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Economy

The debt of Moldovagaz to Gazprom has exceeded $6,200,000,000

On the occasion of the 20th founding anniversary, the Moldo-Russian company Moldovagaz meets with record debts to Gazprom. Thus, at the end of 2018, it reached the level of 431,660,000,000 ₽ or about $6,210,000,000 at the exchange rate.

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However, in his report, Gazprom mentions that Moldovagaz’s debt is zero and that the huge debt of $6,210,000,000 is included in the “reserve for credit losses” category. The majority (over 90%) belong to Transnistria, the region which paid absolutely nothing for what has been delivered by Gazprom since 2006.

The same document shows that last year payments made by Gazprom for the transportation of Russian gas on the territory of the Republic of Moldova to other states decreased by more than 22% to $47,100,000,000, which shows that the volume of transported gas has diminished.

Moldovagaz in its current form was founded in May 1999 and Gazprom has a 50% share, the Government of Moldova – 35.33% and the authorities in Tiraspol – 12.44%.

Economy

A mission of the International Monetary Fund led by Ruben Atoyan is coming to Moldova

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A mission of the International Monetary Fund (IMF) headed by Ruben Atoyan will be on an official visit to Chisinau from June 26 to July 10, 2019, writes ZdG.

According to an IMF press release, the mission will hold talks with the authorities in the context of the revision of the IMF-funded program under the Extended Fund Facility (ECF) and WFP arrangements. The mission will analyze recent economic developments and progress in program implementation, as well as update and assess the macroeconomic outlook and discuss with authorities about macroeconomic policies in the coming period.

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Economy

How many millionaires are there in the Republic of Moldova?

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1 760.

1760 citizens of the Republic of Moldova obtained revenues of over 1,000,000 lei in the year 2018. The total income earned by these people was 6.140,000,000 lei and the tax paid to the budget from this income is the amounted to 479.710,000 lei, the State Tax Service announced.

According to the quoted source, the highest amount of income earned by a natural person in 2018 was 83.250,000 lei.

Territorial, most millionaires are registered in Chisinau – 1384.

The youngest person in this category is 21 years old and the oldest – 90 years old.

Accordingly, the average income of a taxpayer is 49.700 lei in 2018 compared to 44.800 lei in 2017.

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Economy

The past and the future of Moldova’s energy sector security

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The energy sector is one of the vulnerable areas of the Republic of Moldova because it could not provide national security in case of exceptional situations.

The energy vulnerability of the Republic of Moldova is caused by the dependence on natural gas and electricity from the outside, obsolete infrastructure and tariffs inadequate to economic rigors. The accession of the Republic of Moldova to the European Energy Community could represent the solution to many problems existing in the energy sector, says the political analyst of the IIDIS Viitorul, Ion Tăbârţă via the Newsletter.

Achieving commitments under the European Energy Community could ultimately lead to diversification of energy supply, demonopolization and liberalization of the energy market, separation of energy activities, renovation and modernization of infrastructure, non-discriminatory tariffs for consumers.

With the signing of the Association Agreement with the EU, the Republic of Moldova started transposing and implementing the provisions of the Energy Package III, adopted by the European Union in 2009.

The Republic of Moldova has achieved good results in transposing the European directives into national legislation, adopting several laws in the energy field. However, the Republic of Moldova is experiencing some delays in adopting sectoral energy laws, such as the Oil Law.

The reforming and modernization of the Moldovan energy system will be realized only after the implementation of these laws, when their functionality will be ensured. The Government of the Republic of Moldova and ANRE are the main institutions responsible for the implementation of the regulatory framework.

The implementation has several dimensions:

  1. development and approval of secondary legislation
  2. liberalization of the energy market and institutional and organizational consolidation
  3. modernization of energy infrastructure.

To achieve these goals, the energy interconnection with the EU must be achieved, which can only be done through Romania. The Government of the Republic of Moldova concluded in 2015 a Memorandum of Understanding with that of Romania. This implied the realization of 5 large projects that would ensure the interconnection of the natural gas and electricity networks between the two states.

What should the Republic of Moldova do for a more secure energy sector?

The Republic of Moldova needs to modernize and restructure it in order to overcome the inherited vulnerabilities of the past. Contrary to expectations arising from the national interest of the Republic of Moldova, this process is much slower than expected.

We have delays in the adoption of legislation, especially the secondary one, and delays in the modernization of energy infrastructure. This is particularly evident in energy interconnections with Romania, which could be viable solutions to many of the existing energy problems in the Republic of Moldova. Under the conditions that there is external support from the outside, such an attitude means that things are “intentionally entangled” inside. Money is capacity, the rest is at the mercy of political will.

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