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Reducing retirement age to affect sustainability of pension system - World Bank

10:07 | 22.12.2020 Category: Economic

Chisinau, 22 December /MOLDPRES/- The World Bank in Moldova has issued a statement saying "it is concerned about the adoption by the Moldovan parliament of several laws that reverse the progress in recent years in relation to sustainability and adequacy of pensions, effectiveness of declaration of assets and personal interests and soundness of the financial sector ”.

Reducing the retirement age will affect the sustainability of the pension system and will result in lower pensions for all, especially for women. "Finally, this measure leaves fewer resources for priority spending on health, education and infrastructure," the statement said.

"The amendments to the legislation on the declaration of assets and personal interests undermine the verification of declarations of assets and personal interests and make it almost impossible to set disciplinary sanctions for violating integrity. Thus, an essential tool to ensure accountability for corruption has been significantly weakened ", the statement reads.

In the same document, the World Bank states that the repeal of Law 235, known as the "billion law", "raises concerns about the ability of the National Bank of Moldova to effectively support macroeconomic and financial stability, which is essential for the well-being of Moldovan citizens." 

Previously, IMF Resident Representative in Moldova Rodgers Chawani issued a statement saying "the implementation of legislative initiatives, approved by the Moldovan parliament seriously threatens the country's macroeconomic and financial stability, which is already severely affected by the pandemic".

At the last parliament meeting, the MPs of PSRM, Shor and those of the For Moldova platform adopted several laws criticized by the parliamentary opposition. Acting President Igor Dodon promulgated them. They include the so-called "billion law", the law on reducing the retirement age, the laws on the status of Gagauzia and the law on use of languages.

 

photo: see.news

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