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$118.2 million IMF loan to support Moldova's currency reserves

The International Monetary Fund announced on May 10 that it would provide Chisinau with a three-year, $118.2 million loan to support the country's currency reserves. Johann Matissen, the IMF permanent representative in Chisinau, said the fund's board of directors approved a three-year agreement with Moldova under its Poverty Reduction and Growth Facility program. "The program is a discount mechanism to provide loans to low-income countries," he said. "The loan is being provided at an annual interest rate of 0.5 percent for 10 years with a grace period of 5 1/2 years."