IMF Representative confident Moldova will see economic growth in 2012

The Republic of Moldova will witness economic growth in 2012 even if the development pace slowed down in the last few months, the Representative of the International Monetary Fund in Moldova Tokhir Mirzoev said in a discussion with the press. Given the problems faced by some of the EU member states that are Moldova’s commercial partners, the demand for Moldovan exports may fall, as the remittances and foreign direct investment. “However, the Eastern commercial partners do not encounter serious problems, at least now, and a certain balance may be ensured. Thus, Moldova will see economic growth,” said the IMF official. 2012 is the last year when the Moldovan Government’s Program with the IMF will be implemented. Speaking about the possibility of negotiating a new program, Tokhir Mirzoev said such a decision is to be taken by the executive. “The financial assistance provided by the IMF is directed to the National Bank of Moldova for increasing the foreign exchange reserves and ensuring macroeconomic stability. Currently, the foreign exchange reserves are at a rather high level (over US$2bn) and foreign financial assistance is not necessary. But a Memorandum with the IMF is a signal for the potential foreign investors that the reforms go in the right direction and there is macroeconomic stability. It is yet the Government that will decide,” said the IMF Representative. Tokhir Mirzoev also said that if the Government decides to negotiate a new program with the IMF, the negotiations may take place in autumn, after the last review mission of the IMF within the current program.