Browse
You are looking at 61 - 70 of 100,157 items
1. Moldova remains in a precarious position due to overlapping crises. Russia’s war in Ukraine and its proximity to Moldova continue to fuel security concerns. Moldova hosts more Ukrainian refugees per capita than any other country, and the government is providing assistance to some 90,000 refugees (4 percent of the population). Moldova’s social fabric remains fragile and stretched by high food and energy prices.
On behalf of the Colombian authorities, I would like to express our gratitude to staff for their constructive engagement and the comprehensive midterm FCL review. I also wish to express the authorities’ gratitude to the Executive Board and Management for their continued support of the country’s FCL arrangement.
The authorities greatly appreciate the Fund’s engagement with the Republic of Moldova over the past years. They would like to thank Mr. Atoyan (outgoing mission chief), Ms. Mira (incoming mission chief), Mr. Chawani, Resident Representative, and the entire IMF mission team for the constructive policy dialogue to address the overlapping crises facing Moldova while pursuing its reform and development agenda. They value staff’s candid engagement in conducting the third review of the ECF-EFF program. Notwithstanding the complex circumstances created by the severe spillovers of Russia’s war in Ukraine, the authorities have continued to implement the program diligently. The recent change of government was swift and smooth, and the new administration has taken full ownership of the program. Its agenda is focused on strengthening the capacity to support the recovery and respond to the ongoing shocks, as well as improving contingency planning and strengthening state security. The authorities share staff’s assessment and emphasize the extremely high uncertainties on the horizon related to the war and energy security risks.
This paper provides an integrated perspective across the Trusts of the Fund. It is the first annual review that combines discussion of the adequacy of the resources of the Fund’s Poverty Reduction and Growth Trust (PRGT) and debt relief trusts, including the Catastrophe Containment and Relief Trust (CCRT), with that of the Resilience and Sustainability Trust (RST). The review of the PRGT assesses recent developments for lending demand, fundraising, and interest rates and compares them to the baseline projections underpinning the July 2021 reforms. A multi-pronged strategy is proposed to address identified strains on PRGT finances while minimizing negative effects for PRGT borrowers and preserving the confidence of PRGT lenders. On the recently established RST, this paper reports its fundraising progress; discusses demand developments and outlook for RST financing; assesses adequacy of loan resources and reserves; and examines, in view of increases in the SDR interest rate, the implications of adopting an interest rate cap at 2¼ percent for the lowest income group eligible for RST borrowing.