IMF mission to work in Moldova during February 2-6

A mission of the European Department of the International Monetary Fund (IMF) led by Nikolay Gueorguiev will visit Chisinau during February 2-16. The mission is to analyze the recent economic developments and the progress made in implementing the program with the IMF, Info-Prim Neo reports, quoting a press statement from the IMF Resident Representative in Moldova Tokhir Mirzoev. The mission will update assessment of the macroeconomic outlook, and discuss with the authorities macroeconomic and structural policies to foster macroeconomic stability and promote sustainable growth in the period ahead. During its stay, the mission will hold discussions with the authorities in the context of the second review of Moldova’s program with the IMF under the Extended Credit Facility (ECF) and the Extended Fund Facility (EFF) arrangements. Moldova’s three-year IMF program, approved on January 29, 2010, is supported by a loan of SDR 369.6 million, of which SDR 120 million (about USD 180 million) have been already disbursed. The next loan disbursement of SDR 50 million (about USD 77 million) under the program will take place after the completion of the second program review. One half of the loan is provided under the Extended Credit Facility, which carries a zero interest rate until end-2011, a grace period of 5½ years, and a 10-year maturity. The rest of the loan is provided under the Extended Fund Facility, which carries an annual interest rate equal to the SDR basic rate of charge (currently 1.27 percent), and is repayable over 10 years with a 4½ -year grace period.