Economic and financial expert Veaceslav Negruta, former minister of finance, said the banking sector is the key problem of Moldova and all the deficiencies at macroeconomic level are due to serious and major difficulties encountered in this sector. He made such a statement in the international conference MACRO-2015 “Promotion of economic and social security amid major risks”, IPN reports.
The second major problem is the lack of a functional Government enjoying political support. Veaceslav Negruta noted that the financial-banking legislation over the past one year and a half has been considerably modified even without the participation of lawmakers, mainly by assuming responsibility or by voting packages of laws without perceiving their essence. All the macroeconomic deficiencies generated by this sector affect other sectors. Some of the banks reported profit, but the enterprises reported losses.
“Owing to the problems in the financial-banking sector, the provision of financing was blocked, partially for now. There is also no transparency in the adoption of normative documents in this sector. Problems are also encountered in the insurance and leasing sectors and by the savings and loan associations, but these problems will become evident later,” stated Veaceslav Negruta, adding the financial-banking system is functional for now, but distrust in it increases dramatically, including on the part of foreign donors.
The expert considers that the National Bank in 2015 should be allowed to take independent decisions and the political class should not interfere in the process of solving the problems faced by the banks in difficulty. Maybe these decisions should be taken even before naming a new Government, which is to resume discussions with the foreign partners. A two-year anti-crisis plan should be worked out to guarantee a minimum of safety in the banking system and the second stage of investigations should be launched to find out where the stolen US$1 billion is. All these steps are needed for improving the situation before 2016, which will be a very difficult year.
