The IMF highly appreciates the measures taken by the NBM to maintain Moldova's financial stability and notes the importance of maintaining the NBM independence.
This was stated by Director of the European Department of the International Monetary Fund Alfred Kammer at a meeting of the IMF delegation headed by him with the leadership of the National Bank of Moldova (NBM). The NBM reports that the discussions covered a wide range of subjects, among which the current macroeconomic situation, the progress achieved in the IMF-backed financing program for Moldova and the reform program carried out by the National Bank. During the meeting, the macroeconomic developments that are at the basis of the NBM's monetary policy decisions were presented. Octavian Armasu highlighted the actions undertaken by the National Bank to stabilize prices during the multiple crises. The stability of the Moldovan banking sector and its resistance to the current crises, achieved, according to the NBM head, by the reforms carried out in this system, including with the IMF support, was also touched upon. Octavian Armasu stressed the need to continue measures to consolidate the financial and banking system, so that it is able to cope with future risks. For his part, Alfred Kammer highly appreciated the measures taken by the NBM in order to maintain Moldova's financial stability, highlighting the importance of maintaining the NBM independence as a necessary condition to perform its duties. The current 40-month program supported by the International Monetary Fund in Moldova was approved on December 21, 2021. It has two crediting instruments: ECF (Extended Credit Facility) and EFF (Extended Fund Facility). The total amount of lending under this program was previously increased to $826 million, of which $287.2 million have already been transferred. The ECF financing has a zero interest rate with a grace period of 5.5 years and a final maturity of 10 years, while the EFF financing has an interest rate equal to the base rate of the SDR, a maturity of 10 years and a grace period of 4.5 years. // 10.03.2023 - InfoMarket.
