Download or read book Republic of Moldova Public Finance Review written by Weltbank and published by . This book was released on 2016 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This report argues that M ...
Download or read book Republic of Moldova Public Finance Review written by World Bank and published by . This book was released on 2016 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This report argues that Moldova's government could reduce fiscal risks to the economy by reducing the size of spending and improving its efficiency, making the tax system simpler, with fewer tax preferences, and strengthening the tax administration. After years of robust performance, in 2015-16 Moldova's public finances came under pressure. Fraud in the banking sector and economic recession have pushed up public debt, reducing fiscal space and undermining investor confidence. Grants from donors have fallen. Less revenue has forced the government into an ad hoc spending adjustment, with an abrupt reversal of the recent welcome trend of higher capital spending. The government could address these challenges along three dimensions: fiscal stance and sustainability, spending, and revenues. First and foremost, nonetheless, it should concentrate on gradually reducing current spending. As experience in other countries has demonstrated, fiscal consolidation based on spending cuts in a context and circumstances similar to these in Moldova, may yield better results than one based on tax increases. The first dimension to consider is safeguarding fiscal sustainability. The second dimension is reducing the size and improving the efficiency of spending. The third dimension is making the tax system simpler. Moldova collects more revenues than peer countries but also depends on external grants. As in most other Eastern European countries, the revenue structure is skewed toward taxes on goods and services (indirect taxes). Moldova's tax revenues have been declining as tax exemptions proliferated. While the tax administration has improved, continuing deficiencies in capacity and governance cannot deal with the problem of high informality. Moldova could make the tax system simpler, more efficient, and revenue-enhancing by reducing tax preferences, increasing the nontaxable amount of the personal income tax, improving property valuation, increasing excises, improving tax administration, reducing compliance costs, and simplifying the tax structure. Most importantly, the government needs to deal with tax expenditures, since tax initiatives over the last 15 years resulted in the adoption of a wide range of reduced tax rates and tax exemptions, with significant costs for the budget. In the short term, additional revenues might supplement expenditure cuts to safeguard fiscal sustainability. In the longer term, though, Moldova would need to find substitutes for external grants, so that they gradually become a relatively smaller source of revenues.
Download or read book Republic of Moldova written by International Monetary Fund. European Dept. and published by International Monetary Fund. This book was released on 2018-07-02 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt: The economy strengthened in 2017. Higher-than-expected GDP growth was driven by strong domestic demand and a positive external environment. Inflation slowed, driven by regulated and food prices, prudent policies and exchange rate appreciation, to below the target of the National Bank of Moldova (NBM).
Download or read book Republic of Moldova written by International Monetary and published by International Monetary Fund. This book was released on 2023-01-12 with total page 111 pages. Available in PDF, EPUB and Kindle. Book excerpt: Spillovers from the Russia’s invasion of Ukraine continued to weigh heavily on Moldova. Energy supplies have been disrupted, with significant impact on Moldova, given its dependance on Russia for gas, and on the breakaway region of Transnistria for electricity. The hardship from high energy and food prices and frequent anti-government protests are weighing on Moldova’s fragile social and political fabric.
Download or read book Republic of Moldova written by International Monetary Fund and published by International Monetary Fund. This book was released on 2011-04-15 with total page 57 pages. Available in PDF, EPUB and Kindle. Book excerpt: Moldova’s economy has nearly recovered from the 2009 recession, with GDP growing by almost 7 percent in 2010. GDP rebounded by 6.9 percent in 2010 after declining by 6 percent in 2009. The key objectives for 2011 are to advance fiscal consolidation, keep inflation under control despite adverse shocks, and support balanced growth. The growth momentum is expected to continue in 2011 and beyond, leading to a temporary widening of the current account deficit. The 2011 budget seeks to maintain the pace of fiscal consolidation with emphasis on permanent reduction in current spending.
Download or read book Republic of Moldova written by International Monetary Fund. European Dept. and published by International Monetary Fund. This book was released on 2020-03-18 with total page 116 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents 2019 Article IV Consultation with the Republic of Moldova and its Sixth Reviews Under the Extended Credit Facility and Extended Fund Facility Arrangements. Moldova’s economic growth remained solid in the first three quarters of 2019, with output expanding nearly 5 percent, supported by strong domestic demand. The three-year program has been broadly successful in achieving its objectives. Comprehensive reforms have rehabilitated the banking system and strengthened financial sector governance, entrenching macrofinancial stability. Prudent and well-coordinated policies are needed to safeguard the progress achieved. Decisive governance and institutional reforms are necessary for faster, sustainable, and inclusive growth. Safeguarding central bank independence is a priority. The inflation-targeting (IT) regime remains appropriate, but additional efforts are needed to improve policy credibility, promote exchange rate flexibility, and disincentivize foreign currency intermediation. Widespread governance and institutional vulnerabilities are major impediments to accelerating income convergence. Addressing these could have significant growth dividends through faster capital accumulation, reduced labor and human capital headwinds from emigration, and higher productivity.
Download or read book Republic of Moldova written by International Monetary and published by International Monetary Fund. This book was released on 2022-09-28 with total page 80 pages. Available in PDF, EPUB and Kindle. Book excerpt: Moldova’s economy is projected to stagnate in 2022 amid spillovers from Russia’s invasion of Ukraine. The war in Ukraine continues to weigh heavily on Moldova, although some initial pressures have subsided. Bank deposit net withdrawals came to an end and are now steadily being replenished. The leu depreciated by about 8 percent so far while pressures on foreign reserves have eased. About 550,000 refugees fleeing the war (representing more than 20 percent of the Moldovan population) have transited through Moldova, with about a fifth remaining in the country. Driven by rising food and energy prices, inflation accelerated further above the target band.
Download or read book Republic of Moldova written by International Monetary Fund and published by International Monetary Fund. This book was released on 2007-08-06 with total page 99 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses key findings of the Second Review Under the Poverty Reduction and Growth Facility (PRGF). Program performance has been generally satisfactory. The quantitative performance criteria were observed, as was most of the structural conditionality. One structural performance criterion was missed at end-December: the increase in tariffs for district heat and water was briefly delayed in Chisinau. IMF staff supports completion of the review and granting a waiver for nonobservance of the structural performance criterion. The authorities’ commitment to implement supplementary measures provides assurance that the program’s objectives remain attainable.
Download or read book Republic of Moldova written by International Monetary Fund and published by International Monetary Fund. This book was released on 2008-10-02 with total page 65 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the Republic of Moldova’s Fourth Review under the Poverty Reduction and Growth Facility and request for Waiver of Nonobservance of Performance Criterion. Investors have been attracted by Moldova’s low costs, and export prospects have improved with the resumption of wine exports to Russia and a new trade agreement with the European Union. Inflation is the main concern. While rising inflation partly reflects regional trends in food and energy prices, strong demand has been adding to inflation pressures.
Download or read book Republic of Moldova written by International Monetary Fund and published by International Monetary Fund. This book was released on 2007-02-06 with total page 88 pages. Available in PDF, EPUB and Kindle. Book excerpt: The First Review Under the Three-Year Arrangement under the Poverty Reduction and Growth Facility of the Republic of Moldova analyzes macroeconomic and structural policy measures to support the adjustment and promote growth. Moldova is facing serious external shocks that will have long-lasting effects. All quantitative performance criteria and indicative targets were met with the exception of the international reserves target, which was missed because of the shocks. Financial sector development is to be promoted by encouraging foreign competition in the banking system.
Download or read book Republic of Moldova written by International Monetary Fund. European Dept. and published by International Monetary Fund. This book was released on 2019-09-25 with total page 86 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses Republic of Moldova’s Fourth and Fifth Reviews Under the Extended Credit Facility and Extended Fund Facility Arrangements, Completion of the Inflation Consultation, and Request for Extension of the Arrangements and Rephasing of Access. The Moldovan authorities have taken decisive corrective measures to bring the Fund supported program back on track and to achieve its objectives of ensuring macroeconomic stability and advancing reforms. Going forward, it is critical that the authorities continue to pursue prudent policies and structural reforms aimed at strengthening the financial sector, maintaining fiscal sustainability, and creating space for social and infrastructure spending. Policies remain focused on cleansing the financial sector, ensuring growth friendly fiscal policy, and enhancing transparency in the energy sector. The authorities are committed to completing the rehabilitation of the banking system, addressing vulnerabilities in the non-bank sector, promoting predictable energy tariff setting, and maintaining fiscal sustainability to preserve space for social and infrastructure spending.
Download or read book Republic of Moldova Ad Hoc Review Under the Extended Credit Facility Request for Augmentation and Rephasing of Access Modification of Performance Criteria and Completion of the Inflation Consultation Under the Extended Credit Facility and Extended Fund Facility Arrangements Press Release Staff Report and Statement by the Executive Director for the Republic of Moldova written by International Monetary and published by International Monetary Fund. This book was released on 2022-05-13 with total page 108 pages. Available in PDF, EPUB and Kindle. Book excerpt: The economy rebounded strongly from the pandemic recession last year while prudent macroeconomic management maintained robust buffers. But the war in Ukraine and the international sanctions imposed on Russia and Belarus have resulted in significant spillovers to Moldova, with implications yet to fully play out. At the outbreak of hostilities, FX market pressures triggered significant foreign currency interventions and bank deposit withdrawals, while dollarization has intensified. Moldova has received the highest per capita inflow of Ukrainian refugees (17 percent of the total population), of which about 100,000 refugees (4 percent of the total population) remain in Moldova. Driven by rising food and energy prices, inflation accelerated further above the target band.
Download or read book Republic of Moldova written by International Monetary Fund. Statistics Dept. and published by International Monetary Fund. This book was released on 2018-10-03 with total page 18 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Technical Assistance Report discusses the findings and recommendations made by the IMF mission to improve public sector debt statistics (PSDS) in Moldova. The IMF mission found that Moldova continues to improve their recording, compilation and dissemination of PSDS reflecting potential fiscal risks, but faces some statistical challenges going forward. The adoption of recommendations, along with comprehensive monitoring of on-lending and contingent liabilities, would increase the Moldovan policymaker’s ability to forecast future fiscal risk and actively monitor the gross debt of all public-sector institutions in line with the new Fiscal Risk Statement. This would translate into a sound Public Finance Management structure and allow for more accurate macroeconomic surveillance and analysis.
Download or read book Republic of Moldova written by International Monetary Fund and published by International Monetary Fund. This book was released on 2004-12-20 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report assesses the Observance of Standards and Codes on Fiscal Transparency for Moldova. Moldova has made progress in recent years in improving fiscal transparency, and meets the Code of Good Practices on Fiscal Transparency in some areas. However, shortcomings remain in several areas, and key weaknesses have been identified in the monitoring of state-owned enterprises and the regulatory framework for the private sector. In a range of other areas, Moldova meets fiscal transparency requirements to some extent, but further improvements would be useful.
Download or read book Republic of Moldova Selected Issues written by International Monetary and published by International Monetary Fund. This book was released on 2022-02-23 with total page 79 pages. Available in PDF, EPUB and Kindle. Book excerpt: Selected Issues
Download or read book Republic of Moldova written by International Monetary Fund and published by International Monetary Fund. This book was released on 2010-07-27 with total page 83 pages. Available in PDF, EPUB and Kindle. Book excerpt: The composition of short-term and medium-term adjustment measures will facilitate sufficient short-term adjustment flexibility, and be consistent with medium-term fiscal sustainability. Improving debt resolution instruments will help the banks to regain confidence in lending. Meanwhile, there is a need to consider improvements in its liquidity framework. The main factors that shaped the economic growth model in Moldova in the last decade and the risks of the current growth model are outlined. Public policies can promote growth by identifying and addressing the most binding constraints to development.
Download or read book Republic of Moldova written by International Monetary Fund and published by International Monetary Fund. This book was released on 2012-02-09 with total page 55 pages. Available in PDF, EPUB and Kindle. Book excerpt: Moldova’s near-term outlook is aimed at slowing growth and receding inflation, but the deteriorating external environment and the fragile political situation poses significant downside risks. The main drivers of growth are private consumption, investment, and exports, fuelled by remittances and rising credit, which is reflected in the improving business climate. Weak tax collection and expenditure overruns resulted in missing the performance criterion on the general government budget deficit by 0.4 percent of GDP. The indicative target on reducing general government expenditure arrears was missed marginally owing to underpayment of heating bills by the Chisinau municipality.
