CHISINAU, Moldova –  The International Monetary Fund says it has reached an agreement with Moldova for a $179 million, 3-year loan arrangement conditional on the government carrying out reforms.

The IMF said Tuesday its staff members have reached a “staff-level agreement on an economic reform program” with Moldovan authorities to be supported by the credit facility.

Moldovan Prime Minister Pavel Filip told The Associated Press the news “brings back optimism at home and helps restore our credibility abroad.”

The IMF mission, led by Ivanna Vladkova-Hollar, held discussions with Moldovan authorities in Chisinau this month. To access the funds, the government needs to improve the business climate, carry out fiscal reforms and ramp up the anti-corruption fight.

The agreement needs to be approved by the IMF Management Board, which will meet in October.