The International Monetary Fund (IMF) has agreed to provide Moldova a new $558 million three-year loan as part of an economic reform program for the country, IMF mission leader Ruben Atoyan said in a statement on Monday
WASHINGTON (Pakistan Point News / Sputnik - 27th July, 2020) The International Monetary Fund (IMF) has agreed to provide Moldova a new $558 million three-year loan as part of an economic reform program for the country, IMF mission leader Ruben Atoyan said in a statement on Monday.
"IMF staff and the Moldovan authorities have 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," Atoyan said. "Access under this arrangement is proposed to be set at SDR400 million (232 percent of Moldova's quota in the Fund and about US$558 million)."
Atoyan noted that the IMF Executive board is expected to consider the staff-level agreement in September
The IMF mission leader said the new arrangements will help maintain Moldova's macroeconomic stability, provide an anchor for authorities' policies to support the post-pandemic recovery and catalyze external financing from other donors.
Atoyan also said the new agreement will support Moldova's ambitious institutional reforms aimed designed to tackle widespread vulnerabilities in areas of fiscal governance, non-bank financial sector oversight, market regulation, anti-corruption and rule of law.
