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Special IMF financing worth $235 million (165.3 million SDR) to Moldova will be used to meet state budget needs.

Special IMF financing worth $235 million (165.3 million SDR) to Moldova will be used to meet state budget needs.

This is provided for by a draft relevant resolution, prepared by the Ministry of Finance for consideration and adoption by the government. The Ministry of Finance clarified that the IMF Board of Governors approved on August 2 an additional general distribution of SDR 456 billion equivalent to $650 billion among member countries. The SDR distribution will take effect on 23August. The main purpose of the additional SDR allocation is to help meet the long-term global need to replenish existing reserve assets in a way that avoids economic stagnation and deflation, as well as excess demand and inflation. The SDR allocation provides liquid assets to member countries with no obligation to reimburse or cancel SDR. Member States are not required to fulfill any conditions in order to receive their share of the SDR allocation, so each country can use the aid received in accordance with domestic needs. According to the Ministry of Finance, respectively, Moldova will receive SDR 165.3 million (equivalent to about $235 million), and these funds will be used to finance the needs of the state budget. The department clarified that, in accordance with the procedures of the IMF, each member country must pay quarterly interest and an annual commission. The SDR interest rate is floating and as of 9 August 2021 was 0.05%. At the same time, SDR are cheaper than loans on the market. The costs associated with servicing the SDR will be covered from the state budget. // 23.08.2021 - InfoMarket.

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