{"id":443218,"date":"2017-01-02T20:08:47","date_gmt":"2017-01-02T20:08:47","guid":{"rendered":"http:\/\/www.moldova.org\/en\/?p=443218"},"modified":"2017-01-02T20:14:48","modified_gmt":"2017-01-02T20:14:48","slug":"imf-might-reevaluate-finance-program-moldova-payment-national-bank-unpaid-loans-canceled","status":"publish","type":"post","link":"https:\/\/www.moldova.org\/en\/imf-might-reevaluate-finance-program-moldova-payment-national-bank-unpaid-loans-canceled\/","title":{"rendered":"IMF might “reevaluate” the finance program for Moldova, if payment to National Bank for unpaid loans is canceled"},"content":{"rendered":"Reading Time: <\/span> 2<\/span> minutes<\/span><\/span>

The representative of the International Monetary Fund in Moldova, Armine Khachatryan, commented<\/a> for Free Europe on the recent draft law of the President Igor Dodon on cancelling<\/a>\u00a0the law on the state obligations issued in November 2014 and April 2015 for the payment to the National Bank of Moldova of loans unpaid back by the three failed banks, Banca de Economii, Banca Social\u0103, Unibank.<\/p>\n

Khachatryan says that the law on the conversion of government bonds issued to the National Bank of Moldova in 2014-2015 into state debt was one of the preliminary actions necessary for the finance program with the IMF, as it is mentioned in the intention letter of the Moldovan authorities and the Memorandum on the economic and financial policies. The IMF official stresses that the law was aimed at recovering the financial assets of the Moldovan National Bank, previously used for the urgent credits to the three insolvent banks. The loans were ultimately used for paying back the deposits of the physical and juridical customers.<\/p>\n

Khachatryan emphasized in the end that the IMF might renegotiate the program with Moldova, if some major engagements are canceled:<\/p>\n

“In case some engagements, that are linked to ensuring the objectives in the program, are canceled, we will have to reevaluate if the major objectives of the program can be achieved.”<\/em><\/strong><\/p>\n

On December 28th, Moldova\u2019s President Igor Dodon signed a legislative initiative on cancelling the law on the state obligations issued in November 2014 and April 2015 for the payment to the National Bank of Moldova of loans unpaid back by the three failed banks: Banca de Economii, Banca Social\u0103, Unibank. According to Dodon, the measure of reimbursing the \u201cstolen billions\u201d from the banking sector is putting a burden on the shoulders of the citizens.<\/p>\n

The controversial law, previously voted by the Government<\/a> and approved by ex-President Timofti<\/a>, includes a decision to transform the unpaid loans taken by Banca de Economii, Banca Social\u0103 and Unibank from the National Bank in 2014 into public debt. The payment of 13,5 billion lei would be made from the state budget during 25 years with a 5% interest rate, a sum which will obviously decrease the public expenditures in social and medical insurances system.\u00a0The international financial institutions, such as the International Monetary Fund, the World Bank, but also the European Union, saw the law as a mean to \u201crestore\u201d trust of people in the banking system. Prime-Minister Pavel Filip recently warned<\/a> Dodon that payment of the \u201cstolen billion\u201d was necessary to get the external financial assistance.<\/p>\n

The International Monetary Fund and the Republic of Moldova have been struggling to agree on a 178,7 million US dollars finance program which has started only in November 2016<\/a>, after several policy commitments were fulfilled by the Moldovan Government.<\/p>\n\n","protected":false},"excerpt":{"rendered":"

Reading Time: <\/span> 2<\/span> minutes<\/span><\/span>The representative of the International Monetary Fund in Moldova, Armine Khachatryan, commented for Free Europe on the recent draft law of the President Igor Dodon on cancelling\u00a0the law on the state obligations issued in November 2014 and April 2015 for the payment to the National Bank of Moldova of loans unpaid back by the three […]<\/p>\n","protected":false},"author":6,"featured_media":441826,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-443218","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy"],"content_social_share":"Reading Time: <\/span> 2<\/span> minutes<\/span><\/span>

The representative of the International Monetary Fund in Moldova, Armine Khachatryan, commented<\/a> for Free Europe on the recent draft law of the President Igor Dodon on cancelling<\/a>\u00a0the law on the state obligations issued in November 2014 and April 2015 for the payment to the National Bank of Moldova of loans unpaid back by the three failed banks, Banca de Economii, Banca Social\u0103, Unibank.<\/p>\n

Khachatryan says that the law on the conversion of government bonds issued to the National Bank of Moldova in 2014-2015 into state debt was one of the preliminary actions necessary for the finance program with the IMF, as it is mentioned in the intention letter of the Moldovan authorities and the Memorandum on the economic and financial policies. The IMF official stresses that the law was aimed at recovering the financial assets of the Moldovan National Bank, previously used for the urgent credits to the three insolvent banks. The loans were ultimately used for paying back the deposits of the physical and juridical customers.<\/p>\n

Khachatryan emphasized in the end that the IMF might renegotiate the program with Moldova, if some major engagements are canceled:<\/p>\n

“In case some engagements, that are linked to ensuring the objectives in the program, are canceled, we will have to reevaluate if the major objectives of the program can be achieved.”<\/em><\/strong><\/p>\n

On December 28th, Moldova\u2019s President Igor Dodon signed a legislative initiative on cancelling the law on the state obligations issued in November 2014 and April 2015 for the payment to the National Bank of Moldova of loans unpaid back by the three failed banks: Banca de Economii, Banca Social\u0103, Unibank. According to Dodon, the measure of reimbursing the \u201cstolen billions\u201d from the banking sector is putting a burden on the shoulders of the citizens.<\/p>\n

The controversial law, previously voted by the Government<\/a> and approved by ex-President Timofti<\/a>, includes a decision to transform the unpaid loans taken by Banca de Economii, Banca Social\u0103 and Unibank from the National Bank in 2014 into public debt. The payment of 13,5 billion lei would be made from the state budget during 25 years with a 5% interest rate, a sum which will obviously decrease the public expenditures in social and medical insurances system.\u00a0The international financial institutions, such as the International Monetary Fund, the World Bank, but also the European Union, saw the law as a mean to \u201crestore\u201d trust of people in the banking system. Prime-Minister Pavel Filip recently warned<\/a> Dodon that payment of the \u201cstolen billion\u201d was necessary to get the external financial assistance.<\/p>\n

The International Monetary Fund and the Republic of Moldova have been struggling to agree on a 178,7 million US dollars finance program which has started only in November 2016<\/a>, after several policy commitments were fulfilled by the Moldovan Government.<\/p>\n\n

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