IMF increases volume of financing for Moldova

Chisinau, 12 May /MOLDPRES/ - The executive directors of the International Monetary Fund (IMF) have welcomed the measures of policies undertaken by the National Bank of Moldova (BNM), in order to cope with the inflation’s increase. Statements to this effect are contained in a decision by the IMF Board of Executive Directors, who finished the ad-hoc assessment of the programme backed through the Extended Credit Facility (ECF) and Extended Fund Facility (EFF) for Moldova.      

"At the same time, IMF appreciated the consolidation of the supervision of the financial sector and, respectively, its resilience, despite the temporary pressures on the liquidities on market. The executive directors stressed the importance of adjusting the measures of toughening the monetary policy, in order to carry out the balance between the goal of ensuring the financial stability and the one of economic growth,’’ the BNM said.  

The IMF executive directors emphasized the impact of the war in Ukraine on Moldova’s economy, exerted by various ways, including through the increase in prices for energy resources, disturbing of the trade, decrease in residents’ trust, as well as indirectly, following the sanctions imposed against Russia.  

According to the quoted source, the inflation, deterioration of the commercial flows and other difficulties faced by Moldova because of the war prompted IMF to immediately disburse 144.81 million dollars (108.15 million Special Drawing Rights (SDR) within the programme supported through the ECF and EFF for Moldova.    

Also, the overall volume of financing was increased by about 260.11 million dollars (194.26 million SDR), which now amounts to 795.72 million dollars (594.26 million SDR).

"The means provided will allow Moldova to face the challenges related to the war in Ukraine. They will also encourage the additional foreign financing, will protect the citizens through the providing of a budgetary support for the most vulnerable categories and will further boost the reforms,’’ reads a press release by the National Bank of Moldova.   

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