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IMF approves second loan tranche to Moldova

The International Monetary Fund said its board has approved the disbursement of a second loan tranche to Moldova worth 21.5 million USD, according to Reuters.

2017-05-02 14:17:06

The IMF and the ex-Soviet country agreed in November a three-year loan program worth 178.7 million USD, after negotiations had earlier been disrupted by a 1 billion USD corruption scandal that plunged the country into turmoil. The IMF praised measures taken by the Moldovan authorities since then to stabilize the economy, which is forecast to grow 4.5 per cent in 2017.

"The program is broadly on track, enjoys strong country ownership, and is supported by the firm commitment of policymakers to sound economic management," the IMF said in a statement. "The authorities continue to make significant progress in tackling long-standing vulnerabilities in the financial sector and advancing structural reforms."

In 2015 Moldova's negotiations with the IMF and the European Union on funding were disrupted by the disappearance of the equivalent of one eighth of national output from Moldova's banking system, which triggered an economic and political crisis.



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