What has gone wrong in Moldova? Last year the government failed to complete a number of key reforms, such as the planned privatization of the tobacco sector, and its budget deficit began to run out of control. As a result, the IMF decided in February to suspend a $185 million extended fund facility (EFF) for the country – the second time it has halted disbursements since the facility was first agreed in 1996. Meanwhile, Moldova is finding it hard to borrow internationally and foreign investors are deserting its domestic debt market.
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