{
  "title": "IMF Staff Concludes Consultations with Moldova on a New Economic Program",
  "publication": "IMF News, July 27, 2020",
  "sourceUrl": "https://www.imf.org/en/news/articles/2020/07/27/pr20270-moldova-imf-staff-concludes-consultations-with-moldova-on-a-new-economic-program",
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  "summary": "IMF mission led by Ruben Atoyan held remote discussions with Moldovan authorities during July 7-24, 2020.",
  "publishDate": "2020-07-27",
  "sections": [
    {
      "heading": "Mission and staff-level agreement",
      "content": "- IMF mission led by Ruben Atoyan held remote discussions with Moldovan authorities during July 7-24, 2020.\n- IMF staff and the Moldovan authorities reached staff-level agreement on an economic reform program to be supported by three-year Extended Credit Facility and Extended Fund Facility (ECF/EFF) arrangements.\n- Statement issued at end of consultations by Ruben Atoyan."
    },
    {
      "heading": "Financing and program terms",
      "content": "- Proposed access under the arrangement: SDR 400 million (232 percent of Moldova’s quota in the Fund and about US$ 558 million).\n- Arrangement duration: three-year ECF/EFF arrangements.\n- Staff-level agreement is subject to approval by IMF Management and the Executive Board.\n- Consideration by the Executive Board was expected in September, subject to the authorities’ implementation of a number of prior actions."
    },
    {
      "heading": "Prior actions and conditionality areas",
      "content": "- Prior actions include measures in:\n  - central bank independence,\n  - financial sector oversight,\n  - fiscal transparency.\n- Implementation of these prior actions is a condition for Board consideration of the new program."
    },
    {
      "heading": "Policy objectives and expected impact",
      "content": "- Program aims to:\n  - maintain macroeconomic stability,\n  - provide an anchor for authorities’ policies to support the post-pandemic recovery,\n  - catalyze external financing from other donors,\n  - advance ambitious institutional reforms.\n- Institutional reform priorities identified:\n  - fiscal governance,\n  - non-bank financial sector oversight,\n  - market regulation,\n  - anti-corruption,\n  - rule of law."
    },
    {
      "heading": "Governance reform and central bank",
      "content": "- The governance reform of the National Bank of Moldova (NBM) supported by the Fund and NBM’s performance during the previous program are highlighted as important achievements.\n- The successful clean-up of the banking sector in the aftermath of the major bank fraud is credited to the supervisory work of the NBM.\n- Statement emphasizes:\n  - unequivocal commitment to the irreversibility of the banking sector reforms as critical for financial sector stability,\n  - an independent central bank helps macroeconomic stability, supports investor confidence, and protects the financial system,\n  - preserving NBM independence is in Moldova’s interest and is a critical requirement under the new IMF-supported program.\n\nPress Release No. 20/270 — July 27, 2020 — IMF Communications Department\n\n---\n\n Content in this bundle\n\n- Press Release-English\n  - Press Release-English (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Press Release-English (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\n References\n\n- https://www.imf.org/-/media/images/imf/bios/imfboard.jpg\n- The Executive Board\n- Republic of Moldova and the IMF\n- Press Releases\n- PRESS CENTER\n- https://www.imf.org/en/Topics/imf-and-covid19/COVID-Lending-Tracker\n- https://www.imf.org/external/NP/SEC/bc/eng/index.aspx\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2020/07/27/pr20270-moldova-imf-staff-concludes-consultations-with-moldova-on-a-new-economic-program"
    }
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    "Published: July 27, 2020",
    "IMF mission led by Ruben Atoyan held remote discussions with Moldovan authorities during July 7-24, 2020.",
    "IMF staff and the Moldovan authorities reached staff-level agreement on an economic reform program to be supported by three-year Extended Credit Facility and Extended Fund Facility (ECF/EFF) arrangements.",
    "Statement issued at end of consultations by Ruben Atoyan.",
    "Proposed access under the arrangement: SDR 400 million (232 percent of Moldova’s quota in the Fund and about US$ 558 million).",
    "Arrangement duration: three-year ECF/EFF arrangements.",
    "Staff-level agreement is subject to approval by IMF Management and the Executive Board.",
    "Consideration by the Executive Board was expected in September, subject to the authorities’ implementation of a number of prior actions.",
    "Prior actions include measures in:",
    "Implementation of these prior actions is a condition for Board consideration of the new program.",
    "Program aims to:",
    "Institutional reform priorities identified:",
    "The governance reform of the National Bank of Moldova (NBM) supported by the Fund and NBM’s performance during the previous program are highlighted as important achievements.",
    "The successful clean-up of the banking sector in the aftermath of the major bank fraud is credited to the supervisory work of the NBM.",
    "Statement emphasizes:",
    "**Press Release-English**",
    "[https://www.imf.org/-/media/images/imf/bios/imfboard.jpg](https://www.imf.org/-/media/images/imf/bios/imfboard.jpg)",
    "[The Executive Board](https://www.imf.org/external/np/sec/memdir/eds.aspx)",
    "[Republic of Moldova and the IMF](http://www.imf.org/external/country/MDA/index.htm)",
    "[Press Releases](https://www.imf.org/en/news/searchnews)",
    "[PRESS CENTER](http://presscenter.imf.org/)",
    "[https://www.imf.org/en/Topics/imf-and-covid19/COVID-Lending-Tracker](https://www.imf.org/en/Topics/imf-and-covid19/COVID-Lending-Tracker)",
    "[https://www.imf.org/external/NP/SEC/bc/eng/index.aspx](https://www.imf.org/external/NP/SEC/bc/eng/index.aspx)",
    "[https://www.imf.org/en/home](https://www.imf.org/en/home)"
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