Press Release

The IMF is pleased with the results achieved in developing the economy in Moldova over the last 3 years, – Nikolay Gueorguiev

On Monday Nikolay Gueorguiev said to journalists that the biggest GDP growth was registered in Moldova as compared with the others countries from the region as well as the inflation was kept in minimal target and the dynamics of real salaries’ growth was rather positive in public and private sectors. Max Alier will be new head of the IMF mission in Moldova; previously, he worked at the same position in Ukraine for 4 years. Starting from the next week, the IMF mission will be negotiating with the government of Moldova about new economic policy and ways for the IMF to support it.

Max Alier answered to journalists on their question about new cooperation program of Moldova with the IMF. They asked whether it would be signed till the end of 2013 or not. Max Alier answered that is was possible, but everything would depend on the economic policy that the government to choose. The last 3 years were spent on providing the economy of Moldova with stability, the next to do is to provide the economy of Moldova with structural reforms to increase it in middle-term and long-term perspective. For instance, the main providers of economic growth in Moldova were working migrants, but this fact influenced the social factor rather negatively. That is why it is very important to find another way to increase the economy and get dividends, for example, attracting the investments in scopes of export, improving the investment climate, promoting Moldova abroad, and improving the competence. There are many opportunities in Moldova and they just have to be used in right way. Nikolay Gueorguiev specified that it was important that the Ministry of Finance made the budget and tax plan for the next year before July, 1 to get the business environment ready for possible alternations in the system. Nikolay Gueorguiev thinks that the economic and politic lives are very dynamic in Moldova and that the work is not always done according to the schedule, but sometimes it is better done this way to have all things prepared properly, than doing everything in time, but rather shaky. As to the future negotiations agreement of Moldova with the IMF, the representatives of the IMF said that the plan would follow several patterns of the past plan, which provided Moldova with the highest GDP growth: 7.1% up in 2010, 6.8% up in 2011, but 0.8% down in 2012 because of drought. In 2013 the IMF forecasts the GDP growth at the level of 4% in Moldova, in particular, 3.5% in QI, 2013. // 24.06.2013 – InfoMarket.

The banking system of Moldova has been reorganized and banking laws have met international requirements, - IMF

When answering questions by journalists on Monday, Nikolay Gueorguiev, who is leaving the office of the IMF Mission Head in Moldova, said the Fund insisted that changes should be introduced concerning the information about shareholders and its transparency and now these laws meet international standards. The judicial system of Moldova is the next to be reorganized, since it is of crucial importance for implementation of law, Nikolay Gueorguiev said. // 24.06.2013 – InfoMarket.

The main objective of authorities of Moldova is to maintain macro-economic and financial stability, - Nikolay Gueorguiev

Since 2009 Moldova has made the visible progress and it is now very important to maintain and develop the results achieved, the ex-head off the IMF Mission in Moldova briefed on Monday. According to Nikolay Gueorguiev, authorities of Moldova have to improve living standards in Moldova, enhance its investment attractiveness and improve its business climate, which will lead to creation of well-aid jobs. Vice-President of the National Confederation of Trade Unions of Moldova Mihai Hincu said the changes for the better did become visible, but, generally speaking, in 2013, Trade Unions go one combating against the same problems they fought 4 years ago. In particular, NCTUM demands for the government to gradually level the minimal wage to the subsistence wage in Moldova. “IMF gives us its support, but to have wages raised we need money. That is why, we first have to create favourable conditions for business", Mihai Hincu said. The problem of low pensions is still unsolved too. At present, only about 10% of retirees have pensions exceeding the subsistence wage. It is necessary to develop a single formula for calculating pensions and to exclude the customs when some representatives of some professions, such as judges, prosecutors, etc, are granted privileges. As it has been said earlier, Nikolay Gueorguiev is stepping down from the Office of IMF Resident Representative in Moldova, succeeded by Max Alier, who has headed the IMF Office in Ukraine for 4 years. Next week, IMD is going to enter into discussions with the government of Moldova on new national economic policies and on possibilities of IMF to support them. // 24.06.2013 – InfoMarket.

IMF is against the single agricultural tax

From the economic and social point of view, the single agricultural tax’s expenses are much higher that incomes it may bring, Nikolay Gueorguiev states. InfoMarket.