Economics

​MOLDOVAN GOVERNMENT SHOULD BRING ORDER IN BANKING SECTOR AND ENSURE BUSINESS TRANSPARENCY – WORLD BANK

30 january, 2015

The main priorities of the new Moldovan Government should become: bringing order in the banking sector, combating corruption and ensuring transparency in business, as well as implementing of reforms, provided by the RM-EU Association Agreement, maintains Alexander Kremer, World Bank Country Manager for Moldova.

On the website of WB Permanent Mission to Moldova he wrote that the banking sector of the country needs a clean-up.

As the bank has been saying openly since 2013, regulators and the courts need to make banks follow the rules - without interference from politicians to protect invisible interests. Moldovan taxpayers were forced to pay dearly for poor governance in the financial sector in 2013-2014. These scandalous events must not be allowed to repeat themselves, Kremer said.

According to him, businesses need more transparency and less corruption.

The WB compares 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 telecomunications. But, according to surveyed businesses, two big challenges still remain: political instability and corruption, he said.

The WB representative regards as necessary to urgently implement reforms, provided in the EU Association Agreement and Deep and Comprehensive Free Trade Agreement (DCFTA).

It will offer exciting opportunities to Moldovan exporters and will make EU goods cheaper in the country’s shops. Improvement of competitiveness will be an especially important point, Kremer says.

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