IFC to assist Moldova to improve investment climate

The International Finance Corporation (IFC), which is a member of the World Bank Group, will help Moldova to improve the investment climate and the regulations governing businesses, Eugen Osmochescu, IFC specialist in private sector development, said during discussions on the Doing Business 2012 Report, Info-Prim Neo reports. The report ranked the Republic of Moldova as a runner-up in the list of top ten global reformers. The discussions on the report were held under the aegis of the Wolrd Bank Office in Chisinau. Moldova implemented reforms in four areas covered by the Doing Business report: Starting a Business, Getting Credit (credit information), Enforcing Contracts and Resolving Insolvency. Moldova made starting a business easier by implementing a one-stop shop at the State Registration Chamber, and it made enforcement of judgments more efficient by introducing private bailiffs. An amendment to its insolvency law granted priority to secured creditors. And the establishment of the country’s first private credit bureau improved credit information system. “In the immediate period, these results should be strengthened. Only this way will the reforms become sustainable and will be noticed by businessmen,” said Eugen Osmochescu. He also said that most of the areas in which the IFC will work with the Government of Moldova are directly or indirectly connected with the indicators on which Doing Business is based. Assistance will be provided to the agricultural sector so as to improve the competitiveness of enterprises and the regulations on export and import and to create appropriate infrastructure for attracting investments. Support will be also offered in implementing the new Insolvency Law that was approved by the executive last week. There will be established cooperation relations in implementing the Law on Construction Authorizations with the responsible central authorities and the local public authorities issuing construction authorizations. The assistance program is at the pre-implementation stage and will be carried out with financial support from the Swedish International Development Cooperating Agency, the Government of Austria and the EU.