CHISINAU, October 20, 2011 - A new IFC and World Bank report -Doing Business 2012: Doing Business in a More Transparent World - ranked the Republic of Moldova as a runner-up in a list of top ten global reformers. The report assesses regulations affecting domestic firms in 183 economies and ranks the economies in ten areas of business regulation, such as starting a business, resolving insolvency, and trading across borders. The study?s methodology expanded this year to include indicators on getting electricity connections.
The Republic of Moldova came second in a list of top reformers which also includes Morocco, Former Yugoslav Republic of Macedonia, São Tomé and Príncipe, Latvia, Cape Verde, Sierra Leone, Burundi, the Solomon Islands, the Republic of Korea, Armenia, and Colombia.
Moldova rose from 99 to 81 in the global rankings, a total of 18 positions. In its neighborhood the country ranked higher than Ukraine - 152nd place and Russian Federation - 120th place, but scored lower than Romania - 72nd.
The country implemented reforms in four areas covered by the Doing Business report: Starting a Business, Getting Credit (credit information), Enforcing Contracts and Resolving Insolvency.
Moldova made starting a business easier by establishing a one-stop shop at the State Registration Chamber. A new law on private bailiffs passed in July 2010 establishes a new fee-based profession, which aims to make enforcements of judgments more efficient, in addition to reducing corruption in the system. Amendments to Moldova's insolvency law granted priority to secured creditors. And the establishment of the country's first private credit bureau improved its credit information system. This is a major step in increasing access to finance through a gradual reduction of the high risk margins currently charged by the banks on loans.