Republic of Moldova: Staff Report for the 2012 Article IV Consultation, Fifth Reviews Under the Extended Arrangement and Under the Three-Year Arrangement Under the Extended Credit Facility, and Requests for Waivers for Non-Observance and Modification of Performance Criteria
October 22, 2012
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After the 2009 crisis, policies have improved markedly, backed by substantial foreign assistance. Notably, fiscal adjustment has reduced the large budget imbalance, monetary policy has tamed inflation, and structural reforms have spurred strong export expansion. These reforms led to impressive growth in 2010–11, but activity decelerated in 2012, reflecting the slowdown in the EU. The economy is highly exposed to further intensification of the euro area crisis via its dependence on remittances, exports, and capital inflows.
Subject: Banking, Budget planning and preparation, Credit, Expenditure, Fiscal policy, Fiscal sustainability, Inflation, Money, Prices, Public financial management (PFM)
Keywords: asset, asset portfolio, Budget planning and preparation, CR, Credit, euro area debt crisis, Fiscal sustainability, Global, Inflation, ISCR, NBM target, program's fiscal consolidation objective, slowing economic activity, slowing economy
Pages:
75
Volume:
2012
DOI:
Issue:
288
Series:
Country Report No. 2012/288
Stock No:
1MDAEA2012003
ISBN:
9781475582062
ISSN:
1934-7685
