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Moldova’s new debts overlapped the old ones. And the external public debt increased by a third during the year. And the total debt of the state, thanks to this, has significantly gained weight. The weakening of the national currency, despite the NBM’s efforts to support the exchange rate, certainly made its contribution. But against the background of world financial events, it does not look like such a respectable factor for new borrowings burdening the economy. Although without them we are nowhere.
The AIS MIAD (Information System for Management and Issuance of Authorization Documents), once introduced with great pomp, still does not pay back the resources invested in it. Such conclusions were reached by the Court of Accounts of the Republic of Moldova, having assessed the implementation of recommendations by the agencies.
This week, the first portion of the census campaign results – the number of the population permanently residing in the country and by regions – was announced. The second portion – about demographic features – was saved for the end of August. We will learn information about residential buildings only by the end of the year. The question about the time of disclosure of ethnic composition, nationality and mother tongue was not even raised by those present at the official meeting at the National Bureau of Statistics (NBS)….
Against the background of the general well-being of the financial sector, the decline in profitability of the insurance business in the first quarter of the year looks, at least, strange. The National Bank does not name the real reasons for the deterioration, but fixes the decrease in total profit, losses of insurance companies and other obvious symptoms of temporary malaise.
When the Prima Casa program was launched in Moldova in 2018, it was positioned as a large-scale social initiative – a chance for young families to find their own housing with state support. Today, several years later, Prima Casă has turned into a source of uncertainty, debt traps and social tensions. Instead of a sustainable solution to the housing problem, we got an overheated market, disguised incentives for the banking sector and the state’s withdrawal from its own obligations.
Moldova’s gross external debt increased in the first quarter of 2025 by 3% (+$303.82 million) and amounted to $10,517.15 million, which is 57.4% of GDP (+1.3 p.p. since the beginning of the year). The rate of external debt accumulation is still inferior to the rate of domestic borrowings – they are at least twice as fast, although they still account for about 40% of the total government debt.
Now everyone is already preparing for the parliamentary elections scheduled for September 28. In this context, any serious discussion about the country’s development paths, the state of Moldova’s economy, the necessary radical and comprehensive measures to radically break the established state system, which is already completely rotten and shows its insolvency, are perceived exclusively through the prism of the political context and the upcoming elections.
Foreign trade statistics indicates a significant decline in export revenues. And the structure of demand for foreign currency on the part of business demonstrates an increasingly pronounced gap with import dynamics, analysts of the National Bank record. According to their estimates, the current account deficit in the first quarter shows more than twofold increase on paper. In life, it has to be “covered” with something.
In the first half of 2025, the Court of Accounts of the Republic of Moldova has found, based on the results of inspections, violations that may indicate fraud and corruption in central institutions and local authorities. Based on reasonable suspicions, 11 packages of documents were sent to the prosecutor’s office for further investigation.
The Court of Accounts of Moldova has completed an external audit of ministerial reports on the responsible management of state assets in 2024. Overall, the financial discipline of the executive bodies of the central government is far from perfect.
Any future government in Moldova will have a very unenviable inheritance. The pre-election package should mainly focus on two priority areas: the institutions of power and governance – their functionality and efficiency; and the economy – viability and financial sustainability at the micro and macro levels. Reform of the state – whose institutions show signs associated with insolvency and inefficiency, the consequence of which is prolonged stagnation and poverty – is crucial and can never be delayed.
This week, the government approved a single package of amendments to a number of laws establishing standards of activity on the financial and capital markets. Consumers of financial services will receive real protection: the powers of the National Commission for Financial Market (NCFM) will be expanded.
Are you quietly perplexed when account maintenance in different banks is called differently? When a free pension or social security account is debited every month? When transactions are priced ahead of other countries’ payment systems? You are not alone…
Moldova is experiencing a changing migration pattern due to various factors, including economic and social conditions. The main trends include population decline, outflow of young people and increase in internal migration.
Valeriu Chitan devoted his professional career to public finance, passing through all levels of the service hierarchy: from economist to Minister of Finance.
The United Nations has identified the causes of the world’s falling birth rate. The answer lies in the freedom of reproductive choice, which only economic stability, decent health and confidence in the future provide, not today’s access to services. Many people are deprived of this choice, and Moldova is no exception.
If we listen to the officials from the authorities, Moldovan parliamentarians and European deputies and commissioners, it was not rain from the sky, but a real “downpour of money” that poured down on Moldova during the whole May. The financial rainfall is estimated at 3.4 billion euros in total, even if some of it is still declarative in nature.
A growth plan or a spending plan? This is a question that experts are increasingly asking about European aid to the country. Apart from critical remarks, there are also constructive suggestions. Expert-Grup believes that investment funds are the main condition for accelerating economic growth.
Let’s work together to create a culture of accountability where every audit report is a step forward toward a government that serves the citizens!
In 2025, the Audit Chamber intends to expand the digitalization of audit, strengthen institutional independence, attract and motivate human resources. The main message of the departmental Report on the Activities of the Supreme Audit Institution in 2024 is directed to the future.
