If some of the commitments related to the achievement of objectives within the program with the International Monetary Fund are annulled, the IMF could review the program to see if its major goals can be yet achieved, it is said in a Fund’s comment for Radio Free Europe. IMF Resident Representative Armine Khachatryan made the comment in reaction to President Igor Dodon’s recent statement concerning the decision to transform the loan granted by the National Bank of Moldova (NBM) to the three liquidated banks into public debt, IPN reports.
The comment says the Law on the conversion of the Government’s guarantees issued by the National Bank of Moldova in 2014-2015 into government securities, which is into public debt, was one of the preliminary actions within the program with the IMF, as it is said in the letter of intent signed by the authorities and the memorandum of economic and financial policies.
“The goal of this law adopted in 2016 was to recover the financial resources of the NBM provided as emergency loans to the three insolvent banks – Banca de Economii, Banca Sociala și UniBanc. The emergency loans were used to fully pay back the money to the depositors of the three banks, including private individuals and legal entities,” says the comment.
