Government will not intervene in bargaining between creditors and debtors, economy minister

It is not right for the Government to intervene in the relations between the creditors and debtors, between banks and economic entities, Minister of Economy Valeriu Lazar considers. “In a period of crisis, the viability of companies and the entrepreneurial qualities of persons are tested,” the minister said during the conference “Financing Opportunities for SMEs. Realities and Prospects” held on November 18, Info-Prim Neo reports. According to Lazar, the state supports the real sector of the economy, including the SMEs, but does not order the banks to reschedule certain loans. “We will capitalize the credit guarantee fund by attracting financial resources, including from abroad, and will take measures to develop the capacity of the microfinance companies so that the economic entities have an alternative when they want to get a loan for development,” he said. He also said that the Government will negotiate programs to support the real sector with the World Bank and other development partners. The agreement to provide US$24 million in additional financing to the Competitiveness Enhancement Project is a first step. The executive now has to remedy the situation created by the previous government, which implemented policies that did not correlate. The National Bank permanently cut the base rate, while the interest rate on the loans for economic entities remained at the same level, Lazar said. Valeriu Lazar said the barriers hindering the development of the SME sector will be removed so that the business operating costs in Moldova will decrease by 10-15%.