World Bank prepares recommendations for Moldova’s new Government

29.01.2015 17:23
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2 minute(s)

After several months of campaigning and negotiations, Moldova’s new Government is about to take shape. The World Bank is looking forward to hearing the new Government’s plans for reform, said the WB Country Manager Alex Kremer. On the World Bank Voices blog, the official writes that this time in Moldova the World Bank has joined up with other international organizations to write the Briefing Book - a collection of policy notes with ideas on how the country could do better and how reforms can translate into sustainable and inclusive growth, IPN reports.

Alex Kremer says they look forward to discussing it with the new Government.

According to him, the three most important points of the World Bank’s main messages when it meets the new Government are: the banking sector needs a clean-up. The regulators and the courts need to make banks follow the rules - without interference from politicians to protect invisible interests. As acting Prime Minister Leanca said, these scandalous events must not be allowed to repeat themselves.

Also, businesses need more transparency and less corruption. The World Bank/EBRD Business Environment and Enterprise Performance Survey (BEEPS) compares how businesses saw their operating environment in 2013 with how they saw it in 2009. There have been improvements nearly everywhere, for example in transport, access to finance, security, energy, customs regulations and telecoms. But in 2013, according to surveyed businesses, two big challenges remain: political instability is problem number 1 and corruption is problem number 2.

Alex Kremer also says that the Deep and Comprehensive Free Trade Agreement with the EU makes reform even more urgent. For sure, it offers exciting opportunities to Moldovan exporters. However, free trade will also make EU goods cheaper in Moldovan shops. So competitiveness will be critical.

During the elections, the World Bank was encouraged by talk on all sides of a modern, efficient economy. Thus, they look forward to working with the next Government to make it happen, concluded Alex Kremer.