On November 7, 2016 the Executive Board of the International Monetary Fund (IMF) approved three-year arrangements under the Extended Fund Facility (EFF) and the Extended Credit Facility (ECF) with the Republic of Moldova to support the country’s economic and financial reform program. The cumulative access under the arrangements is SDR 129.4 million (about US$178.7 million, or 75 percent of the Republic of Moldova’s quota), IPN reports, quoting the IMF Office in Moldova.
An amount equivalent to SDR 26 million (about US$35.9 million) will be made available to the Moldovan authorities immediately following the approval of the arrangements. The remaining amount will be phased in over the duration of the program, subject to five semi-annual program reviews.
Following the Executive Board discussion on Moldova, Mitsuhiro Furusawa, Deputy Managing Director and Acting Chair, said the Moldovan authorities have developed a comprehensive program—to be supported by a three-year arrangement under the Extended Fund Facility and the Extended Credit Facility—to strengthen the economy and address key vulnerabilities. The program aims at reinforcing the recent economic stabilization and advancing a broad structural reform agenda, particularly in the financial sector. Strong commitment to sound policies and a significant improvement in economic governance will be crucial to raising long-term growth prospects.
”We overcame the crisis and are heading for a period of economic stabilization, following the political one, for an appropriate framework for developing the country and increasing the people’s welfare. From now on, we must ensure economic growth for tens of years, renouncing the practice of survival from year to year,” stated Speaker of Moldova’s Parliament Adrian Candu.
The official thanked all those who, either at home or abroad, have confidence in the Republic of Moldova and believe that the Moldova authorities are able to assume and fulfill commitments.
“We will yet convince those who are not certain of this,” he said.
According to the Speaker, following the IMF’s decision, Moldova’s credibility before the international investors and partners will increase. ”The high level of transparency and independent assessment of the progress that will be made in the immediate period will facilitate the fulfillment of the commitments assumed by the authorities before the own people. The commitments ultimately mean development opportunities and decent living conditions for each resident of our country,” stated Adrian Candu.
