March 12, 2020 / 6:17 AM / 22 days ago

IMF approves $20 mln loan tranche to Moldova

KIEV, March 12 (Reuters) - The International Monetary Fund approved on Thursday a loan tranche of around $20 million to Moldova.

“A key objective achieved was the rehabilitation of the banking sector, which - alongside other reforms - helped entrench macroeconomic and financial stability,” the Fund said in a statement.

Moldova’s 40-month Extended Credit Facility (ECF) and Extended Fund Facility (EFF) arrangements to support the country’s economic and financial reform program were approved in 2016 and the country has received about $178.7 million.

One of Europe’s poorest countries, Moldova plunged into crisis in late 2014 after it emerged that the equivalent of one-eighth of national output had disappeared from Moldova’s banking system through three banks. (Reporting by Pavel Polityuk; Editing by Muralikumar Anantharaman)

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