Republic of Moldova: Ad Hoc Review Under the Extended Credit Facility; Request for Augmentation and Rephasing of Access, Modification of Performance Criteria, and Completion of the Inflation Consultation Under the Extended Credit Facility and Extended Fund Facility Arrangements-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Moldova

IMF Staff Country Reports, May 13, 2022

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Republic of Moldova: Ad Hoc Review Under the Extended Credit Facility; Request for Augmentation and Rephasing of Access, Modification of Performance Criteria, and Completion of the Inflation Consultation Under the Extended Credit Facility and Extended Fund Facility Arrangements-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Moldova

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Bibliographic details

• Published: May 13, 2022
• Series: IMF Staff Country Reports
• DOI: https://doi.org/10.5089/9798400210853.002

Macroeconomic overview and recent performance

• The economy rebounded strongly from the pandemic recession last year.
• Prudent macroeconomic management maintained robust buffers.

Spillovers from the war in Ukraine and sanctions

• The war in Ukraine and the international sanctions imposed on Russia and Belarus have resulted in significant spillovers to Moldova, with implications yet to fully play out.
• At the outbreak of hostilities, FX market pressures triggered significant foreign currency interventions and bank deposit withdrawals.
• Dollarization has intensified.

Refugee inflows and population impact

• Moldova has received the highest per capita inflow of Ukrainian refugees (17 percent of the total population).
• About 100,000 refugees (4 percent of the total population) remain in Moldova.

Inflationary developments

• Driven by rising food and energy prices, inflation accelerated further above the target band.

Key thematic tags and subjects covered

• Debt sustainability analysis
• Energy prices
• External debt
• Inflation
• International organization
• Monetary policy
• Prices
• Public debt

Republic of Moldova: Ad Hoc Review Under the Extended Credit Facility; Request for Augmentation and Rephasing of Access, Modification of Performance Criteria, and Completion of the Inflation Consultation Under the Extended Credit Facility and Extended Fund Facility Arrangements — May 13, 2022

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