{"id":448249,"date":"2020-05-08T17:03:08","date_gmt":"2020-05-08T17:03:08","guid":{"rendered":"http:\/\/www.moldova.org\/en\/?p=448249"},"modified":"2020-05-08T17:22:46","modified_gmt":"2020-05-08T17:22:46","slug":"the-russian-loan-agreement-declared-unconstitutional-escaping-the-trap-of-excessive-debt-or-missing-a-chance-to-overcome-the-crisis","status":"publish","type":"post","link":"https:\/\/www.moldova.org\/en\/the-russian-loan-agreement-declared-unconstitutional-escaping-the-trap-of-excessive-debt-or-missing-a-chance-to-overcome-the-crisis\/","title":{"rendered":"The Russian loan agreement declared unconstitutional – escaping the trap of excessive debt or missing a chance to overcome the crisis?"},"content":{"rendered":"Reading Time: <\/span> 4<\/span> minutes<\/span><\/span>

The judges of the Constitutional Court of the Republic of Moldova<\/strong> (CC) declared the Agreement between the Government of Moldova and that of Russia, providing for a loan of 200 million euros to be allocated to the Moldovan budget, to be unconstitutional. The decision was announced yesterday, as the adopted law on the ratification of the agreement, along with 2 related Government’s decisions have gained the same status.<\/p>\n

The bill on\u00a0the ratification of the agreement was adopted shortly after the Russian Federation and the Republic of Moldova had signed a loan agreement, on April 17. It was adopted with the vote of 56 socialist and democrat members of the Moldovan Parliament.<\/p>\n

At the same time, the exercise of the constitutionality control of some provisions was requested by several opposition MPs, after the legality and feasibility of the\u00a0conditions for granting the loan have been questioned by experts and civil society.<\/p>\n

See also:\u00a0Experts: What is wrong with the credit agreement signed with the Russian Federation?<\/a><\/span><\/p>\n

In the Opinion<\/a> on the conditions of the EUR 200 million loan offered to the Republic of Moldova by Russian Federation<\/strong> published by the Watchdog experts, Sergiu Tofilat and Valeriu Pasa, is mentioned that the purpose of the loan was to cover Moldova’s budget deficit and to finance joint projects of the agreement parties.<\/p>\n

The agreement included abusive provisions though, according to the published opinion. First, the agreement provided that Russian companies would be contracted for projects funded by the loan<\/span>. “Currently, no public information about the nature of the projects, the benefits for Moldova, the costs and the list of Russian companies is available. Given Russian widespread disreputable precedents and Igor Dodon’s obedience to Vladimir Putin, it is probable that Dodon will promote companies controlled by Putin\u2019s people, which will execute the projects at higher costs in order to misappropriate a part from the loan,”<\/em><\/span> is mentioned in the opinion.<\/p>\n

Moreover, the loan agreement stated that\u00a0the Republic of Moldova would have to<\/span> undertake to repay other loans received from Russian Federation,\u00a0<\/span><\/strong>in addition to the 200 million euros loan.<\/span> Therefore, “there is a risk that Russian companies controlled by Putin’s entourage would register companies in the Republic of Moldova in order to borrow funds from Russian banks, under the guarantee of the Russian government, while the payment obligations would be registered as Moldovan national debt to Russian Federation.”<\/em><\/p>\n

All debts would have been repaid at an interest rate of 2% per year, plus 2% annual penalty*150% to the entire debt<\/strong>,<\/span> including\u00a0 to the interest and penalties for other loans, that is while applying a penalty to another penalty is an illegal provision that can’t be applied in Moldova.<\/p>\n

Taking into consideration that the loan agreement didn’t provide for the jurisdiction that would litigate any loan related disputes and that other loans including private debts could be simply added up to the\u00a0consolidated national debt, that could create\u00a0difficulties in a potential international litigation against the Russian Federation<\/span><\/strong>. “If Russia claims that the Agency, as a creditor of Moldova, is a separate entity from the Russian government, the Republic of Moldova will have to prove in front of an international court that all the actions of this creditor in relation to the debt of Moldova are dictated by Kremlin,”<\/em>\u00a0said the\u00a0Watchdog experts.<\/p>\n

Moldova would risk to have its access blocked to foreign financing by the Russian Federation<\/span>.<\/strong> “According to IMF rules,\u00a0<\/em>lending is prohibited to countries with outstanding debts to other countries.” <\/em>And Moldova would have been gather an impressive foreign debt as a result of the agreement.<\/p>\n

In such a way, the experts concluded that the abusive conditions of the loan agreement would have allowed for a considerable increase of the Moldovan national debt to Russian Federation, which could be used as a control instrument in Moldova\u2019s strategic infrastructure areas, as it previously happened in the natural gas sector.<\/p>\n

The only Moldovan citizen that could benefit from this agreement would be President Igor Dodon. “The EUR 100 million second tranche, scheduled by October 31, 2020, may lead to the re-election of Igor Dodon as president,”<\/em> Watchdog representatives opinated.<\/p>\n

Prime Minister Ion Chicu and President Igor Dodon denied all accusations and repeated the same words in front of Moldovan people:<\/p>\n

“This agreement does not involve any financial or political risks. This agreement does not jeopardise the economic security of the country, nor does it affect other agreements.”<\/p><\/blockquote>\n

As a consequence of the CC decision to declare the loan agreement unconstitutional, it’s ratification was blocked along with the funds that won’t reach the Moldovan budget. “In the context of the crisis, we can get through this year without Dodon’s airports and the roads around them. We can reduce the expenses for them by the amount of the Russian loan,”<\/em>\u00a0suggested<\/a>\u00a0Former Minister of Finance, Natalia Gavrilita.<\/p>\n

According to the World Bank<\/strong> projections<\/a> regarding Moldova’s economic development, the unfolding economic crisis will lead to a contraction of Moldova’s economy in 2020. “If the coronavirus outbreak is largely contained by mid-2020, with a recovery thereafter, in the baseline scenario by year-end, the economy will still have to deal with a recession of 3.1 percent. […]\u00a0Increased social needs and unemployment, as well as fiscal stimulus through public investment, will bring fiscal deficits above the historical average in the years to come,”<\/em><\/span> is mentioned in the report.<\/p>\n

However, a prolonged disruption of economic activities until August 2020 would cause Real GDP growth to fall by 5.2%, which would be the biggest drop since 2009. “Weaker growth will further strain public finances faced with already large financing needs at 15 percent of GDP. A higher number of returning migrants, high social spending needs and high unemployment may put additional strain on labor market conditions and create further fiscal pressures,”<\/span><\/em> said the World Bank projections that were updated recently.<\/p>\n

\"\"<\/p>\n

Photo:\u00a0Feodora Chiosea | Getty Images<\/p>\n","protected":false},"excerpt":{"rendered":"

Reading Time: <\/span> 4<\/span> minutes<\/span><\/span>The judges of the Constitutional Court of the Republic of Moldova (CC) declared the Agreement between the Government of Moldova and that of Russia, providing for a loan of 200 million euros to be allocated to the Moldovan budget, to be unconstitutional. The decision was announced yesterday, as the adopted law on the ratification of […]<\/p>\n","protected":false},"author":31,"featured_media":448251,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5,9,12,3,4,56],"tags":[515,380,381,704,35,679,27,32],"class_list":["post-448249","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","category-justice","category-opinion","category-politics","category-society","category-reportaje","tag-agreement","tag-constitutional-court","tag-crisis","tag-debt","tag-important","tag-loan","tag-moldova","tag-russia"],"content_social_share":"Reading Time: <\/span> 4<\/span> minutes<\/span><\/span>

The judges of the Constitutional Court of the Republic of Moldova<\/strong> (CC) declared the Agreement between the Government of Moldova and that of Russia, providing for a loan of 200 million euros to be allocated to the Moldovan budget, to be unconstitutional. The decision was announced yesterday, as the adopted law on the ratification of the agreement, along with 2 related Government’s decisions have gained the same status.<\/p>\n

The bill on\u00a0the ratification of the agreement was adopted shortly after the Russian Federation and the Republic of Moldova had signed a loan agreement, on April 17. It was adopted with the vote of 56 socialist and democrat members of the Moldovan Parliament.<\/p>\n

At the same time, the exercise of the constitutionality control of some provisions was requested by several opposition MPs, after the legality and feasibility of the\u00a0conditions for granting the loan have been questioned by experts and civil society.<\/p>\n

See also:\u00a0Experts: What is wrong with the credit agreement signed with the Russian Federation?<\/a><\/span><\/p>\n

In the Opinion<\/a> on the conditions of the EUR 200 million loan offered to the Republic of Moldova by Russian Federation<\/strong> published by the Watchdog experts, Sergiu Tofilat and Valeriu Pasa, is mentioned that the purpose of the loan was to cover Moldova’s budget deficit and to finance joint projects of the agreement parties.<\/p>\n

The agreement included abusive provisions though, according to the published opinion. First, the agreement provided that Russian companies would be contracted for projects funded by the loan<\/span>. “Currently, no public information about the nature of the projects, the benefits for Moldova, the costs and the list of Russian companies is available. Given Russian widespread disreputable precedents and Igor Dodon’s obedience to Vladimir Putin, it is probable that Dodon will promote companies controlled by Putin\u2019s people, which will execute the projects at higher costs in order to misappropriate a part from the loan,”<\/em><\/span> is mentioned in the opinion.<\/p>\n

Moreover, the loan agreement stated that\u00a0the Republic of Moldova would have to<\/span> undertake to repay other loans received from Russian Federation,\u00a0<\/span><\/strong>in addition to the 200 million euros loan.<\/span> Therefore, “there is a risk that Russian companies controlled by Putin’s entourage would register companies in the Republic of Moldova in order to borrow funds from Russian banks, under the guarantee of the Russian government, while the payment obligations would be registered as Moldovan national debt to Russian Federation.”<\/em><\/p>\n

All debts would have been repaid at an interest rate of 2% per year, plus 2% annual penalty*150% to the entire debt<\/strong>,<\/span> including\u00a0 to the interest and penalties for other loans, that is while applying a penalty to another penalty is an illegal provision that can’t be applied in Moldova.<\/p>\n

Taking into consideration that the loan agreement didn’t provide for the jurisdiction that would litigate any loan related disputes and that other loans including private debts could be simply added up to the\u00a0consolidated national debt, that could create\u00a0difficulties in a potential international litigation against the Russian Federation<\/span><\/strong>. “If Russia claims that the Agency, as a creditor of Moldova, is a separate entity from the Russian government, the Republic of Moldova will have to prove in front of an international court that all the actions of this creditor in relation to the debt of Moldova are dictated by Kremlin,”<\/em>\u00a0said the\u00a0Watchdog experts.<\/p>\n

Moldova would risk to have its access blocked to foreign financing by the Russian Federation<\/span>.<\/strong> “According to IMF rules,\u00a0<\/em>lending is prohibited to countries with outstanding debts to other countries.” <\/em>And Moldova would have been gather an impressive foreign debt as a result of the agreement.<\/p>\n

In such a way, the experts concluded that the abusive conditions of the loan agreement would have allowed for a considerable increase of the Moldovan national debt to Russian Federation, which could be used as a control instrument in Moldova\u2019s strategic infrastructure areas, as it previously happened in the natural gas sector.<\/p>\n

The only Moldovan citizen that could benefit from this agreement would be President Igor Dodon. “The EUR 100 million second tranche, scheduled by October 31, 2020, may lead to the re-election of Igor Dodon as president,”<\/em> Watchdog representatives opinated.<\/p>\n

Prime Minister Ion Chicu and President Igor Dodon denied all accusations and repeated the same words in front of Moldovan people:<\/p>\n

“This agreement does not involve any financial or political risks. This agreement does not jeopardise the economic security of the country, nor does it affect other agreements.”<\/p><\/blockquote>\n

As a consequence of the CC decision to declare the loan agreement unconstitutional, it’s ratification was blocked along with the funds that won’t reach the Moldovan budget. “In the context of the crisis, we can get through this year without Dodon’s airports and the roads around them. We can reduce the expenses for them by the amount of the Russian loan,”<\/em>\u00a0suggested<\/a>\u00a0Former Minister of Finance, Natalia Gavrilita.<\/p>\n

According to the World Bank<\/strong> projections<\/a> regarding Moldova’s economic development, the unfolding economic crisis will lead to a contraction of Moldova’s economy in 2020. “If the coronavirus outbreak is largely contained by mid-2020, with a recovery thereafter, in the baseline scenario by year-end, the economy will still have to deal with a recession of 3.1 percent. […]\u00a0Increased social needs and unemployment, as well as fiscal stimulus through public investment, will bring fiscal deficits above the historical average in the years to come,”<\/em><\/span> is mentioned in the report.<\/p>\n

However, a prolonged disruption of economic activities until August 2020 would cause Real GDP growth to fall by 5.2%, which would be the biggest drop since 2009. “Weaker growth will further strain public finances faced with already large financing needs at 15 percent of GDP. A higher number of returning migrants, high social spending needs and high unemployment may put additional strain on labor market conditions and create further fiscal pressures,”<\/span><\/em> said the World Bank projections that were updated recently.<\/p>\n

\"\"<\/p>\n

Photo:\u00a0Feodora Chiosea | Getty Images<\/p>\n

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