The Republic of Moldova during the last five years received more than €3bn in external financial assistance, half of which as grants. The money was intended for doing reforms and for improving infrastructure. Less was donated for economic development, research and science, experts Valentin Lozovanu and Sergiu Gaibu said in the program “60 minutes of economic realism” produced within a project of the Institute for Development and Social Initiatives “Viitorul” and Radio Free Europe, IPN reports.
The experts stated that Moldova started to get external financial assistance from the World Bank in1994, but at rather high interest rates that made the country heavily indebted, the money being repaid during ten years, until 2004. In 2004, the World Bank reviewed its strategy and included Moldova in another financing system, with smaller rates.
The experts also said that during the last few years the country resorted again to commercial loans. Earlier, the ratio was 70% grant to 30% loan, but now the ratio is 50% to 50%.
According to Valentin Lozovanu and Sergiu Gaibu, the State Chancellery and the donors seldom publish reports on the external financial assistance and civil society cannot pronounce on the way in which the Government does what it pledged to.
