Finances

PREMIER FILIP INFORMS IMF MISSION ABOUT MOLDOVAN GOVERNMENT'S ACHIEVEMENTS

16 march, 2018

The Moldovan Government is ready to completely implement the reform agenda despite the fact that 2018 is an election year in Moldova, said Prime Minister Pavel Filip at the Thursday's meeting with a group of International Monetary Fund (IMF) Mission, headed by Ben Kelmanson, who arrived to Moldova for the third review mission.

According to the Government, the Premier said that since the previous review mission five months ago, positive changes were achieved in various fields: the Moldovan economy grew 3.8% over 9 months, exports grew 18.6%, including by 20.5% - to the EU.

Besides, a new shareholder in Victoriabank was registered and potential investor in Moldova Agroindbank was identified. Also, a new investor was found for the building of the Ungheni-Chisinau natural gas pipeline, which will contribute to raising the country's energy security.

"All these would be impossible without the Moldova-IMF cooperation program. Its provisions helped us move on in reform implementation", Filip said.

He stressed that the Law on 2019 State Budget will also be approved before the end of the current parliamentary session. This is due to the Cabinet of Minister's desire to ensure stability for the next year and the intention to adopt the budget beforehand, as in the second half of the year the Parliament will already be preparing for parliamentary elections.

According to the press release, Ben Kelmanson welcomed the Moldovan Government's achievements, calling on holding the started pace.

He said that during this review mission, the tax aspects will be assessed, as well as the progress in the 2018 budget execution, the budget forecast for mid-term perspective and the macroeconomic forecasts. Besides, the situation in financial, banking and energy sectors will be considered.

As Infotag has already reported, the three-year cooperation program between the IMF and Moldova, adopted on November 7, 2016, implies financial assistance worth 187 million, around US$83 million of which have already been allocated in three tranches.

Two-thirds of credits are provided by means of the ECF, which implies zero interest rate until the end of 2018, grace period in payments of 5.5 years and the maturity rate of 10 years. The rest of the sum is provided by means of the EFF with interest rate, equal to the SDR base rate, maturity of 10 years and 4.5-year grace period.

In case of positive results of assessment mission, the IMF will take decision on allocating the next tranche.

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