The $235 Million Loan from the International Monetary Fund Reaches Moldova

The $235 Million Loan from the International Monetary Fund Reaches Moldova
Pedestrians walk past the International Monetary Fund headquarters' complex in Washington Sunday, May 2, 2010. A senior International Monetary Fund official says the IMF's executive board is meeting in Washington to consider how much aid to grant Athens under a massive rescue loan package. (AP Photo/Cliff Owen)
27 April 2020 | 15:53

Moldova’s National Bank received the funds provided by the International Monetary Fund (IMF) for managing the exceptional epidemiological situation caused by the COVID-19 virus. Previously, in Parliament 85 deputies approved the draft laws on attracting the $235 million loan from the International Monetary Fund. 

The IMF gave Moldova a $235 million loan to finance the state budget deficit and fight against the coronavirus epidemic in the country. 

At the same time, Moldova will attract a $156 million loan through the fast financing instrument. The interest is 1.5 percent, with a grace period of three years and three months and a repayment period of one year and nine months. The maturity of the loan is five years. In addition, Moldova will pay a single commission of 0.5 percent of the amount.

Through the fast lending mechanism, our country will access a loan from the IMF of about $78 million. The interest is zero percent, with a grace period of five years and six months. The maturity of the loan is 10 years.

The Ministry of Economy has revised the forecast of macroeconomic indicators for 2020, taking into account the impact of the COVID-19 pandemic on the national economy. According to the updated information, for the current year, in Moldova the GDP might decrease by 3 percent, the exports – by 3.8 percent, the imports – by 7.6 percent. The budget deficit is estimated at 7.63 percent of the GDP compared to 3.25 percent initially estimated.

The Parliament approved the draft laws on attracting the $235 million loan from the IMF on April 23. Eighty-five deputies voted for the laws while seven deputies from the Shor Party parliamentarian faction abstained from voting.  

AUTHOR MAIL eng.zdg@gmail.com

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