The parliament adopted in the first reading a draft law on the use of special drawing rights allocated to Moldova by the IMF.
The document stipulates that the funds in the form of Special Drawing Rights (SDRs) allocated by the International Monetary Fund to Moldova in the amount of 165.3 million SDRs (about $ 236 million) will be used to finance the needs of the state budget. The National Bank of Moldova will transfer the funds received to the Ministry of Finance, within the time frame and on the terms established by the agreement, which will be concluded by the Ministry of Finance and the NBM within a maximum of 5 days from the date of entry into force of this law. As the Ministry of Finance said earlier, the IMF Board of Governors approved on August 2 an additional general distribution among the member countries of SDR 456 billion, which is equivalent to $ 650 billion. The SDR distribution came into effect on August 23. 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. An SDR allocation provides liquid assets to member countries with no obligation to reimburse or cancel SDRs. In accordance with IMF procedures, each member must pay quarterly interest and an annual fee. The SDR interest rate is floating and was 0.05% as of September 20, 2021, while the annual commission rate (also floating) does not currently reach 0.001%.// 30.09.2021 — InfoMarket
