Mission of International Monetory Fund to carry out third evaluation of programme with Moldova in March

22:41 | 13.03.2018 Category: Economic

Chisinau, 13 March /MOLDPRES/ – A team of experts from the International Monetary Fund (IMF), headed by Mission Chief, Ben Kelmanson, will pay a working visit to Chisinau on 15 – 27 March to conduct the third evaluation of the Programme with Moldova.

IMF Permanent Representative to Chisinau, Volodymyr Tulin, said in a press statement that during the visit, mission would hold talks with authorities in the context of the third evaluation of IMF – supported Programme through ECF funding mechanisms (Extended Credit Facility) and the EFF (Extended Financing Facility).

The mission will analise recent developments in economy and progress made in implementing the programme of authorities, update macroeconomic forecast and discuss with them future macroeconomic policies.

The second evaluation of Programme with Moldova was carried out on 25 October – 07 November 2017. As a result, Executive Board of IMF approved on 20 December a new installment of 15.7 million special drawing rights (approximately $22.2 million) of $187 million loan for Moldova.

The first installment of $35.9 million was granted immediately after agreement was approved, and the second tranche of $21.2 million after the first evaluation of programme on 14 – 28 February 2017.

The three – year programme of Moldovan authorities, supported by IMF, was approved on 7 November 2016. It is funded by a total credit of 129.4 million Special Drawing Rights (SDRs), equivalent to almost $187 million. Two – thirds of loan amount is granted under the Extended Credit Facility (ECF), which provides for an interest rate equal to zero by the end of 2018, a grace period of five and a half years, and a repayment term of 10 years. The remainder of the loan is granted under the Extended Fund Facility (EFF), which provides for an annual interest rate equal to SDR interest rate (currently 1.8 per cent), a repayment term of 10 years and a grace period of four and a half years.

(Reporter V. Bercu, editor M. Jantovan)

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