IMF Staff Reach Staff-Level Agreement on the Fifth Review for Moldova’s Extended Credit Facility and Extended Fund Facility Arrangements, and First Review under the Resilience and Sustainability Facility
IMF News, May 24, 2024
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- IMF Staff Reach Staff-Level Agreement on the Fifth Review for Moldova’s Extended Credit Facility and Extended Fund Facility Arrangements, and First Review under the Resilience and Sustainability Facility
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- Published: May 24, 2024
Mission and Agreement
- An IMF team, led by Clara Mira, conducted discussions over the past few weeks, including in Washington, in Chișinău, and virtually for the fifth reviews of Moldova’s programs under the ECF/EFF arrangements, and the first review under the RSF arrangement.
- IMF staff and the Moldovan authorities have reached staff-level agreements on policies for completion of the fifth reviews under the Extended Credit Facility and Extended Fund Facility (ECF/EFF) arrangements, and for the first review under the Resilience and Sustainability Facility (RSF).
- The agreement is subject to approval by the IMF’s Management and Executive Board.
Program Performance and Disbursements
- Program performance under the ECF/EFF has been broadly on track, though with some delays in implementation of structural reforms.
- Reform measures under the RSF are also on track for this review.
- Completing the reviews will make SDR 133 million (about $175.2 million) available, bringing total disbursements under the ongoing programs to about $636.5 million.
Structural Reforms and Benchmarks
- An extension of the timeline for delayed reforms has been agreed for:
- adoption of the law on the establishment of an Anti-Corruption adjudication infrastructure, including a credible selection process for anti-corruption judges;
- measures related to central bank independence.
- Several proposed new structural benchmarks were agreed, including measures in the areas of:
- governance, independence, transparency and accountability of the National Bank;
- strengthening the independence of the Anti-Corruption Prosecution Office in the hiring of its staff;
- strengthening and modernizing tax audits;
- presenting the fiscal accounts in line with the Government Finance Statistics Manual 2014 (GFSM2014).
Next Steps
- Consideration of the reviews by the IMF Executive Board is planned for late June.
Press Release No. 24/182, May 24, 2024.
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