{"id":99362,"date":"2005-11-16T12:31:00","date_gmt":"2005-11-16T12:31:00","guid":{"rendered":"http:\/\/new.moldova.org\/2005\/11\/16\/moldova-ukraine-and-georgia-are-the-only-cis-countries-implementing-reforms-ebrd-6579-eng\/"},"modified":"2005-11-16T12:31:00","modified_gmt":"2005-11-16T12:31:00","slug":"moldova-ukraine-and-georgia-are-the-only-cis-countries-implementing-reforms-ebrd-6579-eng","status":"publish","type":"post","link":"https:\/\/www.moldova.org\/en\/moldova-ukraine-and-georgia-are-the-only-cis-countries-implementing-reforms-ebrd-6579-eng\/","title":{"rendered":"Moldova, Ukraine and Georgia are the only CIS countries implementing reforms \u2013 EBRD"},"content":{"rendered":"Reading Time: <\/span> 2<\/span> minutes<\/span><\/span>

\"\"Moldova, Ukraine and Georgia are the only CIS countries that made progress in the field of market reforms, countries in which the political changes or modifications of the political vector constituted a stimulus to democracy and promotion of market reforms, reads a press communiqué released by the European Bank for Reconstruction and Development (EBRD) on the occasion of the launch of the Transition Report 2005. <\/p>\n

Instead, the reform of the banking sector in Russia was counterbalanced by the increased state control over oil and gas enterprises which caused the only rating reduction operated by EBRD in 2005. <\/p>\n

EBRD forecasts that the economic growth in Moldova will be of short term, but the prospects for a long-term sustainable economic growth depend on the implementation of the reforms stipulated in the Economic Growth and Poverty Reduction Strategy Paper and in the Action Plan Moldova-EU. Moldova’s economy still depends on remittances. The amount of money sent by the Moldovan workers from abroad is expected to increase by 60 percent this year on last year, according to the forecasts of the National Bank of Moldova quoted by EBRD. <\/p>\n

Despite significant progresses in restoring solvability, the long-term solution to Moldova’s external debt will depend on the implementation of prudent macroeconomic policies. No new state debts were accumulated in 2004 and there were signed a series of agreements of rescheduling and restructuring of the debts. Moldova’s external debt totaled 1.92 billion dollars or 74 percent of the value of the Gross Domestic Product. The public or state-guaranteed debt accounts for 884 million dollars of this sum. The reinvested profit augmented the direct foreign investments up to the record level of 148 million dollars in 2004. <\/p>\n

Nevertheless, the Moldovan economy is still vulnerable to the external stocks, EBRD estimates. <\/p>\n

As to government and enterprises’ restructuring, Moldova has improved its rating from “2 minus” to “2” as a result of reduced state intervention in economy and settlement of some conflicts betweens state and enterprises. Though the Moldovan Government did not prove devotion to pro-Western policies, there were registered certain positive changes. <\/p>\n

The share of unprogressive credits in commercial banks’ credit portfolio decreased from 30 percent in 1999 to about 7 percent in 2004, while the credits released to the population almost doubled reaching 2 percent of the value of the Gross Domestic Product, the EBRD communiqué says. <\/p>\n

According to a survey carried out by EBRD and World Bank among Moldovan businessmen, the business climate has improved compared with 2002 as regards the access to financing, the taxation, the criminality, and to a smaller extent the corruption. Yet, the businessmen meet great difficulties in fiscal administration, regulations and state intervention, as well as from an inefficient customs and judicial system. \/\/ Reporter.MD<\/p>\n","protected":false},"excerpt":{"rendered":"

Reading Time: <\/span> 2<\/span> minutes<\/span><\/span>Moldova, Ukraine and Georgia are the only CIS countries that made progress in the field of market reforms, countries in which the political changes or modifications of the political vector constituted<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-99362","post","type-post","status-publish","format-standard","hentry","category-politics"],"content_social_share":"Reading Time: <\/span> 2<\/span> minutes<\/span><\/span>

\"\"Moldova, Ukraine and Georgia are the only CIS countries that made progress in the field of market reforms, countries in which the political changes or modifications of the political vector constituted a stimulus to democracy and promotion of market reforms, reads a press communiqué released by the European Bank for Reconstruction and Development (EBRD) on the occasion of the launch of the Transition Report 2005. <\/p>\n

Instead, the reform of the banking sector in Russia was counterbalanced by the increased state control over oil and gas enterprises which caused the only rating reduction operated by EBRD in 2005. <\/p>\n

EBRD forecasts that the economic growth in Moldova will be of short term, but the prospects for a long-term sustainable economic growth depend on the implementation of the reforms stipulated in the Economic Growth and Poverty Reduction Strategy Paper and in the Action Plan Moldova-EU. Moldova’s economy still depends on remittances. The amount of money sent by the Moldovan workers from abroad is expected to increase by 60 percent this year on last year, according to the forecasts of the National Bank of Moldova quoted by EBRD. <\/p>\n

Despite significant progresses in restoring solvability, the long-term solution to Moldova’s external debt will depend on the implementation of prudent macroeconomic policies. No new state debts were accumulated in 2004 and there were signed a series of agreements of rescheduling and restructuring of the debts. Moldova’s external debt totaled 1.92 billion dollars or 74 percent of the value of the Gross Domestic Product. The public or state-guaranteed debt accounts for 884 million dollars of this sum. The reinvested profit augmented the direct foreign investments up to the record level of 148 million dollars in 2004. <\/p>\n

Nevertheless, the Moldovan economy is still vulnerable to the external stocks, EBRD estimates. <\/p>\n

As to government and enterprises’ restructuring, Moldova has improved its rating from “2 minus” to “2” as a result of reduced state intervention in economy and settlement of some conflicts betweens state and enterprises. Though the Moldovan Government did not prove devotion to pro-Western policies, there were registered certain positive changes. <\/p>\n

The share of unprogressive credits in commercial banks’ credit portfolio decreased from 30 percent in 1999 to about 7 percent in 2004, while the credits released to the population almost doubled reaching 2 percent of the value of the Gross Domestic Product, the EBRD communiqué says. <\/p>\n

According to a survey carried out by EBRD and World Bank among Moldovan businessmen, the business climate has improved compared with 2002 as regards the access to financing, the taxation, the criminality, and to a smaller extent the corruption. Yet, the businessmen meet great difficulties in fiscal administration, regulations and state intervention, as well as from an inefficient customs and judicial system. \/\/ Reporter.MD<\/p>\n

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