On March 22, with grant support by USAID and the Swedish Government, EBA members and Moldova Competitiveness Project beneficiaries had a business breakfast with Mrs. Armine Khachatryan, International Monetary Fund (IMF) Resident Representative in the Republic of Moldova. The participants got an exclusive insight on the current stage of the IMF program and presented the challenges they are facing.
Mrs. Khachatryan elaborated on the short-term solutions of the 3-year IMF program that will be implemented in Moldova, and accentuated that the success of it will heavily rely on the action of public authorities. The first 2 years of the program deal with the financial sector and governance issues. For the remaining time, efforts will be oriented towards enhancing reform results through inclusive and sustainable efforts. Among other topics that were touched upon was fiscal sustainability, expenditure management, growth potential, banking sector, and instruments lacking in the central bank authority.
EBA President, Mr. Thomas Moser, commented on the above-mentioned topics, adding that there is a need for a better targeting in the educational system. Even though a huge amount of money is being spent, it is not well targeted. The business sector would like to a see a better and fairer collection of the taxes that are being paid on time, underlining that instead of increasing taxes, their collection should improve. He also added that business is in need of financing, which is essential for a sustainable growth, and not being dependent on external financing and remittances. Mariana Rufa, EBA Executive Director mentioned the workshop on combating fraud, that EBA has recently organised, and the identified lack of measures in combating fraud, which should be provided by the central bank. Also, the high cost of financing was put into discussion, with members and project beneficiaries continuing the discussion on the key factors that can impact the set goals.
This event is organised by EBA with the support of Moldova Competitiveness Project, financed by the United States Agency for International Development (USAID) and Swedish International Development Cooperation Agency (Sida). The content does not necessarily reflect the views of USAID, the United States Government or Sida and the Government of Sweden.