Abstract
After the 2009 crisis, policies have improved markedly, backed by substantial foreign assistance. Notably, fiscal adjustment has reduced the large budget imbalance, monetary policy has tamed inflation, and structural reforms have spurred strong export expansion. These reforms led to impressive growth in 2010–11, but activity decelerated in 2012, reflecting the slowdown in the EU. The economy is highly exposed to further intensification of the euro area crisis via its dependence on remittances, exports, and capital inflows.
Annex I: Moldova: Fund Relations
(As of July 31, 2012)
I. Membership Status: Joined August 12, 1992; Article VIII
II. General Resources Account:
| SDR million | Percent of Quota | |
|---|---|---|
| Quota | 123.20 | 100.00 |
| Fund holdings of currency | 236.24 | 191.75 |
| Reserve tranche position | 0.01 | 0.00 |
| SDR million | Percent of Quota | |
|---|---|---|
| Quota | 123.20 | 100.00 |
| Fund holdings of currency | 236.24 | 191.75 |
| Reserve tranche position | 0.01 | 0.00 |
III. SDR Department:
| SDR million | Percent of Allocation | |
|---|---|---|
| Net cumulative allocation | 117.71 | 100.00 |
| Holdings | 1.20 | 1.02 |
| SDR million | Percent of Allocation | |
|---|---|---|
| Net cumulative allocation | 117.71 | 100.00 |
| Holdings | 1.20 | 1.02 |
IV. Outstanding Purchases and Loans:
| SDR million | Percent of Quota | |
|---|---|---|
| ECF arrangements | 239.48 | 194.38 |
| Extended arrangements | 113.04 | 91.75 |
| SDR million | Percent of Quota | |
|---|---|---|
| ECF arrangements | 239.48 | 194.38 |
| Extended arrangements | 113.04 | 91.75 |
V. Latest Financial Arrangements:
Formerly PRGF.
| Type | Approval date | Expiration date | Amount approved (SDR million) | Amount drawn (SDR million) |
|---|---|---|---|---|
| ECF | 1/29/2010 | 1/28/2013 | 184.80 | 156.96 |
| EFF | 1/29/2010 | 1/28/2013 | 184.80 | 113.04 |
| ECF1 | 5/5/2006 | 5/4/2009 | 110.88 | 88.00 |
Formerly PRGF.
| Type | Approval date | Expiration date | Amount approved (SDR million) | Amount drawn (SDR million) |
|---|---|---|---|---|
| ECF | 1/29/2010 | 1/28/2013 | 184.80 | 156.96 |
| EFF | 1/29/2010 | 1/28/2013 | 184.80 | 113.04 |
| ECF1 | 5/5/2006 | 5/4/2009 | 110.88 | 88.00 |
Formerly PRGF.
VI. Projected Obligations to Fund: (SDR million; based on existing use of resources and present holdings of SDRs):
| Forthcoming | |||||
| 2012 | 2013 | 2014 | 2015 | 2016 | |
| Principal | 4.34 | 14.17 | 19.27 | 29.10 | 52.54 |
| Charges/Interest | 0.69 | 1.34 | 1.87 | 1.77 | 1.56 |
| Total | 5.03 | 15.51 | 21.13 | 30.87 | 54.11 |
| Forthcoming | |||||
| 2012 | 2013 | 2014 | 2015 | 2016 | |
| Principal | 4.34 | 14.17 | 19.27 | 29.10 | 52.54 |
| Charges/Interest | 0.69 | 1.34 | 1.87 | 1.77 | 1.56 |
| Total | 5.03 | 15.51 | 21.13 | 30.87 | 54.11 |
VII. Safeguards Assessments:
Under the Fund's safeguards assessment policy, the National Bank of Moldova (NBM) is subject to an assessment with respect to the ECF/EFF arrangements approved on January 29, 2010. The assessment completed on June 3, 2010 updated the findings of the 2006 safeguards assessment. It concluded that recommendations of the 2006 safeguards assessment have been implemented. The updated safeguards assessment provided a set of recommendations focused on mitigating new risks and further strengthening the NBM safeguards framework.
VIII. Exchange Arrangements:
Moldova has accepted the obligations of Article VIII, Sections 2, 3 and 4, of the Fund’s Articles of Agreement. Its exchange system remains free of restrictions on payments and transfers for current international transactions.
Moldova’s exchange rate regime is classified as “floating”. The NBM intervenes in the domestic foreign exchange interbank market in order to smooth out sharp exchange rate fluctuations of the Moldovan leu against the dollar. At the same time, the NBM interventions are not aimed at changing the trend of the exchange rate determined by the market. The NBM publishes the information on its interventions.
The official exchange rate of the Moldovan leu to the U.S. dollar announced by the NBM is determined as the weighted average of daily noncash market transactions performed on the interbank and intrabank market. The NBM quotes exchange rates of the leu for other currencies on the basis of the leu-U.S. dollar rate and the cross-rate between the U.S. dollar and these currencies.
IX. Article IV Consultations:
The previous Article IV consultation was concluded on July 16, 2010 (Country Report No. 10/234). Timing of the next Article IV consultation will be set in accordance with the decision on consultation cycles approved on July 15, 2002.
X. FSAP Participation:
Moldova received an FSAP mission in May 2004; the FSSA (Country Report No. 05/64) was presented to the Board at the time of the 2004 Article IV discussions. An FSAP update mission visited in October 2007; the FSSA update (Country Report No. 08/274) was presented to the Board with the 2007 Article IV Consultation report.
XI. Resident Representative:
Mr. Tokhir Mirzoev assumed his duties as Resident Representative in December 2009.
XII. Technical Assistance Provided by the Fund, 2009–12:
| Department Subject/Identified Need | Timing | |
|---|---|---|
| MCM | Resident advisor on capacity building, macro modeling and monetary policy analysis in the NBM | August 2008–August 2010 |
| FAD | Cash management, capital budgeting | February 2009 |
| FAD | Support IT and business process reform | February, March 2009 |
| FAD | Support tax administration reform, including in IT | February, December 2010 |
| FAD | Developing a corporate strategy for tax administration | July 2010 |
| MCM | Crisis preparedness | March, August 2010, April 2011, May 2012 |
| LEG | Resolution and restructuring of banks’ debts | April-May, September, December 2010 |
| FAD | Completing the corporate strategy for tax administration | November 2010 |
| STA | National accounts statistics | December 2010 |
| FAD | PFM reforms | January 2011 |
| FAD | Tax compliance strategy | February 2011 |
| FAD | Expenditure rationalization | February 2011 |
| MCM | Forecasting and policy analysis (a series of short-term missions by a TA advisor) | March 2011–April 2012 |
| FAD | Tax policy | April 2011 |
| FAD | VAT collection issues | June 2011 |
| FAD | Improving the Large Taxpayer Office | September 2011, January, April–May, 2012 |
| LEG | Risk based approach to banking supervision and AML/CFT | September 2011 |
| STA | Improvement of the consumer price index | November 2011 |
| LEG | Banking law | December 2011 |
| FAD | Analysis of VAT performance issues | December 2011 |
| FAD | Medium-Term Budget Framework (MTBF) | January 2012 |
| FAD | Taxation of high-wealth and high income individuals. Large taxpayer compliance management | January, February, April– May, 2012 |
| STA | Improvement of Fiscal Data in Line with GFSM 2001 | March 2012 |
| STA | Resident advisor on capacity building, national accounts, price and external trade statistics in the NBS | From April 2012 |
| MCM | Analysis of the financial situation of a state-controlled bank | June 2012 |
| Department Subject/Identified Need | Timing | |
|---|---|---|
| MCM | Resident advisor on capacity building, macro modeling and monetary policy analysis in the NBM | August 2008–August 2010 |
| FAD | Cash management, capital budgeting | February 2009 |
| FAD | Support IT and business process reform | February, March 2009 |
| FAD | Support tax administration reform, including in IT | February, December 2010 |
| FAD | Developing a corporate strategy for tax administration | July 2010 |
| MCM | Crisis preparedness | March, August 2010, April 2011, May 2012 |
| LEG | Resolution and restructuring of banks’ debts | April-May, September, December 2010 |
| FAD | Completing the corporate strategy for tax administration | November 2010 |
| STA | National accounts statistics | December 2010 |
| FAD | PFM reforms | January 2011 |
| FAD | Tax compliance strategy | February 2011 |
| FAD | Expenditure rationalization | February 2011 |
| MCM | Forecasting and policy analysis (a series of short-term missions by a TA advisor) | March 2011–April 2012 |
| FAD | Tax policy | April 2011 |
| FAD | VAT collection issues | June 2011 |
| FAD | Improving the Large Taxpayer Office | September 2011, January, April–May, 2012 |
| LEG | Risk based approach to banking supervision and AML/CFT | September 2011 |
| STA | Improvement of the consumer price index | November 2011 |
| LEG | Banking law | December 2011 |
| FAD | Analysis of VAT performance issues | December 2011 |
| FAD | Medium-Term Budget Framework (MTBF) | January 2012 |
| FAD | Taxation of high-wealth and high income individuals. Large taxpayer compliance management | January, February, April– May, 2012 |
| STA | Improvement of Fiscal Data in Line with GFSM 2001 | March 2012 |
| STA | Resident advisor on capacity building, national accounts, price and external trade statistics in the NBS | From April 2012 |
| MCM | Analysis of the financial situation of a state-controlled bank | June 2012 |
Annex II: Moldova: Relations with the World Bank Group
(As of June 18, 2012)
A. The World Bank Group Strategy
1. The Moldova Country Partnership Strategy (CPS) for FY09–12 (extended to FY13) was prepared during a time of political and economic uncertainty. The CPS aims at assisting the country in improving competitiveness and laying the foundations for inclusive economic growth. The Bank worked closely with the Government and other development partners in support of two pillars of the National Development Strategy (NDS) 2008–11: (i) enhancing economic competitiveness; and (ii) developing human resources, enhancing employment, and promoting social inclusion. To effectively support these two pillars, the Bank’s strategy included a third pillar and crosscutting priority: (iii) improving governance and addressing corruption, including improved public sector efficiency and effectiveness. The choice of pillars has been guided by the Government’s own development strategy, client perspectives, the lessons learned from the previous CAS, and the Bank understanding of Moldova’s development challenges. These priorities also remain relevant in the context of the recently developed National Development Strategy—Moldova 2020. The CPS envisaged annual commitments of approximately US$45–50 million (depending on IDA’s performance-based allocation system), and the IDA-15 lending envelope of US$161 million, including an additional US$ 20 million received in FY11, which has been fully committed for existing projects.
2. The Bank Group’s program of support for Moldova capitalizes on those areas where the Bank has a comparative advantage for optimal impact and it tries to be strategic in its engagement, not only in terms of where to direct IDA resources but also in terms of how to best leverage its own internal partnerships. The International Finance Corporation (IFC) complements IDA’s efforts in private sector development by focusing in particular on the financial sector, SMEs, agribusiness, healthcare and infrastructure modernization. The Multilateral Investment Guarantee Agency (MIGA) currently has two active projects in Moldova.
B. IMF-World Bank Collaboration in Specific Areas
3. IDA’s partnership with the IMF in Moldova’s development strategy has been strong over the past few years. The Bank, together with the IMF and other development partners, prepared Policy Notes on key economic and social challenges to address the impact of the crisis. The Notes were instrumental in the preparation of the Economic Stabilization and Recovery Program for 2009–11. Bank and IMF staff have executed joint work and have continued to carry out joint missions at least twice a year for macroeconomic policy dialogue with the Government. The IMF is taking the lead on macroeconomic issues, while IDA takes the lead on structural and social issues. In a number of areas where the mandates of the two institutions overlap, such as public finance, the work is being closely coordinated to ensure that consistent advice is provided to the authorities. The existence of an IMF program has been an important input for the determination of the adequacy of the macroeconomic policy framework.
Areas in which the World Bank leads
4. The Bank’s dialogue by the end of this CPS has stressed the importance of improving the competitiveness and thereby increase the volume of Moldovan exports, especially in EU markets. Our budget support operation seeks to reduce administrative burden of business regulation; reduce non-tariff barriers to trade; gradual harmonization of product standards with the EU standards; improved legal framework for insolvency, reduce overlap inspections; fewer anti-competitive practices; increased competitiveness of Moldovan agro-food export products; more competition in telecommunications sector; reduced cost of and increased access to credit for credit worthy SMEs; greater use of remittances in financial intermediation and development of capital markets. In addition to budgetary support, the World Bank scaled up financing to a series of existing and successful operations in order to mitigate the impact of the economic downturn and help a speedier recovery.
5. In the social and health areas, the Moldova Social Investment Fund 2 (MSIF2) was scaled up to prepare a public works program, which provided job opportunities to the unemployed, while also building desperately needed community infrastructure. Also, during the economic crisis, the Global Food Crisis Response helped to protect and improve the health and nutritional status of vulnerable populations. This was achieved through interventions to decrease the nutritional vulnerability of pregnant women, lactating mothers and young children, and provision of temporary cash transfers to social institutions for the elderly, children and people with mental and physical disabilities. Additional financing was provided to the Health Services and Social Assistance Project to improve the efficiency and viability of the primary health sector. The Strengthening Social Safety Net results-based operation will seek to improve the efficiency and equity of social assistance through a fiscally sustainable expansion and strengthening of the targeted Ajutor Social Program.
6. In education, the ongoing Quality Education in Rural Areas Project (ending in FY13) supports the Government's education program to enhance the quality of teaching and learning, increase access and equity, improve the efficiency in public spending for education, and strengthen education planning and monitoring. A new Education Reform Project, currently under preparation, will provide much-needed support to important reform efforts intended to increase the efficiency of the general education sector, while simultaneously improving the quality and relevance of education to meet the demands of the modern economy. The Bank’s support will also address the potential risks of such reforms, including of increased drop outs and marginalization of minority groups or the poorest, through a monitoring and evaluation scheme that tracks students to gauge the impact of reforms.
7. In the area of competitiveness, additional financing was added to the Competitiveness Enhancement Project (CEP) to facilitate the growth of an export-oriented real sector with: (i) a line of credit through qualified commercial banks to support investment and working capital needs of exporting enterprises; and (ii) expanded matching grant scheme to assist enterprises with upgrading their labor skills and management practices, and introducing new products.
8. In the area of rural and agricultural development, the Rural Investment and Services Project 2 (RISP2) was scaled up primarily to add financing to the existing and well-performing line of credit to rural entrepreneurs for farm and off-farm activities. Access to credit is an important constraint to economic activity in Moldova and the situation has worsened due to the global crisis. The RISP2 line of credit helped mitigate the impact of the crisis. The recently approved Agricultural Competitiveness Project is set to enhance the competitiveness of the agro-food sector by supporting the modernization of the food safety management system, facilitating market access for farmers, and mainstreaming agro-environmental and sustainable land management practices.
9. In public sector management, the World Bank manages a multi-donor Trust Fund to support the Government’s efforts to reform the Central Public Administration. The Bank also supports the development of the Government’s Public Financial Management System through a new information system, as well as technical assistance in support of internal controls and audit.
10. With regard to infrastructure development, the Bank is concentrating on upgrading basic utility services impacting the population at large and the poor in particular. The recently completed Energy 2 Project was scaled up to provide heating systems to public institutions, reduce losses in electricity transmission and distribution networks. The National Water Supply and Sanitation Project is aimed at: (i) improving the coverage, quality, efficiency, and sustainability of water and sanitation services in selected urban and rural communities; and (ii) enhancing the capacity of Ministry for Construction and Territorial Development (MCTD) to prepare and supervise the implementation of investment program and to provide technical assistance to the operating Apa Canals. The Bank-financed Governance E-Transformation Project is looking at opportunities to use ICT as a tool for improving governance and tackling corruption.
11. During this CPS period a number of interventions have helped address climate change vulnerabilities by reducing environmental degradation, specifically soil conservation, community forestry development, pollutant management, emissions reduction, and agricultural pollution-related activities. With the recently completed Energy 2 Project and follow-up Energy Efficiency TA, the Bank will help Moldova increase its energy efficiency. Water resources management and adaptation to increasing water shortages and an increasing risk of flooding is likely to be a key issue in the long run to mitigate climate risks. The Disaster and Climate Risk Management Project will help address this through improved hydro-meteorological services and preparedness.
Areas of shared responsibility
12. Macroeconomic development. The Bank’s team cooperates closely with the IMF in the process of implementation of the 2011 Country Economic Memorandum (CEM). The Bank and the IMF jointly prepared a high level retreat in October 2009 to discuss current economic situation and the best options of crisis response with the whole cabinet of Ministers of the Republic of Moldova. These eventually led to new financing programs of both institutions concluded with the government and a very successful Consultative Group meeting of Development partners held on March 24, 2010 in Brussels. Development partners expressed their strong support for the Government’s strategies elaborated based on the consultations with the IMF and the WB and indicated financial support totaling US$2.6 billion over the next four years, of which 30 percent was in budgetary and balance of payments support. The dialogue between the IMF, WB and the key government officials on the drivers of economic growth and growth strategy of Moldova in general was continued during the last IMF mission on May 3–17, 2012.
13. Public expenditure management. The Bank is going to support the dialogue between the IMF and the Government on the 2012 budget. In this context, a policy note was prepared by the World Bank Staff that analyzes capital public expenditures and its management in more detail and provided some advice on how capital investment management can be improved.
14. Debt management. The Joint IMF/WB team provided to the Ministry of Finance of Moldova technical assistance on the Medium-Term Debt Strategy drafted in October 2009. The follow-up technical assistance mission of Bank and Fund teams with the aim of preparing a Debt Management Reform Plan visited Moldova in May–June 2011. Currently, authorities are implementing their reform plan based on the WB/IMF team advice.
Moldova: Bank and Fund Planned Activities in Macro-critical Structural Reform Areas July 2012—June 2013
Moldova: Bank and Fund Planned Activities in Macro-critical Structural Reform Areas July 2012—June 2013
| Title | Products | Provisional Timing of Missions | Expected Delivery Date |
|---|---|---|---|
| 1. Bank Work Program | Development Policy Operation | Ongoing | 2012 |
| Public Expenditure Review (PER) 2 (capital investment management) | Ongoing | 2012 | |
| Programmatic fiscal work (including BOOST studies) | Ongoing | 2012–13 | |
| Education Rationalization TA | Ongoing | 2012 | |
| Agricultural Competitiveness TA | Ongoing | 2012 | |
| Financial Sector Monitoring TA | Ongoing | 2013 | |
| Payment System Modernization | Ongoing | 2013 | |
| Improving Access to Credit | Ongoing | 2013 | |
| Transport and Logistics Strategy | Ongoing | 2013 | |
| Energy Efficiency TA | Planned | 2013 | |
| Public Financial Management / Tax Administration TA | Planned | 2013 | |
| Competitiveness and structural reform follow-up work | Planned | 2013 | |
| 2. Fund Work Program | Sixth review of the program under the ECF/EFF arrangements and discussions of the follow-up program arrangement | November 2012 | End-2012 |
| Staff visit or first review of the new program arrangement | April-May 2013 | Mid-2013 | |
| Advisor to the NBM to further strengthen capacity for monetary policy and forecasting | Peripatetic | Regular reports | |
| Advisor to the NBS to enhance capacity for national accounts, price and external trade statistics | Permanent | Regular reports | |
| TA on tax administration and tax policy | TBD | TBD | |
| TA on migration to accrual-based accounting and introduction of GFSM 2001 | TBD | TBD | |
| TA on PFM and expenditure rationalization, capital and performance-oriented budgeting | TBD | TBD | |
| TA on central bank supervision, risk management, and crisis preparedness | TBD | TBD | |
| TA on improving bank resolution and debt restructuring laws, and raising transparency of banks’ ownership | TBD | TBD |
Moldova: Bank and Fund Planned Activities in Macro-critical Structural Reform Areas July 2012—June 2013
| Title | Products | Provisional Timing of Missions | Expected Delivery Date |
|---|---|---|---|
| 1. Bank Work Program | Development Policy Operation | Ongoing | 2012 |
| Public Expenditure Review (PER) 2 (capital investment management) | Ongoing | 2012 | |
| Programmatic fiscal work (including BOOST studies) | Ongoing | 2012–13 | |
| Education Rationalization TA | Ongoing | 2012 | |
| Agricultural Competitiveness TA | Ongoing | 2012 | |
| Financial Sector Monitoring TA | Ongoing | 2013 | |
| Payment System Modernization | Ongoing | 2013 | |
| Improving Access to Credit | Ongoing | 2013 | |
| Transport and Logistics Strategy | Ongoing | 2013 | |
| Energy Efficiency TA | Planned | 2013 | |
| Public Financial Management / Tax Administration TA | Planned | 2013 | |
| Competitiveness and structural reform follow-up work | Planned | 2013 | |
| 2. Fund Work Program | Sixth review of the program under the ECF/EFF arrangements and discussions of the follow-up program arrangement | November 2012 | End-2012 |
| Staff visit or first review of the new program arrangement | April-May 2013 | Mid-2013 | |
| Advisor to the NBM to further strengthen capacity for monetary policy and forecasting | Peripatetic | Regular reports | |
| Advisor to the NBS to enhance capacity for national accounts, price and external trade statistics | Permanent | Regular reports | |
| TA on tax administration and tax policy | TBD | TBD | |
| TA on migration to accrual-based accounting and introduction of GFSM 2001 | TBD | TBD | |
| TA on PFM and expenditure rationalization, capital and performance-oriented budgeting | TBD | TBD | |
| TA on central bank supervision, risk management, and crisis preparedness | TBD | TBD | |
| TA on improving bank resolution and debt restructuring laws, and raising transparency of banks’ ownership | TBD | TBD |
Annex III: Moldova: Statistical Issues
(As of August 23, 2012)
| I. Assessment of Data Adequacy for Surveillance | |
|---|---|
| General: Economic and financial data provided to the Fund are generally adequate for surveillance and program monitoring. Over the last several years, with technical assistance from the Fund the authorities have improved statistics in several areas, including national accounts, fiscal and monetary data, consumer prices, external trade and balance of payments. | |
| National Accounts: National accounts statistics are prepared by the National Bureau of Statistics (NBS) according to the 1993 SNA methodology. Estimates do not include the Transnistria region for which data have not been collected since 1991. GDP is estimated from the production and the expenditure sides, annually and quarterly. The data are prepared in current and constant (previous year) prices, and annual data are revised—in two stages—as updated information becomes available. However, the quarterly data often remain unadjusted, thus limiting their consistency with the revised annual data. | |
| Price statistics: The NBS publishes monthly data on CPI and PPI and began publications of the core CPI from 2010. The weights of the CPI basket are subject to annual review and adjustment in line with the shifts in consumer basket. | |
| Government finance statistics: Government finance statistics are compiled on cash basis, in broad compliance with the recommendations of the Government Finance Statistics Manual 1986 (GFSM 1986). With the support of Fund TA, the authorities are working on introducing accrual-based fiscal accounting and implementing the GFSM 2001 from 2013. Full implementation of the GFSM 2001 can take several years and requires significant strengthening of the detailed balance sheet breakdowns and underlying accounting systems. | |
| Monetary statistics: Monetary and financial statistics are broadly in line with international statistical standards and of a generally good quality. The NBM compiles and submits monetary data using Standardized Report Forms (SRFs). Monetary data are reported by the NBM on a regular basis and are being published in the IFS Supplement. | |
| External sector statistics: The compilation methodology follows the fifth edition of the Balance of Payments Manual. Besides the balance of payments statistics, Moldova disseminates quarterly international investment position and external debt statistics. Data on international reserves and foreign currency liquidity are disseminated monthly. | |
| II. Data Standards and Quality | |
| Moldova subscribed to the SDDS in May 2006. Participation in the GDDS began in February 2003. | A data ROSC report was published in March 2006. |
| I. Assessment of Data Adequacy for Surveillance | |
|---|---|
| General: Economic and financial data provided to the Fund are generally adequate for surveillance and program monitoring. Over the last several years, with technical assistance from the Fund the authorities have improved statistics in several areas, including national accounts, fiscal and monetary data, consumer prices, external trade and balance of payments. | |
| National Accounts: National accounts statistics are prepared by the National Bureau of Statistics (NBS) according to the 1993 SNA methodology. Estimates do not include the Transnistria region for which data have not been collected since 1991. GDP is estimated from the production and the expenditure sides, annually and quarterly. The data are prepared in current and constant (previous year) prices, and annual data are revised—in two stages—as updated information becomes available. However, the quarterly data often remain unadjusted, thus limiting their consistency with the revised annual data. | |
| Price statistics: The NBS publishes monthly data on CPI and PPI and began publications of the core CPI from 2010. The weights of the CPI basket are subject to annual review and adjustment in line with the shifts in consumer basket. | |
| Government finance statistics: Government finance statistics are compiled on cash basis, in broad compliance with the recommendations of the Government Finance Statistics Manual 1986 (GFSM 1986). With the support of Fund TA, the authorities are working on introducing accrual-based fiscal accounting and implementing the GFSM 2001 from 2013. Full implementation of the GFSM 2001 can take several years and requires significant strengthening of the detailed balance sheet breakdowns and underlying accounting systems. | |
| Monetary statistics: Monetary and financial statistics are broadly in line with international statistical standards and of a generally good quality. The NBM compiles and submits monetary data using Standardized Report Forms (SRFs). Monetary data are reported by the NBM on a regular basis and are being published in the IFS Supplement. | |
| External sector statistics: The compilation methodology follows the fifth edition of the Balance of Payments Manual. Besides the balance of payments statistics, Moldova disseminates quarterly international investment position and external debt statistics. Data on international reserves and foreign currency liquidity are disseminated monthly. | |
| II. Data Standards and Quality | |
| Moldova subscribed to the SDDS in May 2006. Participation in the GDDS began in February 2003. | A data ROSC report was published in March 2006. |
Moldova: Table of Common Indicators Required for Surveillance
(As of August 23, 2012)
Includes reserve assets pledged or otherwise encumbered as well as net derivative positions.
Both market-based and officially-determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.
Foreign, domestic bank, and domestic nonbank financing.
The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.
Including currency and maturity composition.
Daily (D), weekly (W), monthly (M), quarterly (Q), annually (A), irregular (I); and not available (NA).
Reflects the assessment provided in the data ROSC or the Substantive Update (published 03/2006, and based on the findings of the mission that took place during July 17-19, 2005) for the dataset corresponding to the variable in each row. The assessment indicates whether international standards concerning concepts and definitions, scope, classification/sectorization, and basis for recording are fully observed (O); largely observed (LO); largely not observed (LNO); not observed (NO); and not available (NA).
Same as footnote 7, except referring to international standards concerning source data, statistical techniques, assessment and validation of source data, assessment, and revision studies.
Moldova: Table of Common Indicators Required for Surveillance
(As of August 23, 2012)
| Date of latest observation | Date received | Frequency of Data6 | Frequency of Reporting6 | Frequency of Publication6 | Memo Items: | ||
|---|---|---|---|---|---|---|---|
| Data Quality – Methodological soundness7 | Data Quality – Accuracy and reliability8 | ||||||
| Exchange Rates | 8/23/2012 | 8/23/2012 | D/M | D | D/M | ||
| International Reserve Assets and Reserve Liabilities of the Monetary Authorities1 | 8/17/2012 | 8/23/2012 | W/M | W | M | ||
| Reserve/Base Money | 8/17/2012 | 8/23/2012 | W | W | M | O, LO, O, O | LO, O, O, O, O |
| Broad Money | 7/31/2012 | 8/21/2012 | W | W | M | ||
| Central Bank Balance Sheet | 8/17/2012 | 8/23/2012 | W | W | M | ||
| Consolidated Balance Sheet of the Banking System | 8/17/2012 | 8/23/2012 | W | W | M | ||
| Interest Rates2 | 8/01/2012 | 8/21/2012 | W | W | W | ||
| Consumer Price Index | July 2012 | 8/09/2012 | M | M | M | ||
| Revenue, Expenditure, Balance and Composition of Financing3 – General Government4 | July 2012 | 8/20/2012 | M | M | M | O, LO, LO, O | LO, O, O, O, LO |
| Revenue, Expenditure, Balance and Composition of Financing3– Central Government | July 2012 | 8/20/2012 | M | M | M | ||
| Stocks of Central Government and Central Government-Guaranteed Debt5 | 3/31/2012 | 6/12/2012 | M | M | M | ||
| External Current Account Balance | Q1 2012 | 6/29/2012 | Q | Q | Q | LO, LO, O, O | O, O, O, O, O |
| Exports and Imports of Goods and Services | June 2012 | 8/10/2012 | M | M | M | ||
| GDP/GNP | Q1 2012 | 6/15/2012 | Q | Q | Q | O, LO, LO, O | LO, O, LO, O, |
| Gross External Debt | Q1 2012 | 6/29/2012 | Q | Q | Q | ||
| International Investment Position | Q1 2012 | 6/29/2012 | Q | Q | Q | ||
Includes reserve assets pledged or otherwise encumbered as well as net derivative positions.
Both market-based and officially-determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.
Foreign, domestic bank, and domestic nonbank financing.
The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.
Including currency and maturity composition.
Daily (D), weekly (W), monthly (M), quarterly (Q), annually (A), irregular (I); and not available (NA).
Reflects the assessment provided in the data ROSC or the Substantive Update (published 03/2006, and based on the findings of the mission that took place during July 17-19, 2005) for the dataset corresponding to the variable in each row. The assessment indicates whether international standards concerning concepts and definitions, scope, classification/sectorization, and basis for recording are fully observed (O); largely observed (LO); largely not observed (LNO); not observed (NO); and not available (NA).
Same as footnote 7, except referring to international standards concerning source data, statistical techniques, assessment and validation of source data, assessment, and revision studies.
Moldova: Table of Common Indicators Required for Surveillance
(As of August 23, 2012)
| Date of latest observation | Date received | Frequency of Data6 | Frequency of Reporting6 | Frequency of Publication6 | Memo Items: | ||
|---|---|---|---|---|---|---|---|
| Data Quality – Methodological soundness7 | Data Quality – Accuracy and reliability8 | ||||||
| Exchange Rates | 8/23/2012 | 8/23/2012 | D/M | D | D/M | ||
| International Reserve Assets and Reserve Liabilities of the Monetary Authorities1 | 8/17/2012 | 8/23/2012 | W/M | W | M | ||
| Reserve/Base Money | 8/17/2012 | 8/23/2012 | W | W | M | O, LO, O, O | LO, O, O, O, O |
| Broad Money | 7/31/2012 | 8/21/2012 | W | W | M | ||
| Central Bank Balance Sheet | 8/17/2012 | 8/23/2012 | W | W | M | ||
| Consolidated Balance Sheet of the Banking System | 8/17/2012 | 8/23/2012 | W | W | M | ||
| Interest Rates2 | 8/01/2012 | 8/21/2012 | W | W | W | ||
| Consumer Price Index | July 2012 | 8/09/2012 | M | M | M | ||
| Revenue, Expenditure, Balance and Composition of Financing3 – General Government4 | July 2012 | 8/20/2012 | M | M | M | O, LO, LO, O | LO, O, O, O, LO |
| Revenue, Expenditure, Balance and Composition of Financing3– Central Government | July 2012 | 8/20/2012 | M | M | M | ||
| Stocks of Central Government and Central Government-Guaranteed Debt5 | 3/31/2012 | 6/12/2012 | M | M | M | ||
| External Current Account Balance | Q1 2012 | 6/29/2012 | Q | Q | Q | LO, LO, O, O | O, O, O, O, O |
| Exports and Imports of Goods and Services | June 2012 | 8/10/2012 | M | M | M | ||
| GDP/GNP | Q1 2012 | 6/15/2012 | Q | Q | Q | O, LO, LO, O | LO, O, LO, O, |
| Gross External Debt | Q1 2012 | 6/29/2012 | Q | Q | Q | ||
| International Investment Position | Q1 2012 | 6/29/2012 | Q | Q | Q | ||
Includes reserve assets pledged or otherwise encumbered as well as net derivative positions.
Both market-based and officially-determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.
Foreign, domestic bank, and domestic nonbank financing.
The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.
Including currency and maturity composition.
Daily (D), weekly (W), monthly (M), quarterly (Q), annually (A), irregular (I); and not available (NA).
Reflects the assessment provided in the data ROSC or the Substantive Update (published 03/2006, and based on the findings of the mission that took place during July 17-19, 2005) for the dataset corresponding to the variable in each row. The assessment indicates whether international standards concerning concepts and definitions, scope, classification/sectorization, and basis for recording are fully observed (O); largely observed (LO); largely not observed (LNO); not observed (NO); and not available (NA).
Same as footnote 7, except referring to international standards concerning source data, statistical techniques, assessment and validation of source data, assessment, and revision studies.