IMF representative reiterates views of November mission on BEM

International Monetary Fund Resident Representative in the Republic of Moldova Tokhir Mirzoev, in a press statement, reiterates the views of the IMF mission that visited Chisinau in November 2012 on the situation at Banca de Economii (BEM), Info-Prim Neo reports. The mission called for urgent actions to raise the bank’s profitability, sell foreclosed collateral, collect overdue loans, as well as other necessary measures to strengthen its capital position with the active involvement of the Financial Stability Committee and other state institutions. With regard to recent references in some media outlets to a leaked IMF report in connection with Banca de Economii, Tokhir Mirzoev said he would like to clarify that, in accordance with standard practice, the IMF does not comment on unofficial documents and has not commented on the report. The situation at the only financial institution controlled by the state became tense after the publication of reports showing that in 2012 the bank sustained losses of 313 million lei. In a news conference earlier this month, the Liberal Party head Mihai Ghimpu presented a report by an IMF expert, which warns about the situation at this bank with majority state holding. According to the Liberal leader, the value of the bank’s shares has decreased 3-4 times, while those who brought the bank into such a state want it to be privatized at a low price. He demanded instituting a parliamentary commission of inquiry into the situation at Banca de Economii.

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