Filip Government assumes responsibility for 7 laws from the financial-banking package, asked by IMF
The Government of the Republic of Moldova assumes responsibility for more laws referring to the transparency of the financial-banking system, but also the conversion of emergency loans offered by the Executive to those three banks that were liquidated, for the state debt. All these are conditions of the International Monetary Fund in order to sign a new agreement with Moldova.
It is about 7 laws regarding the supplement and modification of the state budget, completion of the law referring to the social insurance, completion of the law about medical insurance and, also, the conversion of emergency loans offered to those three banks that were liquidated for the state debt. In addition, there are laws that refer to the transparency of the financial-banking sector inclusively of the bank's shareholders, all of these are required by the IMF to sign an agreement with Moldova.
„On the line of willingness to continue the economic development, for these laws the Government should assume responsibility, they are laws that have been consulted with IMF. These laws should enforce as quickly as possible, and we know that now occurs the election campaign. We may be criticized for these laws, but I said that we here, in the Government, do not deal with the election campaign. They are laws that are based on securing the financial and banking system and to prevent robbing, also on the amendments to the state budget. These laws were coordinated with the IMF and with the parliamentary majority,” declared Pavel Filip.
We remind you that after the last visit of the IMF representatives in Moldova, the Prime Minister Pavel Filip stated repeatedly that he is convinced about the fact that in October Moldova will have an agreement with the Fund.
It should be noted that the experts of the International Monetary Fund (IMF) and the authorities of the Republic of Moldova have reached an agreement in July at staff level regarding the program of economic reforms supported by a 3 year funding arrangement through the Extended Fund Facility (EFF) and Extended credit Facility (ECF). The access to financing is proposed to be established at a level of 75% of Moldova's quota at IMF (129 million SDR, or about 179 million US dollars). This agreement at staff level will have to be approved by IMF management an the Executive Board.
About the conversion in state debt of the emergency loans, in July the Parliamentary Committee for economy, budget and finance rejected the law project referring to the state debt amounting 13,5 billions lei, granted by the National Bank to those three robbed banks - Banca de Economii, Banca Sociala and Unibank.
Earlier in March the National Bank signed a Memorandum with the Ministry of Finance for the issue of bonds to repay the emergency loans of 13.5 billion lei granted to Banca de Economii, Unibank and Banca Sociala. If this emission would be treated as a classic credit, from the state budget should be paid nearly one billion lei for 25 years.