Cabinet approves use of Special Drawing Rights allocated by IMF

The Cabinet on September 22 approved a draft decision concerning the use of the Special Drawing Rights allocated by the International Monetary Fund, IPN reports.

The 165 million Special Drawing Rights (equal to US$236m) allocated by the IMF to the Republic of Moldova through the National Bank of Moldova will be used to finance the state budget needs. The sum is equal to about US$236 million.

The interest rate on SDRs is floating and on September 20 was 0.05%. The annual commission is also floating and now represents one thousands of a percent.

Minister of Finance Dumitru Budianschi said the financial resources will be used to finance the budget deficit.

The draft decision is to be examined by Parliament.

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