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IMF mission starts visit to Moldova

IMF mission starts visit to Moldova IMF Author (bnm) License: all rights reserved.

CHISINAU (Moldova), July 17 (SeeNews) - An International Monetary Fund (IMF) mission began on Monday a visit in Moldova for an update on the country's macroeconomic situation, the IMF said.

The mission led by Ben Kelmanson will stay in Moldova until July 21, the IMF said in a press release on Friday.

The IMF officials will discuss Moldova's fiscal, monetary and other policies ahead of the second programme review that is due in the  autumn.

"No concluding statement will be issued at the end of this visit. Such staff visits are standard practice in programme cases outside of the formal cycle of program reviews," the IMF pointed out.

At the beginning of May, the IMF lent Moldova $21.5 million (18.8 million euro) under the country's current three-year  $178 million credit facility extended in November 2016.

The IMF made available to Moldova the first tranche of $36 million under the funding arrangement in November.

At the beginning of this year, the IMF said that it might reconsider the funding arrangement with Moldova if the country fails to repay debt related to a large-scale banking fraud as agreed earlier.

Moldova has been trying to cope with a major banking crisis since about $1 billion went missing from three local banks in November 2014. The banks - Banca de Economii, Banca Sociala and Unibank were liquidated.

($ = 0.8762 euro)

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