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IMF lends $46.1 mln to Moldova under three-year deal

IMF lends $46.1 mln to Moldova under three-year deal IMF and Moldova

CHISINAU (Moldova), October 8 (SeeNews) - The International Monetary Fund (IMF) is lending Moldova a further $46.1 million (42 million euro) under the current three-year funding arrangement, the country's finance ministry said.

The new loan comes as a result of the progress Moldova has made in keeping its reform commitments with the IMF, the finance ministry said in a press release on Monday.

Of this amount, about $27.5 million will go directly into Moldova's state budget.

In July, the IMF announced that it has reached a staff-level agreement with the Moldovan government on a loan arrangement review that would make available another loan to the country. At the time, the global lender noted that the new government is committed to advance macro-economic reforms to bring the IMF-supported programme to a successful completion.

 Moldova's new government headed by Maia Sandu was formed in June by the pro-EU coalition of ACUM and the pro-Russian Socialist Party (PSRM) following months of political turmoil prompted by inconclusive general elections.

So far, Moldova has received $159 million in five tranches from the IMF under the current three-year credit facility of $178.7 million approved in November 2016. Out of the received amount, some $91.4 million have been allocated to support Moldova's state budget, the ministry said.

($ = 0.9114 euro)