
Moldovan Parliament has passed in the first reading the bill regulating the placement of Eurobonds of our country.
According to the press service of the Parliament, in particular, the MPs supported the draft law proposed by the government regulating the cooperation of Moldova with rating agencies in terms of rating of financial obligations of our country in the context of possible placement of securities in foreign markets. At the same time, 52 MPs voted for the amendments to the law on public debt, state guarantees and state on-lending and to the law on public purchases in the first reading. The amendments provide for changes to the current regulatory framework on issues related to cooperation with international rating agencies; the issuance of securities in foreign financial markets and the intention to sell government securities directly to individuals through an electronic platform. At the same time, the bill includes a number of provisions based on the latest revisions of the Debt Management Performance Assessment System. The draft law proposes to extend powers of the Ministry of Finance of Moldova and authorize it to conclude contracts with specialized financial institutions which provide intermediation in placement of state securities on foreign markets and with specialized companies for legal assistance. According to international practice, in case of issuance and listing of Eurobonds, contracts must be selected and signed with specialized financial institutions for the organization and management of the offering, which will mediate the issue. In addition, the Ministry of Finance will be able to conclude contracts and cooperate with rating agencies to assess the country rating of Moldova and its financial obligations. Another provision of the draft concerns the possibility to sell state securities directly to individuals through an electronic platform. The draft law also contains a number of articles aimed at improving the quality of data on public sector debt statistics and public debt management of Moldova in accordance with the best international practices in this area. // 21.07.2022 - InfoMarket