Press Release No. 08/176

Press Release: IMF Executive Board Completes Fourth Review of Moldova's PRGF Arrangement and Approves US$18.6 Million Disbursement

July 14, 2008

The Executive Board of the International Monetary Fund (IMF) completed on July 10, 2008 the fourth review of Moldova's performance under the three-year Poverty Reduction and Growth Facility (PRGF) arrangement on a lapse of time basis¹. The completion of the review enables the release of an amount equivalent to SDR 11.44 million (about US$18.6 million), which will bring the total disbursements to Moldova under the PRGF arrangement to SDR 88 million (about US$143 million). The PRGF arrangement was approved on May 5, 2006 (see Press release No. 06/91).

The Executive Board also granted a waiver for the non-observance of the end-March 2008 structural performance criterion related to the adoption of legislation on the State Tax Inspectorate.

¹ The Executive Board takes decisions under its lapse of time procedure when it is agreed by the Board that a proposal can be considered without convening formal discussions.