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

International Monetary Fund

No 2016/343, IMF Staff Country Reports from International Monetary Fund

Abstract: 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.

Keywords: ISCR; CR; government; Moldova; reform agenda; banking reform; shareholder; revenue base; credit portfolio; IMF staff estimate; Fiscal risks; Budget planning and preparation; International reserves; Tariffs; Europe (search for similar items in EconPapers)
Pages: 93
Date: 2016-11-09
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