\/imf-resumes-financing-for-moldova-204234-eng\/","twitter_misc":{"Written by":"Autor invitat","Estimated reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.moldova.org\/en\/imf-resumes-financing-for-moldova-204234-eng\/#article","isPartOf":{"@id":"https:\/\/www.moldova.org\/en\/imf-resumes-financing-for-moldova-204234-eng\/"},"author":{"name":"Autor invitat","@id":"https:\/\/www.moldova.org\/en\/#\/schema\/person\/e590ccdfbd35fcd038aaf1b84370dadd"},"headline":"IMF resumes financing for Moldova","datePublished":"2009-10-29T13:53:56+00:00","mainEntityOfPage":{"@id":"https:\/\/www.moldova.org\/en\/imf-resumes-financing-for-moldova-204234-eng\/"},"wordCount":772,"articleSection":["Economy"],"inLanguage":"en-GB"},{"@type":"WebPage","@id":"https:\/\/www.moldova.org\/en\/imf-resumes-financing-for-moldova-204234-eng\/","url":"https:\/\/www.moldova.org\/en\/imf-resumes-financing-for-moldova-204234-eng\/","name":"IMF resumes financing for Moldova - Moldova.org","isPartOf":{"@id":"https:\/\/www.moldova.org\/en\/#website"},"datePublished":"2009-10-29T13:53:56+00:00","author":{"@id":"https:\/\/www.moldova.org\/en\/#\/schema\/person\/e590ccdfbd35fcd038aaf1b84370dadd"},"breadcrumb":{"@id":"https:\/\/www.moldova.org\/en\/imf-resumes-financing-for-moldova-204234-eng\/#breadcrumb"},"inLanguage":"en-GB","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.moldova.org\/en\/imf-resumes-financing-for-moldova-204234-eng\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.moldova.org\/en\/imf-resumes-financing-for-moldova-204234-eng\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.moldova.org\/en\/"},{"@type":"ListItem","position":2,"name":"IMF resumes financing for Moldova"}]},{"@type":"WebSite","@id":"https:\/\/www.moldova.org\/en\/#website","url":"https:\/\/www.moldova.org\/en\/","name":"Moldova.org","description":"The first news website of Moldova","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.moldova.org\/en\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-GB"},{"@type":"Person","@id":"https:\/\/www.moldova.org\/en\/#\/schema\/person\/e590ccdfbd35fcd038aaf1b84370dadd","name":"Autor invitat","image":{"@type":"ImageObject","inLanguage":"en-GB","@id":"https:\/\/secure.gravatar.com\/avatar\/f57d391b1fe13609c1c398a550a7b6f0e8babe6cd537d48bbeb806ba55c53094?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/f57d391b1fe13609c1c398a550a7b6f0e8babe6cd537d48bbeb806ba55c53094?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/f57d391b1fe13609c1c398a550a7b6f0e8babe6cd537d48bbeb806ba55c53094?s=96&d=mm&r=g","caption":"Autor invitat"},"url":"https:\/\/www.moldova.org\/en\/author\/admin\/"}]}},"_links":{"self":[{"href":"https:\/\/www.moldova.org\/en\/wp-json\/wp\/v2\/posts\/260568","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.moldova.org\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.moldova.org\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.moldova.org\/en\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.moldova.org\/en\/wp-json\/wp\/v2\/comments?post=260568"}],"version-history":[{"count":0,"href":"https:\/\/www.moldova.org\/en\/wp-json\/wp\/v2\/posts\/260568\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.moldova.org\/en\/wp-json\/wp\/v2\/media?parent=260568"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.moldova.org\/en\/wp-json\/wp\/v2\/categories?post=260568"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.moldova.org\/en\/wp-json\/wp\/v2\/tags?post=260568"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}