Moldova could conclude a new IMF agreement, but without financing, Minister of Finance
Moldova is contemplating signing a new agreement with the International Monetary Fund (IMF), but it will not have financial implications, according to Finance Minister Andrian Gavriliță. The minister stated that the country has "sufficient financial resources" for investments outlined in the Growth Plan, which is backed by the European Union with an allocation of 1.9 billion euros.
The topic of forming a new agreement with the IMF was not addressed during the recent visit of the institution's mission to the Republic of Moldova, as Minister Gavriliță noted before the Government meeting on December 23.
"We are about to begin discussions. During their preliminary visit, there were no talks regarding the agreement, but we have agreed to explore our options. Most likely, it will be an agreement without financing or with a facility for accessing financing. This is a mechanism that is becoming increasingly popular, especially in the Balkans; many countries have agreements with the IMF that do not involve direct financing," Gavriliță explained.
The minister emphasized that the Republic of Moldova needs a "simple" agreement with the IMF to demonstrate "our responsibility and commitment to reforms, ensuring that our other partners have no doubts about our commitments."
"The discussions from last year and the present perspective indicate that there are sufficient financing sources, particularly for investments, within the Growth Plan with the European Union. What we find slightly more complex is securing internal financing, which we will work on to reduce costs and, subsequently, the deficit—a separate issue. However, for investments, where the primary loans should be directed, the sources are available," stated the Minister of Finance.
In an exclusive interview with Moldova 1 TV, Prime Minister Alexandru Munteanu predicted that the Republic of Moldova could sign a new agreement with the IMF by spring 2026, aiming for a macroeconomic "certification" that would serve as a signal to other markets.
"We communicated to them that we definitely want to establish a program to certify that we are in a positive macroeconomic state," Prime Minister Munteanu noted on public television on December 22.
The Republic of Moldova has not received the last tranche of approximately $170 million (about 2.9 billion lei) from the IMF, as no assessment missions took place in 2025, and the financing program expired on October 19.
Of the total amount that was not disbursed, over 1 billion lei was designated for programs funded through the Extended Fund Facility and the Extended Credit Facility. Additionally, 1.8 billion lei was allocated for the program financed by the Resilience and Sustainability Loan Facility.
Economic experts have indicated that the Republic of Moldova did not fully meet the fiscal commitments outlined in the memorandum with the IMF. However, they believe that the loss of this tranche will not significantly impact the economy.
