The fulfillment of the preconditions imposed by the International Monetary Fund for Moldova to benefit from a new economic reform program was discussed in a meeting of Speaker of Parliament Andrian Candu and the administration of the IMF and the World Bank, IPN reports.

According to the Parliament’s press service, the economic reform program will be supported by a three-year Extended Credit Facility and Extended Fund Facility (ECF/EFF) arrangement.

The IMF and WB officials said that a program with the IMF brings benefits to the country in doing vital structural reforms and offers access to external financing, which is an important support for reforms. The new country program will center on policies aimed at ensuring macroeconomic and financial stability and at improving business climate, attracting investment and enhancing Moldova’s growth potential.

The staff level agreement reached by the IMF staff and the Moldovan authorities this July is subject to approval by IMF Management and the Executive Board. Consideration by the Executive Board is expected in the second half of October, following the authorities’ implementation of a number of prior actions and the coming into force of the adopted legislation. If the program with the IMF is approved, Moldova will get about US$25 million from the IMF as a first tranche, US$45 million from the WB and approximately €55 million from the European Union.