Moldova prepares to start negotiations with IMF on new cooperation program

The Moldovan government will shortly send a request to the International Monetary Fund (IMF) to start negotiations on a new program, with several possible cooperation formats being discussed, Moldovan Finance Minister Andrian Gavrilita said.

"In the coming days, we will send a letter stating our openness to sign a certain type of memorandum, not necessarily with a financial component. Yes, so that we start discussing the reforms we are also interested in. Having a program is important for the country, but not necessarily for borrowing funds. Last year, as well as this year, by and large, there are enough funds for investment. Borrowing money for current expenditures in the long term would be wrong," Gavrilita said in an interview with TV8 channel on Tuesday.

Cooperation with the IMF could be built according to several scenarios, he said.

"The first is a classic program with the provision of loans in exchange for reforms. The second is the stand-by format, where funds are allocated only in a crisis situation. The third option is the policy coordination instrument, which does not involve funding but serves as a signal to other international partners about the government's financial responsibility. Having a program with the IMF facilitates dialogue with the World Bank, the European Union and other donors, and also contributes to implementing projects, including within the framework of the economic growth plan with EU support," he said.

Answering questions, he said that the Moldovan authorities are counting heavily on funds from the European Union, which promised to allocate 1.9 billion euros for investment.

"Last year, part of the money arrived. These funds should be transferred in tranches over five years. Of these, about 400 million euros are grants, about 1.5 billion are low-interest loans. The funds will arrive in tranches, approximately 300 million euros per year," Gavrilita said.

Having an active memorandum with the IMF will allow funds to be attracted much more quickly if such a need arises.

"We will start negotiations with the IMF, we will also look at our internal evolution. In any case, we will need to increase certain revenues and adjust them somewhere. The deficit needs to be covered not through debt, but in the medium term through revenue growth, which should come from economic growth," he said.

In October 2025, the IMF prematurely completed the implementation of the 40-month ECF/EFF program in Moldova; the final tranche of the program amounting to $170 million was not provided to Chisinau due to delays in fulfilling the financial and governance commitments stipulated by the agreement.

The IMF is Moldova's largest creditor, with Chisinau's total debt to the fund amounting to $1.35 billion.