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Republic of Moldova : Staff Report for the 2020 Request for Disbursement Under the Rapid Credit Facility and Purchase Under the Rapid Financing Instrument-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Moldova

Author/Editor:

International Monetary Fund. European Dept.

Publication Date:

April 22, 2020

Electronic Access:

Free Download. Use the free Adobe Acrobat Reader to view this PDF file

Summary:

Thanks to recent reforms, Moldova entered the current crisis with strong fiscal, financial, and external buffers. However, the economic outlook has deteriorated sharply due to the COVID-19 pandemic. GDP is expected to fall by 3 percent due to lower external and domestic demand, aggravated by a significant slowdown in remittances. This, together with negative shocks to confidence and spillovers from global financial channels, has created an urgent balance of payments need. Fiscal, exchange rate, and financing pressures—already significant—are likely to worsen in the coming weeks. On March 11, the Executive Board concluded the 2020 Article IV consultation and completed the final review under the 2016 ECF/EFF arrangements.

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