The banking frauds of 2014-2015 left systemic vulnerabilities unsolved. The problem of lack of shareholder transparency in Moldovan banks and the unclear mechanisms for preventing new banking fraud schemes can lead to a repeat of the banking crisis, says a publication about the risks of 2017 that was presented by the Institute for Development and Social Initiative “Viitorul”, IPN reports.
Expert Ion Tabarta said that even if particular measures were taken to secure this sector, a lack of transparency is anyway witnessed. “We have no reason to say that the crisis in the financial sector is over and this cannot reappear in 2017, especially because we have vulnerable banks that are being monitored,” he stated.
The simulation of economic reforms is another risk mentioned by Ion Tabarta. The analysts consider the hazardous approach to reforms, as the decisions to reorganize the Government and to modify the electoral system, can have the opposite effect. In 2017, the population of Moldova will again experience serious economic problems, such as the decline in jobs, corruption, distrust in justice and banks. According to estimates, remittances will continue to decline following the avoidance of the banking institutions of Moldova and emigration.
The authors consider the economic populism and nostalgia for the traditional CIS market, replacement of the European Union with the Eurasian Union as a tax for passing under Russian tutelage are the biggest risks to the national economy in 2017. Ion Tabarta specified that statements about the path to the Wrest or the East will continue to be made this year. “Surely, this politicization of economic decisions has nothing to do with the economic subtleties of all these documents signed by the Republic of Moldova and is rather related to the rhetoric of the political parties placed according to geopolitical criteria,” said the expert.
According to analysts, the risk of a public budget funding crisis persists in 2017. There is also the risk that the national and international investigations will not help recover the money stolen from banks and those who committed these financial crimes will remain unpunished. This would seriously affect not only the legal system, but also the investment and business climate, which is the only one that can make the people feel they are protected by the law and institutions.
The risks were previsioned with the assistance of communities of policy thinkers. The respondents were asked to simulate the biggest challenges this year for Moldova.
