ECO-BUS WEEKLY DIGEST August 05 - 11. Most important Economy & Business news by IPN

● MONDAY, August 5

Corn and sunflower in central Moldova in better state than in southern districts


The state of corn and sunflower crops in the central-eastern area of the country is better compared to the southern districts of the country. The degree of damage to crops is between 20% and 40%, with extremes of up to 80% in particular cases. State secretary of the Ministry of Foreign Affairs Vasile Șarban paid a working visit to Anenii Noi and Criuleni districts to assess the impact of high temperatures on second-group crops.

Over 39,000 vouchers redeemed as part of “Rabla for household appliances” program

More than 39,000 vouchers were redeemed as part of the “Rabla for household appliances” program, for replacing old light bulbs and household appliances with new and energy-efficient ones. This pilot program, with a total estimated budget of approximately €5.34 million, was made possible by funding from the European Union through the “Addressing the impacts of the energy crisis” program, implemented by UNDP.

A8 motorway will intersect with A7 and will cross the Prut River

“The A7 Ploiesti-Paşcani motorway, without A8 Iasi-Târgu Mureş, is economically inefficient. For 25 years, we have been talking about A8, but there was no will to do it,” said the president of the Chamber of Commerce and Industry (CCI) Iasi Paul Butnariu. The official also said that Moldova needs a highway to western Romania like air, according to news.ro.

Bees Airlines to operate flights from Chisinau International Airport

The Romanian airline Bees Airlines is coming to the Republic of Moldova. Starting with August 20, it will operate flights from the Chisinau International Airport to Verona.

Flights from Chisinau to Verona will be provided twice a week, on Tuesday and Saturday.

● TUESDAY, August 6

New local taxes in Chisinau are applied from July 26


The local taxes for 2024, which were recently approved by the Chisinau Municipal Council (CMC), are implemented starting with the fiscal period related to the third quarter of this year, namely from July 26. The State Tax Service provided clarifications in this regard.

CNAM collected 7.5bn lei revenues in health insurance funds in seven months

The National Health Insurance Company (CNAM) in the first seven months of this year accumulated revenues of about 7.5 billion lei in the mandatory health insurance funds, up by about 787 million or by 11.8 percent compared to the same period last year.

Central bank keeps key rate unchanged

The key rate on the main short-term monetary policy operations remains unchanged at 3.6% annually, the National Bank of Moldova’s board decided today. Interest rates on overnight loans and deposits, repo operations, as well as mandatory reserve norms were also left unchanged.

● WEDNESDAY, August 7

Tobacco producers affected by drought ask for help from authorities


The year 2024 could have become a year of revitalization for the tobacco production sector in the Republic of Moldova, if we had not been affected by the severe drought faced by the entire country, said representatives of the public association “Tutun Moldova”. According to them, out of the approximately 400 hectares cultivated with tobacco, two thirds were affected by drought. In an open letter addressed to Prime Minister Dorin Recean and Minister of Agriculture and Food Industry Vladimir Bolea, they ask constitute a working group to assess the complicated situation of the producers and to draw up and implement a plan of concrete and realistic actions to remedy the state of affairs.

Annual inflation rate will have a relatively stable trend, NBM

The annual inflation in June was 3.8%, being by 0.1 percentage points below the level of March. In June, the annual inflation rate returned to the ±1.5 percentage point variation range from the 5% target after temporarily leaving it in May. According to the National Bank of Moldova, the downward trend of the annual inflation rate in the second quarter was determined, on the one hand, by the modest domestic demand and, on the other hand, by the trajectory of international food prices, domestic prices for agricultural and industrial production, as well as the fuel and regulated prices.

Tax Service in first half of 2024 accumulated 34.7bn lei revenues into NPB

Revenues in the amount of 34.7 billion lei, administered by the State Tax Service, were accumulated during the first six months of this year into the National Public Budget (NPB). This is by 3.61 billion lei more than in the corresponding period of 2023. Compared to the set objective of 34.05 billion lei, by 647.25 million lei more was collected.

219 households became energy efficient thanks to EU support

219 energy-vulnerable households, of which 74 foster care homes, benefited from measures to improve the energy efficiency of buildings within the “Green Home” pilot initiative, carried out with the financial support of the European Union and implemented by the United Nations Development Program.

NPB revenues in 2027 expected to rise by 17.2% against 2025

The revenues of the National Public Budget in 2027 will increase by 17.2% compared to 2025. In the case of the expenditure, the increase will be 15.2%. Under these conditions, the NPB deficit is to decrease from 3.8% of GDP in 2025 to 3.1% in 2027. The Cabinet on Wednesday approved the Medium-Term Budget Framework for 2025-2027. The document sets the objectives of the budgetary-fiscal policy and determines the framework of resources and costs of the NPB for the next three years.

● THURSDAY, August 8

1,470 Ukrainian citizens are officially employed in Moldova


Programmer, engineer, doctor, educator or seamstress are among the professions that the over 1,470 Ukrainian citizens employed in the Republic of Moldova have exercised since the beginning of the exceptional situation.

According to data from the National Employment Agency, the majority of employed people are women – slightly over 1,000. Territorially, most of the Ukrainians work in the municipality of Chisinau, which is followed by ATU Gagauzia and Balti at a great distance.

Less natural gas was consumed last month compared to last July

The natural gas consumption in July was 12.1 million cubic meters, which is by 24.3% less compared to the same period last year. Against June 2024, this indicator decreased by 2.8 million cubic meters or about 19%.

Official reserve assets on the rise

The official reserve assets at the end of July amounted to US$5.483,9 billion, up by US$195.29 million compared to the end of June.

The National Bank of Moldova said that the increase in the official reserve assets was due to the registration of loans in favor of the Ministry of Finance, ECF (Extended Credit Facility) and EFF (Extended Fund Facility) tranche VII and RSF (Resilience and Sustainability Facility) tranche I, disbursed by the International Monetary Fund. Their value was US$175.46 million.

46 schools will benefit from energy renovations with loan raised from IBRD

Forty-six schools in the country are to be renovated from an energy point of view within the project “Sustainable Transition to Energy Efficiency in Moldova” (STEEM). For its implementation, the International Bank for Reconstruction and Development (IBRD) provides US$54.5 million, of which US$50 million in the form of a loan and US$4.5 million in the form of a grant. The agreement was signed on Thursday at the Ministry of Energy.

Irregularities detected at Termoelectrica

The interim director of JSC Termoelectrica Yurie Razlovan announced that when he took over, he found that success bonuses to the value of over 5 million lei were unjustifiably paid at the company to particular administrators of municipal housing sector management enterprises that are in the process of insolvency. According to him, legal action was taken to recover this amount.

● FRIDAY, August 9

CES institutes state of early alert in natural gas sector

The Commission for Emergency Situations (CES) declared a state of early alert in the natural gas sector. The decision was adopted after the Ministry of Energy presented information about the potential risk of interruption of natural gas supplies as a result of military actions close to the cross-border interconnection point between the Russian Federation and Ukraine (Sudja).

Moldova’s exports of dried fruit up 65%

Exports of dried fruit from Moldova in the first six months of 2024 increased by 65% compared to the corresponding period last year.

The Ministry of Agriculture and Food Industry said that the increase from 4,000 tonnes to 6,600 tonnes reflects the hard work and devotion of the Moldovan producers.

Manufacturers obliged to indicate substances that cause allergies or intolerance on label

Manufacturers are obliged to indicate on the label the substances that cause allergies or intolerance. The warning was issued by the National Agency for Food Safety, which noted that the improper labeling of food products, especially substances that cause allergies or intolerance, is one of the most widespread nonconformities detected during inspections.

Fuel prices continue declining

Gasoline COR 95 during the next three days will cost 24.25 lei/liter (-0.04 lei), while standard diesel fuel – 20.46 lei/liter (-0.07 lei). The National Agency for Energy Regulation said the fuel prices have declined for the fifth week.

The price reduction for standard diesel fuel over the last five weeks was 1.33 lei/liter, while for COR 95 gasoline – 1.04 lei/liter. Pump prices get closer to the minimum values recorded this year.

Apple producers expect lower harvest than last year

Apple producers in Moldova estimate that the apple harvest this year will be by 14% lower. About 450,000 tonnes of apples are projected to be harvested this year. The drought, limited access to irrigation systems and orchard clear-out have led to a decrease in the harvest.

Switzerland increases assistance to Moldovan agriculture, focusing on energy efficiency

The Swiss Agency for Development and Cooperation is supplementing the funds allocated to the project “Emergency support for agri-producers in the context of the socio-economic, climate and energy crisis” with an additional US$1,155,000. The budget supplementation will increase the number of beneficiaries from 12,000 to 17,000 small farmers and households who will receive concentrated feed for milking cows, alfalfa seeds, corn, and fertilizers.

● SATURDAY, August 10

How to apply for a loan for a small business


In the world of entrepreneurship, opportunities often open up through adequate financing. Many businesses fail due to improper financial planning. Given that equity, most of the time, proves insufficient to get the business going, turning to a financial institution often becomes an inspired solution if the process is managed correctly. The National Bank of Moldova, in partnership with the Independent Think Tank “Expert-Grup”, formulated a number of recommendations and provided information to help citizens orient themselves more easily in the financial environment and make decisions focused on the wellbeing of individuals and society.

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