{"id":445416,"date":"2018-03-28T17:53:09","date_gmt":"2018-03-28T17:53:09","guid":{"rendered":"http:\/\/www.moldova.org\/en\/?p=445416"},"modified":"2018-03-28T17:54:48","modified_gmt":"2018-03-28T17:54:48","slug":"imf-mission-completes-third-review-visit-moldova-making-349-million-available","status":"publish","type":"post","link":"https:\/\/www.moldova.org\/en\/imf-mission-completes-third-review-visit-moldova-making-349-million-available\/","title":{"rendered":"IMF mission completes third review visit to Moldova, making $34,9 million ready for approval"},"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>27 March 2018- A delegation of the International Monetary Fund ended its visit from March 15-27, concluding the third review of the current economic reform program of the Moldovan Government.<\/p>\n<p>According to <a href=\"http:\/\/www.imf.org\/en\/News\/Articles\/2018\/03\/27\/pr18108-imf-staff-completes-review-visit-to-moldova\" target=\"_blank\" rel=\"noopener\">a press-release<\/a>, the IMF mission and the Moldovan authorities reached an agreement on the review, acknowledging the progress in strengthening economic policies and addressing vulnerabilities in the financial sector. The IMF team led by Ben Kelmanson added that the economic growth must be sustained by continuous reforms:<\/p>\n<blockquote><p>Economic growth was strong in 2017, supported by robust domestic demand and a favorable external environment. These are expected to continue in 2018, and growth is projected to remain solid, at 3.8 percent. Sustained and determined efforts to rehabilitate the financial system \u2013 including by strengthening the governance and financial condition of banks, and enhancing regulatory and supervisory frameworks \u2013 are vital to maintaining financial stability, sustaining growth and job creation.<\/p><\/blockquote>\n<p>The IMF experts stressed that the Chi\u0219in\u0103u&#8217;s efforts\u00a0<em>should continue to focus on improving public investment and social spending, tax and customs reforms, and improving the efficiency of spending.\u00a0<\/em>Moreover, they recommended stricter conditions for the management of the energy sector:<\/p>\n<blockquote><p>Promoting greater transparency, predictability, and good governance in the energy sector remain a priority.<\/p><\/blockquote>\n<p>Kelmanson stated that the IMF Executive Board could consider the review on Moldova &#8220;as early as May&#8221;, which would possibly make 34,9 million USD available for the Moldovan Government.<\/p>\n<p>Moldova\u2019s three-year IMF program,\u00a0<a href=\"http:\/\/www.moldova.org\/en\/imf-executive-board-approves-178-7-million-finance-program-moldova\/\" target=\"_blank\" rel=\"noopener noreferrer\">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 is 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>27 March 2018- A delegation of the International Monetary Fund ended its visit from March 15-27, concluding the third review of the current economic reform program of the Moldovan Government. According to a press-release, the IMF mission and the Moldovan authorities reached an agreement on the review, acknowledging the progress in strengthening economic policies and [&hellip;]<\/p>\n","protected":false},"author":6,"featured_media":445417,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[35],"class_list":["post-445416","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-important"],"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>27 March 2018- A delegation of the International Monetary Fund ended its visit from March 15-27, concluding the third review of the current economic reform program of the Moldovan Government.<\/p>\n<p>According to <a href=\"http:\/\/www.imf.org\/en\/News\/Articles\/2018\/03\/27\/pr18108-imf-staff-completes-review-visit-to-moldova\" target=\"_blank\" rel=\"noopener\">a press-release<\/a>, the IMF mission and the Moldovan authorities reached an agreement on the review, acknowledging the progress in strengthening economic policies and addressing vulnerabilities in the financial sector. The IMF team led by Ben Kelmanson added that the economic growth must be sustained by continuous reforms:<\/p>\n<blockquote><p>Economic growth was strong in 2017, supported by robust domestic demand and a favorable external environment. These are expected to continue in 2018, and growth is projected to remain solid, at 3.8 percent. Sustained and determined efforts to rehabilitate the financial system \u2013 including by strengthening the governance and financial condition of banks, and enhancing regulatory and supervisory frameworks \u2013 are vital to maintaining financial stability, sustaining growth and job creation.<\/p><\/blockquote>\n<p>The IMF experts stressed that the Chi\u0219in\u0103u&#8217;s efforts\u00a0<em>should continue to focus on improving public investment and social spending, tax and customs reforms, and improving the efficiency of spending.\u00a0<\/em>Moreover, they recommended stricter conditions for the management of the energy sector:<\/p>\n<blockquote><p>Promoting greater transparency, predictability, and good governance in the energy sector remain a priority.<\/p><\/blockquote>\n<p>Kelmanson stated that the IMF Executive Board could consider the review on Moldova &#8220;as early as May&#8221;, which would possibly make 34,9 million USD available for the Moldovan Government.<\/p>\n<p>Moldova\u2019s three-year IMF program,\u00a0<a href=\"http:\/\/www.moldova.org\/en\/imf-executive-board-approves-178-7-million-finance-program-moldova\/\" target=\"_blank\" rel=\"noopener noreferrer\">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 is 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-completes-third-review-visit-moldova-making-349-million-available\/' 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-completes-third-review-visit-moldova-making-349-million-available%2F\" title=\"Facebook\" rel=\"nofollow noopener\" target=\"_blank\" 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visit to Moldova, making $34,9 million ready for approval - 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-completes-third-review-visit-moldova-making-349-million-available\/\" \/>\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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