Moldova is vulnerable to world financial crisis: MP

Moldova is vulnerable to the world financial crisis, thinks parliamentarian Vlad Filat, the Leader of Liberal-Democratic Party (PLDM), Info-Prim Neo reports. “Although the Government tries to inoculate the idea that Moldova is not cannot be affected, I insist to state the contrary – it affects us a lot, we are vulnerable and not isolated from the rest of the world,” Vlad Filat stated Friday on the Parliament's floor. “The President, joined by the Prime-Minister and the Economy and Finances Ministers, urge us not to pay attention to what is happening in the world, to pretend I do not see w world-scale financial crisis, which shortly can turn into a total economic crisis for the Moldovan economy, given the economic situation in Moldova,” the deputy said. According to Vlad Filat, it's true the Moldovan financial market is underdeveloped, and the capital market is practically non-existent. But at the same time, he says, this does not mean we're totally isolated economically. “On the contrary, we're exposed a lot to world economic processes by the volume of foreign trade related to the Gross Domestic Product, by the dependence of the whole economic system and of the state budget on the domestic consumption and the foreign earnings,” Filat argued. The deputy has also criticized the Government, mentioning “the authorities' attitude toward this issue is indifference and incompetence.” In response, Communist Nicolae Bondarciuc, the chairman of the Parliamentary committee for economic policy, has stated the Government and the National Bank undertake enough steps to hold the situation under their control. The President, Economy and Finance Ministers and the National Bank's Governor have repeatedly stated lately Moldova will not be affected by the world financial crisis. Meanwhile, national and international experts maintain Moldova is not going to be spared by the effects of the crisis.