Republic of Moldova: 2021 Article IV Consultation and Requests for an Arrangement under the Extended Fund Facility and an Arrangement under the Extended Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for the Repub

Author: International Monetary Fund. European Dept.

Republic of Moldova: 2021 Article IV Consultation and Requests for an Arrangement under the Extended Fund Facility and an Arrangement under the Extended Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Moldova

Volume/Issue: Volume 2022 Issue 001

Publication date: January 2022

ISBN: 9781616357382

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Topics covered in this book

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Exports and Imports , Finance , Money and Monetary Policy , Public Finance , Business and Economics - Statistics , International - Economics , Business and Financial , inflation targeting framework , governance diagnostics summary finding , authorities' policy platform , policy mix , EFF arrangement , expenditure policy , Policy discussion , Stress testing , Debt sustainability analysis , Global , Eastern Europe , Europe

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Summary

The 2016–20 ECF/EFF helped rehabilitate Moldova’s banking sector, bolstering macro-financial stability. However, the COVID-19 pandemic, drought in 2020, and the ongoing surge in global energy prices, have slowed economic activity, intensified downside risks, and complicated policy making. While emergency financial assistance under a blended RCF/RFI (100 percent of quota) and SDR allocation (US$236 million) helped cushion the pandemic’s impact, Moldova remains among the poorest countries in Europe with long-standing governance and structural weaknesses inhibiting income convergence.