Moldova Financial Sector Assessment Program : Technical Notes
Moldova declared its independence in August 1991 and adopted its current constitution in July 1994. Over the intervening decade, the legal framework governing the regulation and supervision of the country's financial and business sectors has u...
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| Language: | English English |
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World Bank, Washington, DC
2021
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| Online Access: | http://documents.worldbank.org/curated/en/586881468057373495/Moldova-Financial-sector-assessment-program-technical-note http://hdl.handle.net/10986/36218 |
| Summary: | Moldova declared its independence in
August 1991 and adopted its current constitution in July
1994. Over the intervening decade, the legal framework
governing the regulation and supervision of the
country's financial and business sectors has undergone
significant reform. However, Moldova has lagged behind in
the creation of a business-friendly legal and tax
environment. Recent reports and surveys have confirmed that
the risks and costs of doing business are high and that
administrative burdens of all kinds are excessive. Access to
finance is limited and regulatory compliance costs are
amongst the highest in the region. Moldova might wish to
emulate the practice of India, for example, where the
authorities have sought to address this issue by requiring
inspection officials to complete a logbook at the premises
of the company undergoing inspection, explaining why they
are inspecting and summarizing their findings. To their
credit, the Moldovan authorities have recognized many of the
major areas in need of review and restructuring and have
embarked upon an ambitious legal reform agenda. |
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