Government to open talks over new program with IMF

Outgoing Prime Minister Zinaida Greceanii had a meeting with a mission of the International Monetary Fund (IMF) that came to Chisinau to initiate discussions on a new program for Moldova as the Poverty Reduction and Growth Facility (PRGF) expired on May 4, Info-Prim Neo reports, quoting a communiqué from the Government. The head of the IMF mission Graeme Justice said that the Government can choose to sign one of two kinds of programs with the IMF - Stand By, which offers financing under market conditions to the countries that signed the PRGF program, and Blend, which is an intermediary program and provides partial assistance under concessional conditions. After the IMF’s assistance programs were reformed, the value of financing for both of the programs is much larger compared with the former program. Zinaida Greceanii said that the authorities want to negotiate and sign a new program with the IMF regardless of the political developments on a short term. “We must propose solutions to overcome the economic crisis in Moldova and would like that the International Monetary Fund supports them,” the Premier said. The mission is also accompanied by parallel technical assistance missions from the Fiscal Affairs Department (FAD) and Monetary and Capital Markets Department (MCM).