Belous Explains Why Moldova Is Not Borrowing from the IMF Now: There Are Other Partners

Finance Minister Victoria Belous said Moldova has not abandoned cooperation with the International Monetary Fund, despite previous statements by the authorities that the country no longer needed direct financing from the IMF. According to the minister, the issue comes down to the budget’s specific financing needs and the funding sources already available. Asked about earlier remarks by former Finance Minister Adrian Gavrilita, who said Moldova was no longer dependent on IMF funding, Belous said she could not comment precisely on his wording. At the same time, she explained that the absence of an immediate financing need does not mean a reduction in cooperation with the Fund. “The International Monetary Fund is a very good partner that has consistently provided us with both technical and financial support for budget needs on very favorable terms,” Victoria Belous said. The minister explained that when preparing the budget, the authorities must assess how much they will actually spend and how much borrowing is needed to cover the deficit. If the financing requirement is already covered by other domestic or external sources, the state should not take on additional loans simply because the option is available. “We have to be realistic. We cannot borrow indefinitely; we must take on loans strictly in line with our needs,” Belous said. She clarified that if the budget deficit increases or additional expenditures arise, while domestic sources or already secured loans prove insufficient, the government could once again turn to external partners, including the IMF, to seek new sources of financing. In May 2026, Moldova and the IMF reached a staff-level agreement on a new 36-month program under the Policy Coordination Instrument (PCI). This is a non-financing instrument designed to support economic policies and reforms. IMF documents show that Moldovan authorities opted for a non-financing instrument because they considered the macroeconomic situation no longer to require emergency funding. The focus was instead to be placed on stability, reforms and strengthening confidence in economic policy. The previous IMF agreement was suspended in autumn 2025 after Moldova failed to meet a number of expenditure-related commitments. As a result, the Fund suspended two disbursements totaling 170 million lei.