{"id":443518,"date":"2017-02-28T21:38:22","date_gmt":"2017-02-28T21:38:22","guid":{"rendered":"http:\/\/www.moldova.org\/en\/?p=443518"},"modified":"2017-02-28T21:38:22","modified_gmt":"2017-02-28T21:38:22","slug":"imf-mission-reaches-staff-level-agreement-moldova-government-212-million-tranche","status":"publish","type":"post","link":"https:\/\/www.moldova.org\/en\/imf-mission-reaches-staff-level-agreement-moldova-government-212-million-tranche\/","title":{"rendered":"IMF mission reaches staff-level agreement with Moldova Government on $21,2 million tranche"},"content":{"rendered":"<span class=\"span-reading-time rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">Reading Time: <\/span> <span class=\"rt-time\"> 2<\/span> <span class=\"rt-label rt-postfix\">minutes<\/span><\/span><p>The International Monetary Fund mission led by Ben Kelmanson finished its visit to Moldova and <a href=\"http:\/\/www.imf.org\/en\/News\/Articles\/2017\/02\/28\/PR1766-Moldova-IMF-Reaches-Staff-Level-Agreement-on-First-Review-under-an-ECF-EFF-Arrangement\" target=\"_blank\">reached a staff-level agreement<\/a> with the Government of Moldova on the First Review on the <a href=\"http:\/\/www.moldova.org\/en\/imf-executive-board-approves-178-7-million-finance-program-moldova\/\" target=\"_blank\">$178,7 million finance program<\/a>.<\/p>\n<p>During a press briefing with the Moldovan PM Pavel Filip, Kelmanson concluded about the preliminary approval of another 21,2 million US dollars tranche:<\/p>\n<p>\u201cIMF staff and the Moldovan authorities have reached staff-level agreement on the first review under an economic reform program supported by a three-year\u00a0Extended Credit Facility and Extended Fund Facility (ECF\/EFF) arrangement. The staff-level agreement is subject to approval by IMF Management and the Executive Board. Consideration by the Executive Board is expected in April, following the authorities\u2019 implementation of a number of prior actions. Completion of the review will make available SDR 15.7 million (about US$21.2 million).&#8221;<\/p>\n<p>Along with the\u00a0Prime-Minister, the IMF official remarked the projected 4,5% GDP growth- compared to the previous 3%-, the achievements of the Moldovan Government in tackling the vulnerabilities in the financial-banking and advancing the structural reforms (so far, not many). He expressed hope that the National Bank of Moldova would continue to improve the monetary policy by strengthening <em>operational procedures, forecasting abilities and policy communications.<\/em>\u00a0Kelmanson appreciated the medium-term budget framework as consistent and growth-friendly, with key priorities such as\u00a0<em>strengthening revenues, improving the revenues and effective public administration reform,\u00a0<\/em>together with the fiscal structural reforms.<\/p>\n<p><img decoding=\"async\" src=\"http:\/\/gov.md\/sites\/default\/files\/content_images\/foto-_j0a1978_1.jpg\" \/><\/p>\n<p>Moldova\u2019s three-year IMF program, <a href=\"http:\/\/www.moldova.org\/en\/imf-executive-board-approves-178-7-million-finance-program-moldova\/\" target=\"_blank\">approved on November 7, 2016<\/a>, is supported by a loan of SDR 129.4 million (about US$176 million, or 75 percent of the Republic of Moldova\u2019s quota), of which SDR 26 million (about US$35 million) have been already disbursed. Two thirds of the loan are provided under the Extended Credit Facility, which carries a zero interest rate through 2018, a grace period of 5\u00bd years, and a 10-year maturity. The rest of the loan is provided under the Extended Fund Facility, which carries an annual interest rate equal to the SDR basic rate of charge (currently 1.3 percent), and is repayable over 10 years with a 4\u00bd -year grace period.<\/p>\n","protected":false},"excerpt":{"rendered":"<p><span class=\"span-reading-time rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">Reading Time: <\/span> <span class=\"rt-time\"> 2<\/span> <span class=\"rt-label rt-postfix\">minutes<\/span><\/span>The International Monetary Fund mission led by Ben Kelmanson finished its visit to Moldova and reached a staff-level agreement with the Government of Moldova on the First Review on the $178,7 million finance program. During a press briefing with the Moldovan PM Pavel Filip, Kelmanson concluded about the preliminary approval of another 21,2 million US [&hellip;]<\/p>\n","protected":false},"author":6,"featured_media":441826,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5,6],"tags":[],"class_list":["post-443518","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","category-important-en"],"content_social_share":"<span class=\"span-reading-time rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">Reading Time: <\/span> <span class=\"rt-time\"> 2<\/span> <span class=\"rt-label rt-postfix\">minutes<\/span><\/span><p>The International Monetary Fund mission led by Ben Kelmanson finished its visit to Moldova and <a href=\"http:\/\/www.imf.org\/en\/News\/Articles\/2017\/02\/28\/PR1766-Moldova-IMF-Reaches-Staff-Level-Agreement-on-First-Review-under-an-ECF-EFF-Arrangement\" target=\"_blank\">reached a staff-level agreement<\/a> with the Government of Moldova on the First Review on the <a href=\"http:\/\/www.moldova.org\/en\/imf-executive-board-approves-178-7-million-finance-program-moldova\/\" target=\"_blank\">$178,7 million finance program<\/a>.<\/p>\n<p>During a press briefing with the Moldovan PM Pavel Filip, Kelmanson concluded about the preliminary approval of another 21,2 million US dollars tranche:<\/p>\n<p>\u201cIMF staff and the Moldovan authorities have reached staff-level agreement on the first review under an economic reform program supported by a three-year\u00a0Extended Credit Facility and Extended Fund Facility (ECF\/EFF) arrangement. The staff-level agreement is subject to approval by IMF Management and the Executive Board. Consideration by the Executive Board is expected in April, following the authorities\u2019 implementation of a number of prior actions. Completion of the review will make available SDR 15.7 million (about US$21.2 million).&#8221;<\/p>\n<p>Along with the\u00a0Prime-Minister, the IMF official remarked the projected 4,5% GDP growth- compared to the previous 3%-, the achievements of the Moldovan Government in tackling the vulnerabilities in the financial-banking and advancing the structural reforms (so far, not many). He expressed hope that the National Bank of Moldova would continue to improve the monetary policy by strengthening <em>operational procedures, forecasting abilities and policy communications.<\/em>\u00a0Kelmanson appreciated the medium-term budget framework as consistent and growth-friendly, with key priorities such as\u00a0<em>strengthening revenues, improving the revenues and effective public administration reform,\u00a0<\/em>together with the fiscal structural reforms.<\/p>\n<p><img decoding=\"async\" src=\"http:\/\/gov.md\/sites\/default\/files\/content_images\/foto-_j0a1978_1.jpg\" \/><\/p>\n<p>Moldova\u2019s three-year IMF program, <a href=\"http:\/\/www.moldova.org\/en\/imf-executive-board-approves-178-7-million-finance-program-moldova\/\" target=\"_blank\">approved on November 7, 2016<\/a>, is supported by a loan of SDR 129.4 million (about US$176 million, or 75 percent of the Republic of Moldova\u2019s quota), of which SDR 26 million (about US$35 million) have been already disbursed. Two thirds of the loan are provided under the Extended Credit Facility, which carries a zero interest rate through 2018, a grace period of 5\u00bd years, and a 10-year maturity. The rest of the loan is provided under the Extended Fund Facility, which carries an annual interest rate equal to the SDR basic rate of charge (currently 1.3 percent), and is repayable over 10 years with a 4\u00bd -year grace period.<\/p>\n<div class='heateorSssClear'><\/div><div  class='heateor_sss_sharing_container heateor_sss_horizontal_sharing' data-heateor-sss-href='https:\/\/www.moldova.org\/en\/imf-mission-reaches-staff-level-agreement-moldova-government-212-million-tranche\/' data-heateor-sss-no-counts=\"1\"><div class='heateor_sss_sharing_title' style=\"font-weight:bold\" ><\/div><div class=\"heateor_sss_sharing_ul\"><a aria-label=\"Facebook\" class=\"heateor_sss_facebook\" href=\"https:\/\/www.facebook.com\/sharer\/sharer.php?u=https%3A%2F%2Fwww.moldova.org%2Fen%2Fimf-mission-reaches-staff-level-agreement-moldova-government-212-million-tranche%2F\" title=\"Facebook\" rel=\"nofollow noopener\" target=\"_blank\" 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agreement with Moldova Government on $21,2 million tranche - 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-mission-reaches-staff-level-agreement-moldova-government-212-million-tranche\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Cristi Vlas\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" 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