OREANDA-NEWS. July 21, 2010. The International Monetary Fund Executive Board decided to allocate to Moldova another loan tranche of 60 Special Drawing Rights (SDR) (about USD90.78) to support the budget and replenish the foreign currency reserves.

According to permanent mission of IMF to Moldova, the decision on this loan allocation was taken after the IMF Executive Board had approved the completion of the first program review for Moldova supported through the Extended Credit Facility (ECF)/Extended Fund Facility (EFF). As the permanent representative of IMF in Chisinau Tohir Mirzoev said Moldavian government had reached all the target values by this program, planned for the Ist quarter of this year, that was earlier proved by the IMF valuation mission when visiting Chisinau.

A 3-year lasting program of IMF with Moldova, approved on January 29, 2010, provides for financial support in total amount of 369.6 million of SDR (about USD574.4 million) and is the biggest program of IMF for Moldova. Permanent representative of IMF in Moldova noted that the half of credit was provided by means of ECF, stipulating a zero interest rate till the end of 2011, 5.5-year period of grace and final maturity of 10 years. The rest amount is provided by means of EFF, stipulating the interest rate equal to the SDR basic, 10-year final maturity and 4.5-year period of grace. The given means must support the economic program of the country, aimed at rehabilitation of financial and external stability, preservation of financial stability, reduction of poverty and increase of economic growth rates.

Tohir Mirzoev emphasized economic situation in Moldova improved considerably lately, after the period of recession was noted the economic growth, the increase of consumption, which partially grew up by means of renewal of volume of working immigrants’ remittances from abroad. In 2010 IMF is expecting the growth of Moldavian GDP by 2.5%.