Moldova made progress in implementing program with IMF, mission chief

The head of the International Monetary Fund mission Nikolay Gueorguiev approved of the progress made in implementing the assistance program for Moldova. In a meeting with Prime Minister Vlad Filat, Nikolay Gueorguiev mentioned the positive macroeconomic developments, including the reduced rate of inflation, the rising volume of bank loans, the increase in the fiscal incomes and checking account, Info-Prim Neo reports, quoting a communiqué from the Government. Nikolay Gueorguiev stated that the current review is the last and is aimed at initiating preliminary discussions on the new assistance program. “During the visit, we will discuss with representatives of the relevant ministries so as to agree the measures that are to be taken in economy, education, and agriculture and will certainly confer on the budgetary policy with a view to supporting the reforms and ensuring Moldova’s financial-economic stability,” said the IMF mission chief. He expressed his conviction that the parameters set in the current program will be fully achieved and the slight deviations will be removed by this yearend by modifying the budgetary parameters and strengthening fiscal administration. In the meeting, Vlad Filat stressed that Moldova obeyed the provisions of the Memorandum of Economic and Financial Policies as regards the quantitative macroeconomic targets and ensured the program implementation level agreed with the IMF. “This program was a necessary one for us. Together we managed to implement all the agreements. We are looking to the future with confidence and will continue to do the necessary reforms so as to develop and modernize Moldova,” said the Premier. The IMF mission is performing the sixth review of Moldova’s IMF-supported program under the Extended Credit Facility and the Extended Fund Facility arrangements. It will take stock of the recent economic developments and discuss with the authorities their macroeconomic policies in the period ahead. The mission will be in Chisinau during November 7-21, 2012.