{"id":236913,"date":"2005-12-12T10:00:00","date_gmt":"2005-12-12T10:00:00","guid":{"rendered":"http:\/\/new.moldova.org\/2005\/12\/12\/wb-representative-advises-chisinau-to-expand-initiated-structural-reforms-7278-eng\/"},"modified":"2005-12-12T10:00:00","modified_gmt":"2005-12-12T10:00:00","slug":"wb-representative-advises-chisinau-to-expand-initiated-structural-reforms-7278-eng","status":"publish","type":"post","link":"https:\/\/www.moldova.org\/en\/wb-representative-advises-chisinau-to-expand-initiated-structural-reforms-7278-eng\/","title":{"rendered":"WB representative advises Chisinau to expand initiated structural reforms"},"content":{"rendered":"Reading Time: <\/span> 2<\/span> minutes<\/span><\/span>

\"\"The World Bank representative in Chisinau Edward Brown was invited for the first time to take part in the plenary meeting of the Moldovan Parliament to answer MPs’ questions on Thursday evening. <\/p>\n

After Edward Brown made an overview of the World Bank, Ion Gutu, MP of “Our Moldova” Alliance” asked to forgive Moldova’s foreign debts accumulated as a result of wrong advices and commercial credits granted in the ‘90s of the last century, inclusively by the World Bank. “Political pressure was exerted on Moldova and its economic capacities were assessed mistakenly thus Moldova being forced to take credits. The debts total 157 million dollars and if Moldova sues the World Bank we will win the case,” Gutu said. <\/p>\n

He was supported by a number of communist MPs, including Victor Stepaniuc and the leader of the parliamentary faction of the Communist Party Eugenia Ostapciuc. <\/p>\n

The WB representative in Chisinau said yet that Moldova is the victim of its own improving statistics and it cannot qualify for being rescheduled the foreign debts in the current conditions. “We have examined ways of easing the burden of foreign debts but in the moment when Moldova asked for this the window of opportunity was already closed. The share of the foreign debt in the Gross Domestic Product of Moldova is nowadays much lower than that of the African countries included in Heavily Indebted Poor Countries Initiative (HIPC) qualified for being forgiven the debts. If we look at the economic realities, Moldova may well honor its foreign debt without difficulties,” Brown said. <\/p>\n

Tough Moldova was given as example of reforming country at the beginning of the ‘90s, it lags behind the Baltic States for instance, because of economy’s structure and reform slowdown. The WB representative urged Chisinau to expand the initiated structural reforms, to create favorable conditions for the business environment and to diversify the sources of energy supply in order to avoid external shocks. <\/p>\n

“Moldova’s economic capacities were exhausted to a certain extent. You need now new investments because the local investments constitute only 30 percent of the Gross Domestic Product, while the direct foreign investments are very low. You need to continue improving the investment climate because alongside money the foreign companies bring knowledge that is even more important,” Brown told. <\/p>\n

Communist MP Dmitri Todoroglo criticized the process of land appropriation to peasants that was supported by the World Bank and the US. In his opinion, the land was parceled out excessively and now the consolidation of the agricultural lands necessitates double funds. <\/p>\n

In reply, the WB representative said that the Moldovan authorities do not have the capacity of implementing foreign donors’ recommendations. They should learn now how to use the assistance offered by the European Union as part of the New Neighborhood Policy. \/\/ Reporter.MD<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Reading Time: <\/span> 2<\/span> minutes<\/span><\/span>The World Bank representative in Chisinau Edward Brown was invited for the first time to take part in the plenary meeting of the Moldovan Parliament to answer MPs\u2019 questions on Thursday evening.<\/p>\n

Af<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-236913","post","type-post","status-publish","format-standard","hentry","category-economy"],"content_social_share":"Reading Time: <\/span> 2<\/span> minutes<\/span><\/span>

\"\"The World Bank representative in Chisinau Edward Brown was invited for the first time to take part in the plenary meeting of the Moldovan Parliament to answer MPs’ questions on Thursday evening. <\/p>\n

After Edward Brown made an overview of the World Bank, Ion Gutu, MP of “Our Moldova” Alliance” asked to forgive Moldova’s foreign debts accumulated as a result of wrong advices and commercial credits granted in the ‘90s of the last century, inclusively by the World Bank. “Political pressure was exerted on Moldova and its economic capacities were assessed mistakenly thus Moldova being forced to take credits. The debts total 157 million dollars and if Moldova sues the World Bank we will win the case,” Gutu said. <\/p>\n

He was supported by a number of communist MPs, including Victor Stepaniuc and the leader of the parliamentary faction of the Communist Party Eugenia Ostapciuc. <\/p>\n

The WB representative in Chisinau said yet that Moldova is the victim of its own improving statistics and it cannot qualify for being rescheduled the foreign debts in the current conditions. “We have examined ways of easing the burden of foreign debts but in the moment when Moldova asked for this the window of opportunity was already closed. The share of the foreign debt in the Gross Domestic Product of Moldova is nowadays much lower than that of the African countries included in Heavily Indebted Poor Countries Initiative (HIPC) qualified for being forgiven the debts. If we look at the economic realities, Moldova may well honor its foreign debt without difficulties,” Brown said. <\/p>\n

Tough Moldova was given as example of reforming country at the beginning of the ‘90s, it lags behind the Baltic States for instance, because of economy’s structure and reform slowdown. The WB representative urged Chisinau to expand the initiated structural reforms, to create favorable conditions for the business environment and to diversify the sources of energy supply in order to avoid external shocks. <\/p>\n

“Moldova’s economic capacities were exhausted to a certain extent. You need now new investments because the local investments constitute only 30 percent of the Gross Domestic Product, while the direct foreign investments are very low. You need to continue improving the investment climate because alongside money the foreign companies bring knowledge that is even more important,” Brown told. <\/p>\n

Communist MP Dmitri Todoroglo criticized the process of land appropriation to peasants that was supported by the World Bank and the US. In his opinion, the land was parceled out excessively and now the consolidation of the agricultural lands necessitates double funds. <\/p>\n

In reply, the WB representative said that the Moldovan authorities do not have the capacity of implementing foreign donors’ recommendations. They should learn now how to use the assistance offered by the European Union as part of the New Neighborhood Policy. \/\/ Reporter.MD<\/a><\/p>\n

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