The Executive Board of the International Monetary Fund will come together on November 7 to discuss the reform program for Moldova that is to be supported by a three-year Extended Credit Facility and Extended Fund Facility (ECF/EFF) arrangement, IPN reports, quoting a press release of the National Bank of Moldova.

Access under this arrangement is proposed to be set at 75 percent of Moldova’s quota in the Fund (about US$ 182.7 million). The new ECF/EFF arrangement will first and foremost aim to make swift upfront improvements in financial sector governance and supervision, especially to assess and ensure transparency in the shareholder structure of the Moldovan commercial banks.

The press release says the National Bank of Moldova and the Government of Moldova implemented the agreed prior actions needed for the IMF Executive Board to consider the new program. An IMF mission reached a staff level agreement with the Moldovan authorities on a three-year economic reform program that could be supported by the IMF on July 26, 2016.

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