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International Monetary Fund. European Dept.
This Selected Issues paper provides a systematic assessment of Moldova’s governance and institutional frameworks. It follows guidelines approved by the IMF executive board, which were developed to deliver systematic and even-handed analysis on macroeconomically critical governance and institutional vulnerabilities. This paper also focuses on seven key areas for IMF engagement: corruption, rule of law, regulatory framework, fiscal governance, financial sector oversight, anti-money laundering/combating the financing of terrorism, and central bank governance. The analysis is based on internationally comparable data, diagnosis from IMF technical assistance reports, as well as other expert assessments. Strengthening the judiciary and rule of law and accelerating state-owned enterprises (SOE) reform are clear priorities. The widespread nature of governance vulnerabilities and institutional weaknesses in Moldova, combined with capacity constraints, creates challenges for policy formulation and prioritization. Policy efforts should therefore focus on strengthening rule of law and reforming Moldova’s judiciary system, as well as building capacity and increasing the autonomy of key institutions. Steadfast SOE reform would foster competition, investment, and productivity, while reducing fiscal risks.
International Monetary Fund. European Dept.

areas . Weaknesses in revenue mobilization , including those from corruption, can have adverse consequences for deficits, debt accumulation, and the provision of public services. Weaknesses in public spending (including procurement) can inflate costs, generate inefficiencies and biases towards wasteful subsidies or projects that generate kickbacks. Insufficient fiscal transparency can undermine accountability and provide opportunities for misappropriation of public funds ( IMF 2018 ). 22. Low tax efficiency, weak revenue institutions, and extensive tax