IMF: Newly Adopted Laws Threaten Moldova's Macroeconomic Stability

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"The implementation of the latest legislative initiatives approved by the Parliament of the Republic of Moldova seriously threatens the country’s macroeconomic and financial stability, which has already suffered from the COVID-19 pandemic." This stated the IMF Resident Representative in Moldova Rodgers Chawani,  jurnal.md reported. The IMF Resident Representative warned that Moldova will receive financial assistance only on the basis of broad political support for the reform program. “In the context of the new program, supported by the Expanded Credit Facility (ECF) and the Expanded Financing Facility (EFF), financial support from the IMF will be provided only if there is an unambiguous commitment by Moldova to ensure the irreversibility of the progress made so far, as well as broad political support for the ambitious agenda day on governance and institutional reform agreed with the IMF mission later this year,” the IMF official said in a statement. Recall, the law that imposed the reimbursement of state guarantees on citizens as a result of the billion theft from the banking system was canceled by the deputies of the PSRM and Pentru Moldova. The vote took place despite the IMF expressing concern that proposals to reverse key actions following the embezzlement from the banking system risk undermining efforts to rehabilitate Moldova's financial system.