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IMF signed with the Republic of Moldova a memorandum for 590 million dollars financing

signed on Wednesday with the government in Kishinev a memorandum for financing for the next three years, through which the international institution offers support for 590 million dollars under conditions qualified by premier Vlad Filat as „ acceptable and reasonable".

The premier Vlad Filat announced that negotiations with IMF were successful. The signing of the memorandum with IMF releases the possibilities of creditation on the part of other western partners of the Republic of Moldova, among which the World Bank, The European Commission and the US government through the programme Millenium Challenges.

The IMF representative Nikolay Guerguiev stated that besides the sums included in the memorandum which will be approved by the board of IMF in January 2010, the Moldavian government could access 180 million dollars offered by IMF through special drawing rights. According to Vlad Filat, half of the sum included in the memorandum - 295 million dollars - will be destined to cover the budgetary deficit, and the other half to complete the foreign currency reserves of the National Bank of Moldova.

The conditions imposed by IMF were qualified by the Moldavian premier as accessible and reasonable. They include the increase of excises for tobacco, fuel, cosmetics and luxury vehicles and the social part did not include conditions to harm the situation of the citizens. Pensions and salaries will not be reduced, subsidies and social payments will increase in 2010 by 40% and the teachers' salaries will increase by 24% since 1 September, Filat said.

« The main agreement in the new memorandum is placed on stopping the degradation and later coming back of the fiscal-budgetary system in emergency regime, as in the case of firefighters. IMF is ready to offer support to the Republic of Moldova and to support the effort of the new government to reform economy and to launch a quick economic growth, actions which could improve the living standard of the population" the IMF representative, Nikolay Guerguiev said.

IMF stopped its relations with the Republic of Moldova in the spring of this year, after the communist government led by Zinaida Greceanii refused to negotiate and to sign a memorandum with the Fund. After taking over the power, the new coalition in Kishinev found an extremely bad budgetary situation and a record deficit for the Republic of Moldova. The support on the part of international financing bodies and its western partners was regarded as the only chance to avoid an economic collapse in the Republic of Moldova. At the end of September, the American ambassador to Kishinev, Asif Chaudhry announced that the United States will offer the Republic of Moldova a non-refundable credit of 262 million dollars. Chaudhry mentioned that the support offered through the Millenium Challenges programme is one offered to the whole population of the Republic of Moldova and was convinced that the new governing in Kishinev is capable to promote democratic reforms necessary to continue a fruitful cooperation with the US.

Sursa: http://www.actmedia.eu

Tags: financing government support dollars million moldova memorandum republic

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