The International Monetary Fund is forecasting an economic growth of 0.3% this year and of 4% in 2013, IMF Mission head Nikolay Gueorguiev announced Wednesday at a news conference in Chisinau upon the completion of a two-week assessment mission. One year ago, the IMF expected a 4% growth in 2012, but the target was not met because of the economic slowdown in Europe and the severe drought in Moldova. Further, trade, industrial output and remittances stagnated as well. According to the IMF, the budget deficit this year will be 1.9% of the GDP, and the objective for the next year is to limit it at 1.5%. The rate of inflation projected for this year is around 4.5% Nikolay Gueorguiev said that, overall, the implementation of the IMF program is good, noting however deficiencies as regards the transparency of the actual owners of banks and the adoption of the medium-term budgetary framework. He also expressed his concern about the deterioration of the assets quality and about the problems concerning the Banca de Economii, asking the authorities to intervene promptly. As these two conditions haven't been met, the Government requested a three-month extension for the ongoing IMF program, and a new IMF mission will come again to Chisinau in the spring of 2013. The completion of the sixth assessment will enable Moldova to receive roughly $76 to consolidate its currency reserves. Prime Minister Vlad Filat stated that the Government will continue reforms to maintain macroeconomic stability, adjusting economic policies in the process. Besides the adoption of a new medium-term budgetary framework, the government will also seek to strengthen tax management and improve the management of state-owned companies. Vlad Filat revealed that after this IMF program is completed, negotiations will be initiated on a new one.