The support of the IMF and the World Bank Group is vital for Moldova's European path, playing a decisive role in strengthening the independence of the NBM and in advancing reforms for financial stability - Anca Dragu
The President of the National Bank of Moldova said this during her participation in the annual meetings of the IMF and the World Bank Group in Washington from October 21 to 26, at the head of the NBM delegation, together with Finance Minister Victoria Belous. On the sidelines of the meetings, the NBM delegation held bilateral meetings dedicated to priority areas for the development of the financial sector in Moldova, aimed at achieving such goals as meeting the criteria for joining the European Union and supporting stability and economic growth. "Participation in these meetings is an opportunity to strengthen international partnerships and accelerate reforms necessary for economic stability and prosperity," said NBM President Anca Dragu. During the visit, the delegation held high-level discussions in Washington with representatives of the IMF and the World Bank, the European Commission, the European Bank for Reconstruction and Development, the European Investment Bank, the International Finance Corporation, the US Treasury Department and the USAID Office for Europe and Eurasia. The intensive agenda of the meetings included topics of importance to Moldova: progress in aligning banking regulations with EU standards, the independence of the NBM, cybersecurity, macroeconomic development and technical assistance provided by the IMF and the World Bank Group. An important moment of the visit was the signing of a cooperation agreement between the NBM and the International Finance Corporation (IFC) of the World Bank Group to develop digital financial services – a key step in increasing financial inclusion and modernizing the financial system infrastructure. During the annual meetings, the President of the NBM, Anca Dragu, delivered a speech at the event “Prospects for Regional Economic Development”, where she highlighted the main regional economic challenges and stressed the importance of implementing effective measures and an appropriate set of policies that can contribute to economic recovery and strengthen economic growth in the medium term. Another event of special importance was the participation of the NBM delegation in a meeting with the diplomatic community under the general title Diplomacy on the Rocks, an informal platform organized by the Embassy of Moldova in the United States. Also in Washington, a meeting on the topic “Women Leading” was organized by the World Bank, where current issues on the agenda of women’s financial inclusion and their participation in global economic processes were discussed. The NBM delegation also took part in the inaugural meeting of the IMF and the World Bank together with representatives of 15 other countries from the Benelux, Balkans, Eastern Europe, Caucasus, Andorra, Cyprus and Israel regions, where common priorities in the field of economic and social development were identified. Anca Dragu stressed the importance of the IMF and the WBG assistance, noting that their support is vital for Moldova's European path, playing a decisive role in strengthening the independence of the National Bank of Moldova and in advancing reforms for financial stability. At the same time, in the context of the Joint IMF-WBG Financial Sector Assessment Program (FSAP) of Moldova, which will take place in 2025, Anca Dragu expressed her readiness to actively support this assessment mission program, noting that this will contribute to strengthening financial stability, the sustainability of the banking sector of Moldova and the development of the financial system. The annual meetings of the IMF and the WBG are an important forum for the exchange of ideas and experiences in the international financial sector, providing a platform for dialogue on finding solutions to regional and global economic challenges. // 28.10.2024 — InfoMarket
