Romania offers Moldova $65 million loan to spur reforms

BUCHAREST, Rabi’II 16, 1437, January 26, 2016, SPA — Romania’s prime minister offered Moldova a loan of 60 million euros ($65 million) on Tuesday to prevent economic collapse in the impoverished ex-Soviet republic — if certain conditions are met, AP reported.
To get the money, Prime Minister Dacian Ciolos said Moldova will have to reform its justice system, fight corruption, sign a draft agreement for a loan from the International Monetary Fund and appoint a new central bank governor.
The offer comes as Moldova, Europe’s poorest nation, is on the verge of economic collapse following the disappearance of more than $1 billion from three Moldovan banks, one eighth of the entire GDP of the nation.
Ciolos made the announcement during a visit to Romania by Pavel Filip, the sixth prime minister to hold office in Moldova in a year of political turmoil and deep social unrest sparked by the bank fraud.
–SPA
15:10 LOCAL TIME 12:10 GMT