The World Bank is deeply concerned about the adoption by the Parliament of Moldova of a series of laws that would reverse the hard-earned progress made in recent years on pension adequacy and sustainability, the effectiveness of Moldova’s asset declaration regime in ending impunity for corruption violations, and the soundness of the financial sector.
Lowering the retirement age will weaken the sustainability of the pension system and result in smaller pensions for everyone, especially for women. Ultimately, this measure leaves fewer resources for priority spending in health, education and infrastructure.
The amendments to the asset declaration legislation undermine the verification of asset declarations and make imposing disciplinary sanctions for integrity violations nearly impossible. A critical tool for ensuring accountability for corruption has been greatly weakened.
Finally, the repeal of Law 235 or the “billion law” raises concerns about the National Bank of Moldova’s ability to effectively support macroeconomic and financial stability, essential for the welfare of Moldova’s citizens.