Republic of Moldova: Request for an Extended Arrangement Under the Extended Fund Facility and an Arrangement Under the Extended Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Moldova

November 9, 2016

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Republic of Moldova: Request for an Extended Arrangement Under the Extended Fund Facility and an Arrangement Under the Extended Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Moldova, (USA: International Monetary Fund, 2016) accessed December 22, 2024

Summary

Since late 2014, Moldova’s economy has been hit by a number of domestic and external shocks. Chief among them is the exposure of extensive and well-orchestrated fraud in the banking system, resulting in the closure of three banks at a public cost of 10 percent of GDP. During the following period, confidence collapsed, external concessional financing largely froze, and international reserves fell by one-third, prompting significant tightening of monetary conditions. Domestic political turmoil, marked by three changes in government, constrained solutions and delayed collaboration with the international community on possible financial support.

Subject: Banking, Budget planning and preparation, Central banks, Commercial banks, Expenditure, Fiscal risks, International reserves, Public financial management (PFM), Tariffs, Taxes

Keywords: Banking reform, Budget planning and preparation, CR, Credit portfolio, Europe, Fiscal risks, Government, IMF staff estimate, International reserves, ISCR, Moldova, Reform agenda, Revenue base, Shareholder, Tariffs

Publication Details

Pages:

93
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2016/343
Stock No:

1MDAEA2016007
ISBN:

9781475552096
ISSN:

1934-7685

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