WB and IMF push Moldova towards economic growth

The World Bank believes that Moldova must develop a long-term development strategy focused on attracting investments. World Bank Executive Director Herman Wijffels said at a press conference in Chisinau that this is the first assignment Moldova needs to deal with. The second one is to ensure that the profits resulting out of such development processes are distributed in a way that will have a direct influence on directly, mentioned Wijfels. IMF Executive Director Age Bakker has also stated that the main responsibility of Moldova is to maintain the rhythm of economic growth, a process that should have been noticeable in the last few years, maintain a macroeconomic stability and attract foreign investment. These two international institutions expressed their availability to support further economic reforms in Moldova. The IMF, which initially intended to offer financial support worth 100 million dollars, will now contribute with an additional sum of 43 million dollars, due to the effects of external shocks suffered by the country recently, said the executive director of IMF. Moreover, the executive director of the World Bank stated that more than 50% of 140 million dollars assistance given by the World Bank have not been rendered profitable yet and will soon be distributed. Prime Minister Vasile Tarlev thanked the World Bank and the International Monetary Fund for offering such a stimulus in terms of financial support. As a result of such support, Moldova became eligible in December 2006 for the sum of 1.2 billion dollars, financial assistance given for a three-year period. According to Tarlev, approximately 690 million of the given sum was allocated for projects in the field of education, development of the private sector, development of state infrastructure, health protection, development of the agricultural sector, etc. The executive directors of the World Bank and the International Monetary Fund will participate on June 9-10 at the annual meeting of the World Bank/International Monetary Fund Constituency. The meeting will be attended by the finance ministers and central bank governors from over 10 states, including Holland, Ukraine, Romania, Georgia, Serbia, Montenegro, Armenia, Cyprus, Bulgaria, who will discuss the role of these two international financial institutions in promoting the development process in these countries. The executive director of the World Bank, Herman Wijffels, told reporters that no decisions will be taken during this meeting, namely because it is an exchange of experiences and ideas.