The Constitutional Court declared today, March 18, the law canceling the billion-dollar debt unconstitutional. The law was voted by the Shor-Socialist factions despite the criticism of the opposition, the World Bank, and the International Monetary Fund.
The repeal of the so-called billion law was one of the promises included in Dodon’s electoral program in 2016 and which was not fulfilled during his term. Despite holding all three leading positions in the state, only after four years, after Dodon lost the presidential election, the Socialist Party came with this initiative in Parliament. The opposition highly criticized this initiative stating that it will destabilize Moldova’s economy and the World Bank and the International Monetary Fund reacted too, stating that this is a drawback in the progress achieved.
The World Bank stated that ”The repeal of the law referring to the billion-dollar bank fraud raises concerns about the National Bank of Moldova’s ability to effectively support macroeconomic and financial stability, which is essential for the well-being of Moldovan citizens.” The International Monetary Fund representative stated that “The Parliament’s drafts seriously threatens Moldova’s macroeconomic and financial stability” and that the ”IMF financial support will be granted only if there is an unequivocal commitment by Moldova to ensure the irreversibility of progress so far, as well as broad political support for the reform agenda, agreed with the IMF mission”.