11.07.2024

The Republic of Moldova - the host of a high-level meeting for global financial discussions

Chisinau was the scene of global financial dialogues today, bringing together over 100 representatives of finance ministries and central banks from 16 countries that are part of the International Monetary Fund (IMF) and World Bank (WB) constituencies led by Belgium and the Netherlands.

The summit was also attended by representatives of the IMF and World Bank management, as well as Moldova's state key officials.

In opening the forum, the President Maia Sandu stated: „Ensuring that we prevail means that economic growth and democracy are two sides of the same coin. Economic progress is crucial for strengthening support for democracy and democracy is the best foundation for creating a prosperous economy”.

The Prime Minister Dorin Recean said: „We are facing a volatile environment not only in our region but also in other parts of the world, but such an environment should not discourage us. On the contrary, we must be motivated to work even harder on policies that will contribute to economic growth. It is difficult, of course, because there is a dissonance between reality and people’s perceptions. Through our policies, we must address the problems faced by the citizens of the Republic of Moldova and increase their trust in state institutions.”

"Today the Western world is looking at Moldova with growing confidence... Our country can change the European landscape through competitiveness and innovation. The Republic of Moldova has all the elements to establish itself as a strong economy in the European Union", highlighted the Governor of the NBM, Anca Dragu, in her speech.

The Minister of Finance Petru Rotaru said: „ Today's event occurs in a historical context for the Republic of Moldova. Today, the Republic of Moldova is firmly committed to joining the European Union. Discussions launched at today's meeting will help identify innovative strategies and concrete solutions to address global economic challenges and promote sustainable and inclusive economic growth”.

The International Monetary Fund’s Deputy Managing Director Kenji Okamura thanked the Moldovan authorities for their great hospitality and everyone involved in making the event a success: „The IMF has worked to support Moldova, the countries of this constituency, and Europe during these difficult times. We will continue to offer our policy advice, capacity building, and lending to help Moldova and the rest of Europe address ongoing and future challenges.”

The World Bank Vice President for Europe and Central Asia, Antonella Bassani, mentioned that this event is a crucial moment for Moldova: „This Constituency Meeting is a unique opportunity to interact with our counterparts from constituency countries to focus and tackle issues of importance to the region. I am delighted this event is taking place here in Moldova at this crucial time for the country and thank the authorities sincerely for hosting the 2024 Constituency Meeting”.

Present at the event, Paul Hilbers, the IMF Executive Director for Moldova, and Eugene Rhuggenaath, the WB Executive Director for Moldova, declared: „We thank the Moldovan authorities for their gracious hospitality and their wonderful, hard work organizing this very successful event. The meetings offer a great opportunity for the International Monetary Fund and the World Bank group to come together with the 16 constituency countries and discuss economic prospects and support for the region. The beauty of these meetings is that they bring us all together in one of our countries and provide us with an opportunity to learn from each other. While some are confronted with major challenges on a daily basis, all countries of the constituency face the need to build strong foundations for sound, business-led, and green growth.”

The central theme of the meeting in Chisinau was "Ensuring vigorous growth in a volatile and uncertain environment", with topics related to mobilizing private capital and opportunities for innovation and growth driven by artificial intelligence.

The Republic of Moldova is member of the Constituency led the Kingdom of the Netherlands and Belgium since 12 August 2012, along with Andorra, Armenia, Belgium, Bosnia and Herzegovina, Bulgaria, Cyprus, Croatia, Georgia, Israel, Luxembourg, the Republic of North Macedonia, Montenegro, the Kingdom of the Netherlands, Romania, and Ukraine. This group of countries is represented in the decision-making bodies of the IMF and the World Bank (the Boards of Executive Directors of the IMF and the World Bank) by an Executive Director, who is elected for a 4-year term.