The International Monetary Fund (IMF) and the Moldovan government have reached an agreement on the review needed for the Extended Credit Facility and Extended Fund Facility arrangements, the IMF said in a statement on Tuesday
WASHINGTON (Pakistan Point News / Sputnik - 14th March, 2023) The International Monetary Fund (IMF) and the Moldovan government have reached an agreement on the review needed for the Extended Credit Facility and Extended Fund Facility arrangements, the IMF said in a statement on Tuesday.
"IMF staff and the Moldovan authorities have reached a staff-level agreement on policies for completion of the third review under the Extended Credit Facility and Extended Fund Facility arrangements," the statement said.
The agreement was reached after discussions on the matter in Chisinau from March 1-14 were concluded, the statement said.
The agreement is subject to approval by the IMF's management and executive board by the end of April, the statement said.
IMF mission head Ruben Atoyan said completing the review will make $94.4 million available to Moldova, which will bring the total disbursements under the program to nearly $369.3 million.
Atoyan emphasized that the Moldovan authorities met all the necessary criteria, but pointed out that they still need to make additional steps to promote the integrity, capacity and independence of the country's key anti-corruption institutions.
Moldova also has to enhance the enforcement of the anti-corruption legal framework, he said.
Atoyan welcomed Moldova's efforts to fight inflation, adding that the national bank reacted proactively to anchor inflation expectations.
He also noted that a modest economic recovery is expected for Moldova in 2023, one that will be supported by a recovery of domestic demand and better growth prospects of its trading partners.
