IMF concerned about high inflation rate in Moldova

The high rate of inflation arouses great concern of the International Monetary Fund (IMF) regarding the macroeconomic policies in Moldova, IMF Representative in Moldova Johan Mathisen stated Wednesday, February 7, at a news conference. The rate of inflation in Moldova is the highest than any other CIS state and stood at 14.1% in 12 months. As Mathisen states, the index included in the plan is of 10% by the end of the year. In this regard, IMF has strongly cooperated with the National Bank of Moldova (NBM) in working out a monetary policy that would achieve this objective. “In general, the results obtained by Moldova last year are better than we initially expected, as concerns the fiscal performance. Preliminary data regarding the economic growth shows a 4% increase, while the monetary policies were carried out according to the agreement”, Johan Mathisen asserts. A mission from the IMF’s European Department, headed by Thomas Richardson, will be on a working visit to Chisinau from 21 to 28 February to take stock of the past performance of the government and the National Bank in meeting commitments under the PRGF programme (IMF's concessional facility for low income countries). The mission will also assess the macroeconomic outlook for 2007 in the light of recent developments such as the increase in gas prices, as well as the outlook of resuming wine exports to Russia. The next mission of IMF is scheduled for April and will include the negotiations on conclusion of a new Memorandum regarding economic and financial policies for the coming year.

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