The laws are not absent in the Republic of Moldova. The problem is that they are not implemented on time and in due course, ex-minister of finance Anatol Arapu said in an interview for Radio Free Europe. According to him, this problem was signaled by the International Monetary Fund even in 2005, IPN reports.

“The reports compiled by the IMF have mentioned the problems encountered in the banking sector of Moldova since 2005. Surely they worsened dramatically during the last few years for different reasons. Those from the IMF and not only want the banking sector to work properly as this is a key element of any economy. The partners from the World Bank and the European Commission at bilateral level have always insisted on the necessity of strengthening the elements, first of all the supervisory ones in the banking sector,” stated Anatol Arapu.

He noted that the Republic of Moldova signed the first program with the IMF in 2011 and the Fund’s recommendations were stated in different programs. A part of the recommendations were implemented, while the others were not for political and maybe economic and electoral reasons. In 2015, an accord with the IMF wasn’t signed because of the frequent changes in the Government and of the resignation tendered by the National Bank governor.

“We are to blame, as a country, for not being able to obtain that accord. As regards the situation in 2016, the International Monetary Fund expressed its first opinions about the economic situation and is waiting for the Government to take the initial measures as preconditions for negotiations. I think these will be carried out in the immediate future, especially now that the problem of the governor has been almost solved,” said the former minister.

Anatol Arapu noted that the IMF and other partners want to see the direction of the medium- and long-term policies. The problem is that the Republic of Moldova, as many other economies of the region, goes through an economic crisis and the instruments that need to be applied must be agreed so as to ensure economic growth. There are three classical mechanisms for stimulating economic growth – internal consumption, external consumption, which is exports, and investments.