Tofan called the possible timing of the launch of the IMF loan program for Moldova

Moldova intends to discuss with the International Monetary Fund a program of cooperation without issuing loans, but admits that later it will need financial support. As Prime Minister Vasile Tofan said on Exclusiv TV, the program with funding, if it comes to it, is likely to appear only in the second half of 2027.

Now the Cabinet sees no need to urgently apply for IMF loans. At the same time, Tofan acknowledged that the economic situation remains difficult. He explained the benefits of cooperation with the Fund primarily budget discipline.

“At the moment, we are not considering the possibility of receiving tranches, but we see the benefit of the program with the IMF, as it disciplines,” he said.

The mission of the foundation led by Alina Jancu will visit Chisinau from October 21 to 28. Experts will meet with representatives of the authorities and other participants in the discussions, assess the latest changes in the economy and the priorities of the government. The preparation of the visit was reported by the IMF office in Moldova.

Preliminary agreements on a three-year non-financial program were reached in May, under the government of Alexander Muntyan. It was a policy coordination tool for PCI. It provides for the harmonization of economic measures and reforms, and can help the country attract funds from other sources. However, the expert-level agreement requires the approval of the IMF’s board of directors.

Among the agreed targets are reducing the budget deficit to 3.5% of GDP by 2029 against the expected 6% in 2026, supporting investment, expanding the VAT base and simplifying income taxation. Budget planning, debt management and public investment will also be improved.

The previous loan program ended in October 2025. Chisinau did not receive the last tranche of about $170 million. The representative of the Fund explained the incompleteness of the remaining reviews by delays in the implementation of fiscal and management obligations.

The talks are taking place against the backdrop of another energy crisis. In August-September, domestic gas tariffs increased 1.7 times, imported petroleum products rose in price. Since September 26, the country has been in a state of emergency in the energy and hydrotechnical sectors, imposed for 60 days.

In October, the IMF lowered the forecast for the growth of the Moldovan economy for 2027 from 3.2 to 2.3%. The estimate for 2026, the Fund kept at 1.5% after its deterioration in may.

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