{"id":265645,"date":"2012-05-18T12:59:26","date_gmt":"2012-05-18T12:59:26","guid":{"rendered":"http:\/\/new.moldova.org\/2012\/05\/18\/imf-moldova-deals-with-non-transparent-ownership-230489-eng\/"},"modified":"2012-05-18T12:59:26","modified_gmt":"2012-05-18T12:59:26","slug":"imf-moldova-deals-with-non-transparent-ownership-230489-eng","status":"publish","type":"post","link":"https:\/\/www.moldova.org\/en\/imf-moldova-deals-with-non-transparent-ownership-230489-eng\/","title":{"rendered":"IMF: Moldova deals with non-transparent ownership"},"content":{"rendered":"Reading Time: <\/span> < 1<\/span> minute<\/span><\/span>

The International Monetary Fund’s (IMF) Nikolay Gueorguiev said the Moldovan authorities have reached a staff-level agreement on ending the fifth review under the Extended Credit Facility\/Extended Fund Facility. He made the statement after his work visit to Moldova which ended yesterday.<\/p>\n

“The agreement is subject to approval by the IMF Management and the Executive Board. Completion of the reviews will enable Moldova to draw SDR50 million (about US$77 million) in support of its external reserve position,” the IMF official said.<\/p>\n

According to him, the economy of Moldova has entered a soft patch in 2012.<\/p>\n

“With weak economic conditions in the EU counterbalanced by resilient growth in the CIS, real GDP growth should reach 3 percent in 2012 and bounce back next year, while macroeconomic stability should remain intact. Inflation has declined and is expected to remain low, within the National Bank of Moldova’s (NBM) target range. The real exchange rate appears moderately overvalued, while the external current account deficit remains elevated at around 12 percent of GDP and should gradually narrow as structural reforms bear fruit,” Mr. Gueorguiev added.<\/p>\n

The official recommends the Moldovan authorities to take serious action in strengthening the management of state-owned Banca de Economii and to improve the co-ordination between financial sector regulators. He also says that Moldova deals with two weaknesses.<\/p>\n

“Two fundamental weaknesses—a weak judicial system and non-transparent ownership—continue to haunt the economy, including the financial sector. In this context, the judicial reform as well as legislative changes to improve shareholder transparency in the banking sector should be implemented as soon as possible,” the IMF representative said.<\/p>\n\n","protected":false},"excerpt":{"rendered":"

Reading Time: <\/span> < 1<\/span> minute<\/span><\/span>The International Monetary Fund\u2019s (IMF) Nikolay Gueorguiev said the Moldovan authorities have reached a staff-level agreement on ending the fifth review under the Extended Credit Facility\/Extended Fund Facility. He made the statement after his work visit to Moldova which ended yesterday.<\/p>\n","protected":false},"author":3,"featured_media":265644,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-265645","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy"],"content_social_share":"Reading Time: <\/span> < 1<\/span> minute<\/span><\/span>

The International Monetary Fund’s (IMF) Nikolay Gueorguiev said the Moldovan authorities have reached a staff-level agreement on ending the fifth review under the Extended Credit Facility\/Extended Fund Facility. He made the statement after his work visit to Moldova which ended yesterday.<\/p>\n

“The agreement is subject to approval by the IMF Management and the Executive Board. Completion of the reviews will enable Moldova to draw SDR50 million (about US$77 million) in support of its external reserve position,” the IMF official said.<\/p>\n

According to him, the economy of Moldova has entered a soft patch in 2012.<\/p>\n

“With weak economic conditions in the EU counterbalanced by resilient growth in the CIS, real GDP growth should reach 3 percent in 2012 and bounce back next year, while macroeconomic stability should remain intact. Inflation has declined and is expected to remain low, within the National Bank of Moldova’s (NBM) target range. The real exchange rate appears moderately overvalued, while the external current account deficit remains elevated at around 12 percent of GDP and should gradually narrow as structural reforms bear fruit,” Mr. Gueorguiev added.<\/p>\n

The official recommends the Moldovan authorities to take serious action in strengthening the management of state-owned Banca de Economii and to improve the co-ordination between financial sector regulators. He also says that Moldova deals with two weaknesses.<\/p>\n

“Two fundamental weaknesses—a weak judicial system and non-transparent ownership—continue to haunt the economy, including the financial sector. In this context, the judicial reform as well as legislative changes to improve shareholder transparency in the banking sector should be implemented as soon as possible,” the IMF representative said.<\/p>\n\n

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