Large amounts of the stolen billion are yet to be recovered, while the transformation of the emergency loan into state debt is not so serious as some of the politicians assert, members of the Government and economic experts stated in a program on Publika TV channel.
Minister of Economy Octavian Calmac explained that the issuing of state securities was a solution agreed with Moldova’s external partners. “It is a subject that was discussed with the IMF and with the development partners. The solution is a systemic one and was agreed by the state institutions with the IMF, the World Bank and experts. No other better solution than issuing state securities was identified. There were similar situations in other states and the state intervened with injections and guarantees on its part,” he stated.
The minister noted that the procedure for recovering the money is a long-lasting one. “There are no miracles and overnight solutions. The process is a complex one. The state bodies will deal with it and those to blame will be held accountable. I’m sure that after the Kroll report is made public, more responsible persons will be identified,” said Octavian Calmac.
Minister of Finance Octavian Armasu stated that the largest amounts of the stolen money are yet to be recovered and both the state institutions and the company Kroll make efforts in this regard.
Expert Roman Chirca said that only 60-80% of the stolen money can be recovered by selling the assets of the three liquidated banks and from the loans that they released. Another part of the money can be recovered from the financial resources transferred abroad.
As to the conversion of the emergency loan guaranteed by the government into state debt, the expert said this issue is excessively politicized. “This is a transfer from the state treasury to the National Bank of Moldova, which is another state institution, and the central bank is recapitalized. This money later returns to the National Bank and will be used to release loans for ensuring the functioning of the banking system and is in the public sphere. If the people consider that the public money is their money, this money remains theirs. The politicians who want to speculate on this issue omit this element,” stated Roman Chirca.
According to him, classifying the fraudulent transactions performed in the banking system was a mistake made by the former governments and this fact was speculated for political purposes. “The fact that everything was done without the public knowing led to a certain dose of distrust that some of the politicians excellently exploit, invoking the argument that a number of generations will repay this money,” said the expert.
