Moldova will send a request to the IMF in the coming days calling for discussions to begin on a new cooperation program format and hopes to sign a memorandum on it in 2026
Finance Minister Andrian Gavrilita announced this on TV8's “New Week” program. He recalled that the previous agreement with the IMF expired in October last year, the government intends to continue cooperation with the International Monetary Fund, and, therefore, it is necessary to conclude a new memorandum. The head of the Ministry of Finance believes that the absence of the last IMF tranche under the previous program “did not significantly affect” the financial situation in the country, since last year, as well as this year, there is generally enough money for investments, and it would be wrong to borrow it for current expenses, including in the long term, and it is necessary to find a balance between cheaper borrowing in foreign currency or slightly more expensive but more controllable borrowing in national currency. “Despite the fact that we did not receive the last tranche from the IMF, the previous memorandum expired in October 2025 anyway. That is, in any case, we would have had to discuss a new memorandum with the Fund,” Andrian Gavrilita noted. He stressed that cooperation with the IMF could be based on several scenarios, including one that does not necessarily involve borrowing money. “The traditional option for cooperation with the IMF is a classic program with loans in exchange for reforms. The second option, which is currently more popular in the Balkan countries, is a stand-by format, which allows for borrowing money, but funds are only allocated in the event of a crisis. The third option is a Policy Coordination Instrument, which does not involve financing but serves as a signal to other international partners about the government's financial responsibility. In other words, we coordinate and agree on reforms. No money is allocated, but this serves as a guarantee for other partners, such as the World Bank, the European Union, and other donors. They know that with this type of instrument in place, the government is responsible in its plans, it is financially responsible, and this helps us discuss projects with other partners, including within the framework of the European Union's Growth Plan, to make it easier to receive the money we are already due to receive and to obtain certain additional concessionary loans,” said the head of the Ministry of Finance. According to him, the Moldovan government will start negotiations with the IMF and will also look at internal developments. “In any case, we will need to increase certain revenues and adjust them somewhere. The deficit must be closed not through debt, but in the medium term through revenue growth, which should come from economic growth,” said the Finance Minister. According to him, the existence of a memorandum, a new program with the IMF, is not so much a guarantee that it will be possible to borrow money from the Fund, but rather a guarantee for other investors that our country has a stable economy, that the IMF is working with it, monitoring and observing it. In addition, the existence of a valid memorandum with the IMF will make it possible to attract funds much faster if the need arises. “If, in a certain scenario, we need to obtain this money, then if there is already a memorandum, the process will be much faster, because everything else is already in place—the reforms have been agreed upon, our direction is clear, and then it will only be a question of money. But there is also a possibility that we will not come to that,” said Andrian Gavrilita. He noted that in the coming days, the Moldovan government will send a letter to the IMF leadership, in which it will express its openness and desire to have a certain type of memorandum, not necessarily providing for financing. “We want to start discussing the reforms they are proposing. We are also interested in getting their assessment. We must not forget that the IMF has world-class experts who know all the best practices on the planet, know what is needed, what is possible, and how best to implement them, and so on,” the Finance Minister concluded. He said that a new memorandum with the IMF could be signed in 2026. “I think so, but I cannot promise anything that does not depend solely on us. However, we are open and willing, and we will take steps in this direction because it can only help us,” said Andrian Gavrilita. // 13.01.2026 – InfoMarket.
