Some of the commitments assumed by the Government of Moldova through the agreement with the International Monetary Fund are being fulfilled and it is not known how the Fund’s team of experts who will come to Moldova on February 14 for the first review of Moldova’s IMF-supported program will react, commentator Vlad Bercu stated in the program “15 minutes of economic realism”, referring to the ‘diagnosis’ of loans released to affiliate persons and shareholders of banks, IPN reports.

Vlad Bercu said the National Bank of Moldova undertook to identify the beneficial owners of the largest three banks by the end of 2016. As a result, groups of shareholders at two of the three banks were blocked because they acted concertedly in relation to these banks and earlier purchased a significant part of the banks’ share capital – about 40% and, respectively, over 60% - without having the preliminary written consent of the National Bank. The shareholders were obliged to sell the shares within three months. “The process of identifying the dishonest shareholders went well, while the sale of the ‘noxious’ shares and newly issued shares is for now uncertain. The National Commission for Financial Markets and the National Bank of Moldova extended the sale period for the simple reason that the selling process in the three months wasn’t completed,” explained the commentator.

The beneficial owners of the banks that rank fourth and fifth in bank rankings and that are not branches of foreign banks will be identified by the end of this March. By the end of February, comprehensive inspections are to be carried out at three of the largest banks, by completing the identification of the loans provided by the banks to affiliates. Moldova-Agroindbank and Victoriabank presented plans of action for remedying the situation and removing the identified shortcomings. The central bank approved these plans.

The International Monetary Fund mission will visit Chisinau during February 14-28, 2017.