Banca de Economii S.A.

As the permanent representative of IMF in Moldova Johan Mathissen announced, the mission will assess achievements of the government and NBM in the field of meeting commitments of the program. Macroeconomic projections for remainder of 2007 accounting increase of price for the natural gas and expected restitution of Moldovan wines to Russia will be also evaluated. Besides this, IMF mission in cooperation with the government and NBM will come to an agreement of macroeconomic forecasts till the end of the year. It is expected that Memorandum on economic and financial policies that is being drafted by government will focus on continued financial sector reform, improved fiscal management, and structural reforms designed to improve the business environment. Initiatives of the president of Moldova Vladimir Voronin devoted to economical liberalization will be the key topic of discussion in time of the meeting of IMF experts with authorities of the country in Chisinau. It is planned that main attention of discussion will be paid to initiatives of the president of the country aimed at amnesty of capital, tax amnesty and fixing zero rate of profit tax. As the permanent representative of IMF in Moldova Johan Mathissen announced, the experts of the fund consider vitally important any changes focused at macroeconomic stability and reduction of inflation level. He noted that international experience shows that such reforms are successful only under condition of tax administration improvement. For achievement of this goal, IMF and other international partners assist Moldova in modernization of General State tax inspection. As Johan Mathissen emphasized, fundamental steps targeted at corruption prevention, improvement of infrastructure, increase of market competition and reduction of governmental interference in economy are more likely to stimulate promotion of investments, economic growth facility and poverty level reduction than just tax measures.

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