Republic of Moldova [electronic resource] : Request for an Extended 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.
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TextSeries: IMF Staff Country ReportsPublication details: Washington, D.C. : International Monetary Fund, 2016Description: 1 online resource (93 p.)ISBN: 1475552092 :ISSN: 1934-7685Subject(s): Letters Of Intent | Monetary Policy | Press Releases | Staff Reports | MoldovaAdditional physical formats: Print Version:: Republic of Moldova: Request for an Extended 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 MoldovaOnline resources: IMF e-Library | IMF Book Store Abstract: Since late 2014, Moldova's economy has been hit by a number of domestic and external shocks. Chief among them is the exposure of extensive and well-orchestrated fraud in the banking system, resulting in the closure of three banks at a public cost of 10 percent of GDP. During the following period, confidence collapsed, external concessional financing largely froze, and international reserves fell by one-third, prompting significant tightening of monetary conditions. Domestic political turmoil, marked by three changes in government, constrained solutions and delayed collaboration with the international community on possible financial support.
Since late 2014, Moldova's economy has been hit by a number of domestic and external shocks. Chief among them is the exposure of extensive and well-orchestrated fraud in the banking system, resulting in the closure of three banks at a public cost of 10 percent of GDP. During the following period, confidence collapsed, external concessional financing largely froze, and international reserves fell by one-third, prompting significant tightening of monetary conditions. Domestic political turmoil, marked by three changes in government, constrained solutions and delayed collaboration with the international community on possible financial support.
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