World Bank's view on law on capital liberalization, fiscal stimulus

Chisinau, 22 December /MOLDPRES/- The law on capital liberalization and fiscal stimulus may be adopted only after amending the draft, the World Bank (WB) said, informing the government about a number of risks of integrity.

“International experience shows that the implementation of the declaration on property in strict accordance with the Package of integrity adopted this year could be an effective tool in fighting corruption. When considering the new draft, we found a number of risks of integrity, which we informed the government on 15 December 2016,” a press release by the WB reads.

“The new package of integrity could be a decisive factor in terms of budget support from the World Bank for Moldova in the future”.

“We are continuing the dialogue with the authorities and we expect that the new law will not be approved without significant revision. The WB understands the concerns of civil society and will continue to support the reforms of integrity for the benefit of all citizens of Moldova,” the WB also noted.

The law on capital liberalization and fiscal stimulus will not be voted in the second reading until a complete and positive expertise by IMF, WB and European institutions is given, Parliament Speaker Andrian Candu said.

The draft law on capital liberalization and fiscal stimulus was approved in the first reading by parliament. It sees the capital liberalization by private people in case of payment of a 2-per cent- fee of the liberalized amount and cancellation of fines and penalties, amounting to over 880 million lei, of economic debtors to different budgets, if they pay the basic debt. The draft was criticized by the opposition and many experts.

(Reporter V. Bercu, editor A. Răileanu)