First Meeting of EU-Moldova Sub-Committee on Economic and other Sector Cooperation held in Chisinau

The first meeting of the EU-Moldova Sub-Committee on Economic and other Sector Cooperation was held today and was organised by the Ministry of Economy. The meeting was co-chaired by Octavian Calmac, the Deputy Minister of Economy, and Dirk Lenaerts, Head of Sector for Macro-Financial Assistance, Neighbourhood Countries Unit, Directorate General for Economic and Financial Affairs (DG ECFIN) of the European Commission.

In keeping with the agenda, the parties exchanged views on the macroeconomic situations in Moldova and the EU, on the prospects for accelerating bilateral cooperation regarding the implementation of reforms stemming from the DCFTA, on Moldova’s fiscal and monetary policies, on the developments of inflation and the balance of payments in Moldova, its public finance management (external audit, public procurement, public administration reform), its cooperation in the field of statistics, and the possibility of receiving financial assistance under the EU’s budget support programme.

At the meeting, the parties also agreed to jointly identify solutions for redressing the financial-banking situation in the Republic of Moldova. In this regard, European Commission representatives reiterated its readiness for granting financial assistance and technical expertise for the development and modernisation of Moldova, after an agreement with the IMF has been signed.

The Moldovan side presented the progress made in terms of adopting new legal and normative acts in such areas as public procurement, capital markets, effective protection of investors and consumers, etc. At the same time, the Moldovan side emphasised the importance of the National Bank of Moldova starting the process of taking over international standards, which would allow strengthening its regulatory and supervisory capabilities in the banking sector, and thus, reducing the financial risks of the system.

The Subcommittee meeting was preceded by an EU-Moldova video conference held yesterday at the EU Delegation in Moldova. During this video conference, the parties discussed how to ensure financial stability in Moldova, which represents a condition for receiving budget support financial assistance from the European Commission. Another item on the agenda was the implementation of the provisions in the Association Agreement related to anti-fraud measures and management of EU funds and the cooperation of relevant institutions in Moldova with OLAF (the European Anti-Fraud Office).

Source: www.mec.gov.md