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Moldova: IMF Releases New Drawing For Loan

Washington, 18 July 1997 (RFE/RL) - The International Monetary Fund (IMF) has approved the release of the third tranche (drawing) of Moldova's three-year extended fund facility loan.

The drawing is for about $21 million and was approved after a review of Moldova's economic performance under the program, which carries a total loan value of around $181 million.

In reviewing Moldova's performance, the IMF says its Executive Board welcomed the recent strengthening of economic reform efforts, especially the adjustment of energy prices to cover costs, approval of a demonopolization plan for the energy sector, reform of the bankruptcy law and progress in initiating land reform.

The IMF board cautioned, however, that the government must not neglect "effective implementation" of the measures and must stick to the financial targets of the loan program.

An IMF mission will visit Chisinau next Wednesday to continue what the fund calls its regular policy dialogue with Moldovan authorities. One of the IMF's deputy manager directors, Shigimetsu Sugisaki, will join the mission for two days of discussions with the Moldovan officials.