IMF will discuss Moldova’s request for financing today
The Executive Board of the International Monetary Fund (IMF) comes together on November 7 to discuss the reform program for Moldova that is to be supported by a three-year Extended Credit Facility and Extended Fund Facility (ECF/EFF) arrangement.
According to a press release of the National Bank of Moldova, access under this arrangement is proposed to be set at 75 percent of Moldova’s quota in the Fund (about US$ 182.7 million).
National Bank of Moldova and the Moldovan Government have met the prior actions of the Memorandum of Economic and Financial Policies (MEFP) of the agreement at staff level between the Moldovan authorities and IMF experts concluded on 26 July 2016.
This new program with the IMF aims, among other things, to rapidly improve the governance and supervision of the banking sector. In particular, the programme seeks to assess and enhance the transparency of ownership structure of commercial banks in Moldova. Monetary policy will be further focused on price stability in the context of a floating exchange rate regime.