Top European bank recommends Moldova to sign new programme with IMF as soon as possible

Chisinau, 12 November /MOLDPRES/ - The European Bank for Reconstruction and Development (EBRD) suggests that the Moldovan authorities sign a new programme with the International Monetary Fund (IMF) as soon as possible.  

A new programme with IMF and enforcement of the Association Agreement with the European Union might serve as an anchor for implementing reforms, according to EBRD's 2015-2016 Transition Report, Rebalancing Finance.

The structural and institutional transformations for improving competitiveness and diversifying exports and production are likely to help enhance Moldova's resistance to external shocks, EBRD experts have said.

The top European bank considers that one of the priorities for 2016 is to re-establish transparency and discipline in the financial sector. Following the major fraud occurred at three big banks of Moldova, the authorities must undertake concrete measures "to prevent further contamination in the financial sector and punish the fraud's authors."

The authorities must urgent measures to strengthen the public institutions, reform the justice sector and fight corruption, the report also says. The key stages include such measures as revival of the state's institutions, enhancing independence of the National Bank of Moldova (BNM), ensuring an efficient administration of justice, in order to remove obstacles to the enforcement of public policies and upgrading the business climate.

The EBRD report assesses the state of finances in the transition regions as a result of the 2008-2009 crisis. Under the report, the way of financing must be rebalanced to provide diverse and stable financing flows, that would back economic development.

(Reporter V. Bercu, editor A. Raileanu)