Energy shortages contributed to sharp production declines after the breakup of the Soviet Union in 1991. The Moldovan Government has recently been making progress on an ambitious economic reform agenda. As part of its reform efforts, Moldova introduced a stable convertible currency, freed all prices, stopped issuing preferential credits to state enterprises and backed steady land privatization, removed export controls, and freed interest rates. The IMF has suspended payment on Moldova's Extended Fund Facility since November 1997, due to concerns about the budget deficit and money supply growth. In late December Parliament agreed to a lower 1998 budget deficit to address IMF and World Bank concerns.
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