February 6 (SeeNews) - The International Monetary Fund (IMF) said on Thursday it has reached a staff-level agreement with the Moldovan government on a loan arrangement review that would make available a further $20 million (18 million euro) to the country.
The IMF staff and Moldovan authorities have reached a staff-level agreement on the sixth and final review under the economic programme supported by the three-year Extended Credit Facility and Extended Fund Facility (ECF/EFF) arrangements, the IMF said in a press release on Wednesday.
The staff-level agreement is subject to approval by the IMF management and the executive board.
An IMF staff team led by Ruben Atoyan visited Chisinau during January 22 to February 5 to conduct the 2020 Article IV consultation and the sixth and final review of Moldova’s economic reform programme
"Consideration by the Executive Board is tentatively scheduled for March 16, 2020. The completion of the review will make available SDR 14.4 million (about $20 million)," Atoyan said in the press release.
According to the IMF, Moldova has made comprehensive reforms to rehabilitate its banking system and strengthen financial sector governance, thus entrenching macro-financial stability.
"This progress is commendable given a volatile political landscape, with the course of the program stretching over tenures of three different governments. This has been made possible by broad support for the reforms ultimately aimed at strengthening governance and improving living standards of Moldova’s people," the IMF said.
So far, Moldova has received $159 million in four tranches from the IMF under the current three-year credit facility of $178.7 million approved in November 2016.
($ = 0.9089 euro)