Moldovan budget suffered due to the decreasing of taxes in conditions of imports decline and suspending of external financing, said Program Director of the Independent Analytical Center Expert-Grup Dumitru Budeanschi during Monday’s news conference “Risks of 2015 budget” at Infotag.

 

“Negative economic events in Moldova were caused mostly by internal and external factors. Though the country’s economy suffered from Moscow’s restrictions on Moldovan goods importing to Russia, economic events between Ukraine and Russia and decline in remittances to Moldova, the basic problems remain to be those in the banking system”, he said.

 

According to him, if the International Monetary Fund (IMF) insists just upon solving banking problems as a condition for signing a new Cooperation Memorandum with Moldova, the document can be signed until the end of 2015.

 

“However, if the Fund takes a stand on other issues, for example in the field of tax policy, negotiations risk to last longer and the Memorandum will not be signed this year”, the expert said.

 

Expert-Grup Program Director Alexandru Fala stressed that due to a failed management of the National Bank of Moldova (NBM) the Moldovan leu depreciation occurred, while insufficient supervision of the banking system caused instability there.

 

“Problems of the banking system, multiplied with external factors, pushed up the inflation, the cost of credits, lowered households’ real incomes and contributed to imports’ fall, despite the lowering of food product prices at external markets”, he said.

 

According to Fala, the lowering of imports to US$4.16 will cause losses worth 1.35 billion lei of VAT, 333 million lei of excise taxes and 186 million lei of customs duties. Also, there are small chances to resumption of the World Bank and the European Union financing, the fact that will create an additional deficit of more than 2.1 billion lei.

 

Expert-Grup economist Iurie Morcotilo said that the providing of governmental guarantees to NBM for credits to problematic banks will lead to budget expenditures worth 570 million lei.