IMF Director encourages reform continuance in financial sector
foto: bnm.md
National Bank of Moldova (NBM) Governor Sergiu Cioclea had a meeting with the IMF executive director Anthony De Lannoy on a visit to Chisinau.
The two officials discussed the reforms in the banking sector in the Republic of Moldova, especially the need to ensure the transparency of banks' shareholders and to improve the risk management. Anthony De Lannoy welcomed the authorities' effort to attract high-quality investors in the banking sector in our country.
The Governor of the NBM also welcomed the recent decision of the Council of Executive Directors of the IMF to finalize the third evaluation of the program and unblock the new tranche of SDR 24 million (about $ 33.8 million). Sergiu Cioclea said that the NBM will continue the reforms meant to strengthen the banking sector and improve the banking regulatory and supervisory framework.
Talks continued with independent experts, dedicated to the IMF program and the country's economic situation. Experts addressed issues related to monitoring IMF conditionality, improving the functioning of state institutions, efficiency of public investment, fighting corruption and combating money laundering, the need to accelerate reforms in other areas.
Particular attention was paid to the European Parliament's resolution of 5 July 2018. Anthony De Lannoy expressed confidence that thanks to the successes in the implementation of the IMF program this decision will not affect the financial stability of the Republic of Moldova.
The program with the Republic of Moldova was approved by the IMF on 7 November 2016 for a period of three years. Funding is provided through two lending instruments: the Enhanced Financing Facility (EFF) and the Extended Loan Facility (ECF), for a total amount of 129.4 million Special Drawing Rights (about US $ 183.1 million).
The two officials discussed the reforms in the banking sector in the Republic of Moldova, especially the need to ensure the transparency of banks' shareholders and to improve the risk management. Anthony De Lannoy welcomed the authorities' effort to attract high-quality investors in the banking sector in our country.
The Governor of the NBM also welcomed the recent decision of the Council of Executive Directors of the IMF to finalize the third evaluation of the program and unblock the new tranche of SDR 24 million (about $ 33.8 million). Sergiu Cioclea said that the NBM will continue the reforms meant to strengthen the banking sector and improve the banking regulatory and supervisory framework.
Talks continued with independent experts, dedicated to the IMF program and the country's economic situation. Experts addressed issues related to monitoring IMF conditionality, improving the functioning of state institutions, efficiency of public investment, fighting corruption and combating money laundering, the need to accelerate reforms in other areas.
Particular attention was paid to the European Parliament's resolution of 5 July 2018. Anthony De Lannoy expressed confidence that thanks to the successes in the implementation of the IMF program this decision will not affect the financial stability of the Republic of Moldova.
The program with the Republic of Moldova was approved by the IMF on 7 November 2016 for a period of three years. Funding is provided through two lending instruments: the Enhanced Financing Facility (EFF) and the Extended Loan Facility (ECF), for a total amount of 129.4 million Special Drawing Rights (about US $ 183.1 million).