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Economy

A $46.1 million instalment of the IMF financing programme has been disbursed to Moldova

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According to a notice made today by the Ministry of Finance of the Republic of Moldova, the International Monetary Fund (IMF) has allocated and disbursed a new $ 46.1 million instalment to the Republic of Moldova, based on the assessment of the progress made in meeting the undertaken commitments.  About $ 27.5 million are designated to support the state budget.

According to the Ministry of Finance, the first disbursement of $30.7 million was made on September 24th, out of which $18.4 million (through the Extended Fund Facility (EFF) financing mechanism) were intended to support the state budget. The remaining $15.4 million were disbursed on September 30th. An amount of $9.1 million was meant to support the state budget through the Extended Credit Facility (ECF) financing mechanism.

The Ministry reiterated that on November 7th, 2016, the Board of Directors of the IMF approved a three-year Program with the Republic of Moldova. The financial support of approximately $178.7 million was supposed to be granted to Moldova in several instalments, aiming to support the reforms promoted by the Government. The amount of $91.4 million had already been disbursed under the existing financing program.

During October 2 – 8, 2019, a staff team of the International Monetary Fund led by Ruben Atoyan is on a working visit to Chișinău.

Photo: seenews.com

Economy

The 3rd EU assistance package for Moldova approved – the amount and programmes to which the budget support is directed

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On October 31st, the European Commission has approved a new disbursement of about €25 million, that representing assistance to the budget of the Republic of Moldova in order to support the Moldovan government in delivering key reforms in the areas of policing, fight against corruption and money laundering, agriculture, as well as rural development, according to a press release of the European Commission.

“Today’s assistance package – the fourth since July – demonstrates the EU’s strong and continued commitment to the reform path of Moldova. It should be seen as recognition of the sustained efforts made by the Moldovan government to address problems within vital areas such as justice and the rule of law for the benefit of the Moldovan people. The EU stands ready to further assist this important process conditional to tangible results, especially on the much-awaited justice reform,” Johannes Hahn, Commissioner for European Neighbourhood Policy and Enlargement Negotiations, declared.

The previous payments were made as following:

The amount of €24.85 million corresponds to budget support disbursements under two programmes:

  • Support to Police reform: particularly, for modernisation of police structures, women participation in the police force, pilot community policing projects, strengthening the rapid-reaction capacities of its intervention teams to emergency calls and reducing the intervention time, building new anti-corruption units within the police to actively promote and implement the principles of zero tolerance to corruption;
  •  ENPARD Moldova – Support to Agriculture and Rural Development: namely, for enhancing the competitiveness of Moldovan agri-food sector by supporting farm investment, creation of producer groups and helping agri-food establishments trade with the EU, helping agricultural producers to comply with international and EU quality standards on food safety and supporting rural development initiatives, initiated at the local level.

According to the platform of EU-funded technical assistance projects in the Republic of Moldova, eu4moldova.md, our country is the largest beneficiary of EU aid per capita in the European neighbourhood, which means that the European Union invested 619 851 649 in the Republic of Moldova until this moment.

The experts believe that in the absence of DCFTA (Deep and Comprehensive Free Trade Area), the Moldova’s state budget would have lost over 7 billion lei in revenues, and the private sector would have lost at least 320 million euros in investments in fixed capital, according to a  report issued by the Expert-Group representatives and the Institute for European Policies and Reforms.

Still, the potential offered by the EU-Moldova Association Agreement has not yet been fully reached, as a lot is still to be done, especially when it comes to functioning of democratic institutions and strengthening the rule of law and the independence of justice.

“The prevention and combating of high-level corruption has been mainly characterised by selective justice practices or by lack of finality, despite the consolidation of the normative and institutional framework by creating the Anti-corruption Prosecutor’s Office and by reforming the integrity system. Efforts aimed at police reform were recorded, being also supported by our development partners. However, the depoliticization of law institutions remains an arrearage. Corruption is still perceived as the main problem of the society. […] All of these have affected the EU-Moldova dialogue, including the use of the full support from the European Union,” the Expert-Group report showed.

Photo: ec.europa.eu

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Economy

Participate in the 6th edition of Moldova Business Week and get to know more about the Moldovan business environment

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Moldova Business Week is the biggest national economic event outlining the policies, reforms, trends and success stories of the investment climate of Moldova, being designed to create a network to benefit from all the business opportunities in Moldova.

This is how the event is presented on the official website. It will be conducted between November 13-15 at the Palace of the Republic (Maria Cebotari street, 16) and on November 16th at the Tekwill Centre (Studenților street, 9/11).

This year program includes an agenda dedicated to Moldova’s strategic sectors like ICT (Information and Communication Technologies) & BPO (Business Process Outsourcing), Agrifood, Tourism and Green Energy, as well as Creative industries and Cinema Production. For the first time, the 4th edition of Moldova Automotive Days will be held during Moldova Business Week, having a focus on Mechatronics, Clusterisation and Research & Development.

On November 15th, the ProExport Forum will be conducted, which will allow local companies to increase the know-how regarding qualitative exports and establish a useful business network. On November 16th, the annual “Moldova in Fashion” Conference will refresh the business trends in the fashion industry.

More than 1000 national and international leaders and business partners are expected to be present at the event, which is organised by the Investment Agency in collaboration with the development partners and the associative environment. Moreover, over 100 local speakers and 26 international speakers from 15 other countries will discuss the opportunities and challenges of the strategic and niche sectors.

The scope of Moldova Business Week 2019 is to promote the business environment in Moldova as one based on sustainable economic growth, friendly fiscal system and open attitude towards establishing transparent commercial relations with partners around the world.

Moldova Business Week will start with panels dedicated to key reforms to improve the investment climate, progress and challenges of foreign investors, followed by individual B2B discussion sessions.

The 4-days-agenda of Moldova Business Week 2019 can be found here.

Access to the conference is free, based on a prior registration on the official page of the event between October 10th and November 10th, 2019.

Moldova is ranked 48th in the Ease of doing business ranking, according to the World Bank Group report on Doing Business 2020. The rank shows where are the regions with easiest to do business in the world. In 2017, Moldova had the 44th place in the ranking, same as in 2018.

Among the states that are ahead of the Republic of Moldova regarding the ease of doing business are Slovakia, Belgium and Armenia, Moldova being followed by Belarus, Montenegro and Croatia.

Doing Business is a valuable tool used by governments, businesses and potential investors to assess the evolution of business environment in a certain country.

Source: Doing Business 2020 Report

Photo: invest.gov.md

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Economy

5 uncommon businesses in Moldova we bet you didn’t know about

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All of them work really hard to see their dreams come true. All of them took risks when investing money, work, equipment and time into their businesses. All of them are great, representing our country and its heritage at home and abroad. There are many more unique businesses like this in Moldova. It’s just that they are not yet discovered by the public eye. For now, check out those presented below.

Biantti – ecological almonds and sea buckthorn products

Biantti is the only local producer of organic flour, cold pressed oil and almond flakes, which is certified as being ecological in the Republic of Moldova.

The owner of a 7 hectares almond orchard, a 10 hectares walnut orchard, a 5 hectares sea buckthorn orchard, as well as the producing factory is Igor Golban. He came back to Moldova after he graduated his studies in France and started the almond business in the village he was born.

By taking the technology from Germany, the planting material from Romania and accessing funds from several sources, including non-reimbursable funds, the idea of growing almonds became reality.

source: madein.md

Besides the almond and walnut oil and flour, briquettes made out of shells, sea buckthorn leaves tea, the producer sells also dried fruits, pumpkin seeds, flax, hemp and cumin oil, pumpkin, as well as flax flour.

“We have a total of 7 generations of nuts and almonds trees. Last year, we gathered 12-14 tons of almonds. This year, around 7-8 tons,” declared Igor Golban.

Only 15% of the volume of the products are exported, the rest remains in the country, being used in Moldovan kitchens.

The owners of this business – Mr. and Mrs. Malancea launched it after the retirement. The pasta and home made noodles are produced from organic ingredients. It is so good that most kindergartens and schools in the region buy pasta from the Malancea family. The couple plans also to export the goods abroad.

“80% of our production is represented by homemade noodles. Moldovans love homemade products,” said Mr. Malancea.

Source: masainfamilie.ro

Every day, 8 employees work at the factory in Antonești. During one day, they use at least 2000 eggs, needed in the production process. Generally, over a ton of pasta is produced in the factory for one day.

The noodles are prepared after a traditional recipe, as they are prepared at home. After the pasta and noodles are dried for 8 hours, the package process comes in place.

Still, Malancea spouses revealed that the biggest problem they have to face is the shortage of skilled labour, as a lot of such workers prefer to work abroad.

Green – handcrafted soap made of natural ingredients

Ivan Chiriac is a beekeeper  who creates honey products and handmade soaps with different natural additions. He can quickly name his products’ properties and has a great passion for what he is doing.

The young man said that it all started with the purchase of the first hive. Then he took what the bees produce and managed to open a small workroom near his house, where he and his partner started to produce honey goods and natural soaps.

source: ea.md

“After discovering the properties of honey, I started to produce different products derived from it, such as solid shampoo and natural soaps, with various additions of plants or oils,” claimed Ivan.

The entire composition of solid shampoo and soap produced at the Ivan’s workroom is based on natural products, such as vegetable oils, seeds, honey, everything being indicated on the label.

Brânza de Popeasca – a unique kind of cheese protected by the European Commision

About Cheese from Popeasca we already wrote in a previous article. It is one of the few authentic products from Moldova that were qualified as products with a protected designation of origin. Once it obtained such a labelling, it can no longer be manufactured according to the same recipe and the same name anywhere in the world. “Brânza de Popeasca” is a cheese made with different additional ingredients like dill, parsley, olives, bell pepper and other kinds of cheese.

source: moldnova.eu

Vadim and Mariana Osipov are the households that manage a farm of 200 heads. Their customers are several restaurants and supermarkets in Chișinău. These people face daily a lot of difficulties, from human factor to climatic conditions. Despite all the hardships, they never give up and continue to work for developing their business and taking it to a new stage.

FROM THE HEART.SHOP – the online shop where only Moldovan goods are sold

FROM THE HEART.SHOP aimed to be the first online store in the Republic of Moldova where products manufactured and created in Moldova were collected in one place. It was set out to create a bridge between Moldovan producers and consumers, wherever they are, as it facilitated the online purchase of the goods desired and their delivery in any corner of the world.

source: fromtheheart.shop

The online platform was founded by a group of enthusiastic people led by Nata Albot, a blogger, TV producer, journalist and a media manager from Moldova.

There online shop sells all kinds of clothing products, shoes, cosmetics, accessories, books and household items from 28 Moldovan brands and there is still room for more.

Photo: Getty Images (Opolja)

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