Republic of Moldova.

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Cover; CONTENTS; CONTEXT; RECENT ECONOMIC DEVELOPMENTS; PROGRAM OBJECTIVES AND POLICIES; A. Financial Sector: Strengthening Institutions and the Policy Framework; B. Fiscal Policy: Safeguarding Sustainability; C. Monetary and Exchange Rate Policy; D. Structural Policies; PROGRAM MODALITIES; E. Access, Phasing and Conditionality; F. Capacity to Repay the Fund and Risks to the Program; STAFF APPRAISAL; BOXES; 1. Effects of the Banking Crisis on the Economy; 2. Supervisory Actions Against Shareholders Acting in Concert; 3. Moldova's Fiscal Rule and Its Escape Clause.

4. Monetary Developments in the Wake of the Banking CrisisFIGURES; 1. Real Sector Developments; 2. Fiscal Developments, 2009-16; 3. Money, Prices, and Interest Rates, 2011-16; 4. External Sector Developments, 2009-16; TABLES; 1. Selected Economic Indicators, 2010-21; 2. Balance of Payments, 2010-21; 3a. General Government Budget, 2010-21 (Millions of Moldovan lei, unless otherwise indicated); 3b. General Government Budget, 2010-21 (Percent of GDP, unless otherwise indicated); 4. Accounts of the National Bank of Moldova and Monetary Survey, 2010-16; 5. Financial Soundness Indicators, 2009-16.

6. Indicators of Fund Credit, 2011-207. Schedule of Reviews and Disbursements; ANNEXES; I. Risk Assessment Matrix; II. Debt Sustainability Analysis; III. Agriculture in Moldova; IV. External Stability Assessment; APPENDIX; Letter of Intent; Attachment I. Memorandum of Economic and Financial Policies; Attachment II. Technical Memorandum of Understanding.

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