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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

Economy

Moldova will receive two grants of about 12 million dollars from the USA

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The United States will offer two grants of a total amount of $ 12 million to Moldova, under two previously signed between the USA and Moldova agreements. According to a press release of Ministry of Finance of the Republic of Moldova, the money will be offered in the form of technical assistance.

The first grant will supplement the total amount of the Assistance Agreement between the Government of the Republic of Moldova and the Government of the United States of America for a more efficient and responsible democratic governance, which amounts $ 6.6 million, reaching a total value of $ 50.8 million.

The main objective of the program is to ensure a democratic, efficient and responsible government in the Republic of Moldova, by involving citizens in the decision-making process of the Government, ensuring a more transparent and responsible judiciary, and creating conditions for local public authorities to be more involved in solving citizens’ needs.

The second grant represents a supplement to the Assistance Agreement between the Government of the Republic of Moldova and the Government of the United States of America for the increase of trade and investments in key sectors, which adds up $ 5.4 million, reaching a total value of $ 48,4 million.

The objective of the program is to increase competitiveness, improve the business climate and the regulatory framework, to increase access to finance, to improve the skills of the workforce and to fight corruption.

Recently, the US Ambassador to the Republic of Moldova, Dereck J. Hogan, emphasised that external partners want to see a Government implementing reforms, otherwise the country will be lacking financial support. “We want the current Government to continue implementing reforms in the same way. External partners insist on continuing to implement reforms. If external partners, including the US, will not see progress, of course we will stop funding,” the ambassador said.

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Culture

A building from Chișinău was declared “the ugliest building in the world”

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The “Romanița” building in the center of the Moldovan capital has been named by the French journalists as “the ugliest building in the world” in a documentary produced by Arte TV. The film is part of a French project that talks about socialist buildings, which are now abandoned.

This disappointed the artist from Moldova Tatiana Fiodorova, who appears as the protagonist in the documentary film and afterwards filed a complaint against the French channel Arte.TV.  “The documentary is more like an anti-communist horror movie than a research film. They cut and pasted the sequences in such a way that it changed the meaning of the words I said during the interview,” claimed the artist. Shortly after, Arte.TV renamed the documentary to “Moldova: The Colossal Communist Tower”.

Source: noi.md

The “Romanița” building has a height of about 73 meters, being the second tallest building in Chișinău. It has 22 floors, out of which 16 are inhabited by over 300 residents. A few years ago, this building attracted the attention of a team of Polish designers who made a selection of constructions from Eastern European countries that deserve attention, and which in time would degrade if no one intervenes.

In 2009, “Romanița” inspired Tatiana Fiodorova to realise an art project where she presented the uniqueness of this construction and the need to keep it. In this regard, she was contacted by several French journalists from Arte.TV who proposed to talk about the project and about the history of this building. “The filming for the documentary took 2 days. I talked about the project and how we collaborated with the locals, to give this building a new chance. The film’s producers asked me to invite some locals I told about. Some of them accepted. Now, the meaning of their message was transformed into a political one, although during the filming there was no ideological context, ” argued the artist.

Photo: noi.md

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Economy

The state budget for the next year includes a deficit of 7 billion lei. Why this could be a problem?

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On November 27th, the Government of the Republic of Moldova approved the draft budget for the next year. The document displays revenues of over 44 billion lei and expenditures of 51 billion lei. Thus, a budget deficit of 7.4 billion lei was calculated, whereas a lower amount- 6.1 billion lei – was previously presented at the meeting of the National Commission for Collective Consultations and Negotiations on November 25th.

Assurances vs doubts

“The budget deficit difference of 1.3 billion lei is the equivalent of an eventual investment loan for the development of road infrastructure,” explained Minister of Finance Sergei Pușcuța. The minister explained that the deficit will be financed by loans on the internal market, issuance of securities ​​and privatisation of public assets, yet he didn’t provide too many details about it. “The real budget deficit is 2.6 billion lei only,” added Pușcuța.

The internal state debt is expected to not exceed 25.7 billion lei, and the external state debt is forecasted to be 41.8 billion lei at the end of the next year, according to the projections made by the Ministry of Finance.

On the other hand, former Minister of Finance Natalia Gavriliță criticised the decision of the current Government, saying that it is taking irresponsible actions. “The Government increased overnight the state budget deficit to 7.4 billion lei, or 3.25% of GDP. The draft budget was approved without the Government publishing the annexes or the informative notes to the budget. The Minister of Finance avoided to specify how this deficit will be financed. These decisions, which will affect our country in the coming years, are taken with maximum irresponsibility,” the former Minister of Finance said.

The main public expenditures

The main focus of the future public expenditures are investments in infrastructure, creating jobs and increasing people’s well-being, according to an official statement made on the Government official page. That is why, a series of social projects and expenditures were approved, such as granting an unique support for people that receive a low level of pensions and allowances, increasing the cold weather allowance, pension indexation for former military corps, etc.  “We are a Government that is focused on people. That is why we came up with these projects. There is financial coverage for these projects,” said Prime Minister Ion Chicu. The coverage, as the head of Government mentioned, will be provided from the estimated difference in social security revenues, which are expected to be 2 billion lei higher than the revenues in 2019.

Money from abroad

Next year, the Government expects to receive more than 8 billion lei from abroad, according to the annex to the state budget, prepared by the Ministry of Finance, out of which 109.7 million lei in the form of grants received from other states’ Governments, 1.6 billion from donations received from international organisations and 6.3 billion lei from foreign received loans.

At the same time, the US Ambassador to the Republic of Moldova, Dereck J. Hogan, emphasised that external partners want to see a Government implementing reforms, otherwise the country will be lacking financial support. “The PSRM-ACUM coalition had more potential to implement the necessary reforms. Now we expect this to be done by the current Government. […] We want the current Government to continue implementing reforms in the same way. External partners insist on continuing to implement reforms. If external partners, including the US, will not see progress, of course we will stop funding,” the ambassador said.

“Moldova has now a new government, and the need for genuine reforms remains,” stated Federica Mogherini during a speech at the European Parliament Plenary debate on eastern neighbourhood developments. So the external source of financing for Moldova remains conditioned and, therefore, is not certain.

World Bank projections

According to the World Bank economic projections for the Republic of Moldova, the budget revenues was going to reach 29.5% of GDP (66.25 billion lei), while the budget expenditures was going to represent 31.6% of GDP (70.97 billion lei) in 2020. Consequently, a lower budget deficit was expected – 4.72 billion lei. The public external debt was forecasted to raise to 146.43 billion lei, as compared to its actual value of 122.74 billion in 2018. Thus, it is not clear yet how the Ministry of Finance calculated the value of 41.8 billion lei for the state external debt  and whether the values included in the state budget, as well as the Government promises to cover the budget deficit reflect the reality.

Next, there draft budget law will be examined in up to 3 readings in the Parliament, based on an explanatory statement of the Government and the reports’ presentation by specialised committees.  If it’s the case, the necessary changes will be made and the state budget law will be adopted.

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