The International Monetary Fund (IMF) will provide Moldova with loans worth a total of $570 million to help one of Europe's poorest states in post-crisis recovery.

The IMF Executive Board approved on Friday two three-year loans "to support the country's economic program aimed at restoring fiscal and external sustainability, preserving financial stability, reducing poverty, and raising growth," the IMF said in a press release.

Over $93 million will be immediately available, with the remainder available in installments subject to semiannual reviews.

Last week the board of directors of the U.S. Government's Millennium Challenge Corporation (MCC) and Moldovan Prime Minister Vladimir Filat finalized a deal on $262-million non-repayable financial aid.

During his visit to Russia a month ago, Moldovan Vice-Premier and Economy Minister Valery Lazer said his country would also seek to develop economic cooperation with Russia.

He asked the Russian authorities to provide Moldova with a $500 million loan for investment programs requested by the country's former pro-Russian leader, Vladimir Voronin.

MOSCOW, January 30 (RIA Novosti)