Moldova needs more financial support to overcome crisis – IMF Mission

Head of the mission of International Monetary Fund (IMF), head of the IMF European Department, Thomas Richardson, stated on 23 October during a Monday meeting with the Moldovan President Vladimir Voronin that the mission has appreciated the actions taken by the Chisinau Government in carrying out the structural reforms, reducing the level of inflation, and improving the management of public finances. To overcome the external factors, which influence negatively on the development, under the conditions of dynamical reforming, Moldova needs more support from the IMF, a matter that is discussed insistently today, said Thomas Richardson, cited by the press service of the Presidency. IMF official also highlighted that Moldova’s active reforming actions offer the possibility to rely on IMF’s support and on the increase in volume of financial assistance in the current year already. Vladimir Voronin remarked that the IMF’s estimates are a positive signal for the foreign investors and representatives of the business environment. IMF estimation mission as part of the Poverty Reduction and Growth Facility (PRGF) is in Chisinau from 11 to 25 October. The mission’s main purpose is to estimate the achievements of the Government and of the National Bank of Moldova regarding the accomplishment of the program’s commitments, as well as the macroeconomic trends for 2007. The mission will try to come to terms with the Government and NBM as regards the macroeconomic forecasts and objectives for 2007. In the middle of December it is planned to be disbursed the first installment of the credit of 118.2 mln USD. Due to the shock situations to which Moldova was subjected, in connection with the natural gas’ price increase and embargo imposed by Russia on the imports of Moldovan wines, the value of the first installment could be increased, compared to the previous provisions of 16.2 mln USD.