Moldova owes $132m to IMF

The stock of Moldova’s debts to the International Monetary Fund (IMF) as of 31 May 2007 was estimated to be USD 132.2 million, decreasing by 1.2 million dollars as compared with April. According to data provided by the Ministry of Finance, the total stock of state debts administrated by the Government as of May 31 was USD 734.9 million. As of the same date, the stock of foreign private debts non-guaranteed by the government (including interest arrears) increased by 15.67 million dollars compared with April, up to 803.45 million. On 5 May 2006 IMF’s Executive Board approved the Poverty Reduction and Growth Facility (PRGF) arrangement with Moldova in the total amount of about USD 118.5 mln, the first instalment of which – about USD 17 mln – was transferred to the National Bank of Moldova in mid-May 2006. On 15 December 2006 IMF’s Executive Board approved an increase in the size of the loan to about USD 167 mln. The second disbursement was approved for an amount equivalent to about USD 48.2 mln. The third disbursement could amount to USD 33 mln, as against USD 16.9 previously planned for every quarter of the year. The PRGF is the IMF's concessional facility for low income countries. PRGF loans carry an annual interest rate of 0.5 percent, and are repayable over 10 years with a 5.5-year grace period.