IMF DELEGATION RESUMES DIALOG WITH MOLDOVA ON ECONOMIC POLICY ISSUES

A group of International Monetary Fund experts, headed by Ivanna Vladkova-Hollar arrived to Chisinau to continue dialog on Moldovan economic policy.

According to Government’s press service, at the Monday’s meeting with Prime Minister Pavel Filip the mission head said that the visit is the first step towards discussing a new program of cooperation between the IMF and the Republic of Moldova.

According to her, the mission will study the latest events in the banking sector, which needs clear regulatory frames and operational independence of banking regulation institutions.

Among the most urgent issues there are – exclusion of the justice intervention in supervision and regulation of the banks’ activity, ensuring of ultimate shareholders’ transparency, establishment of risk management mechanisms in commercial banks. It is important to adopt a correct action strategy to prevent the recurrence of the situation with bank fraud, the IMF mission head said.

The Moldovan Premier thanked IMF representatives for the readiness to continue the dialog on economic policy and the progress of reforms.

“For us the agreement with IMF is a key factor, on which our relations with development partners depend, as well as the atmosphere within the country. The Government is committed to enhancing reforms, improving Moldova’s image and regaining the trust of development partners and the population”, he said, naming among the priorities the reform of banking system and the justice, ensuring of a competitive and attractive business environment, as well as the implementation of the National Strategy for Combating Corruption.

He told about the achieved measures, regarding the financial situation stabilization as the most important index.

“For improving business community, a moratorium on state inspections was introduced, 169 Customs Service documents, as well as 100 permit documents were cancelled. At the support of the International Finance Corporation, an assessment of regulatory and control authorities was conducted”, said Filip, assuring IMF representatives of further reforming of these agencies.

The mission will continue working in Moldova till the end of the week. Its visit agenda includes meetings with leadership of the National Bank of Moldova, the National Commission for Financial Market, the Finance Ministry and with governors of a number of commercial banks.

Just as at the previous visit in the end of February, the current IMF mission does not have mandate on conducting negotiations on new program of financial assistance to Moldova.

Infotag’s dossier: The previous three-year cooperation program between Moldova and the Fund started on January 29, 2010 and was completed in April 2013. It implied financial assistance worth US$570 million, of which Moldova received only US$490 million. The last tranche was not transferred due to the fact that Moldovan authorities failed to comply with certain Fund’s recommendations.