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Posted by: Mazur Rodica

News / Economic

26 Nov. 2020 / 15:42

Two support programs for entrepreneurs will be implemented with the support of the World Bank

Two entrepreneurial support programs to ensure an effective response to the COVID-19 pandemic will be implemented in Moldova with the support of the World Bank.

Parliament voted to start negotiations and the approval of the signing of the Amendment to the Financing Agreement with the International Development Association and the Amendment to the Loan Agreement with the International Bank for Reconstruction and Development for the Fiscal Administration Modernization Project (TAMP).

"The restructuring of the TAMP Project ensures the implementation of support measures, aimed at the business environment in the Republic of Moldova, and is in line with the third pillar of the response to the COVID-19 crisis of the World Bank Group. The proposed measures aim to increase the level of welfare of citizens, improve the business climate and increase its competitiveness, modernize the tax administration system and strengthen revenue collection capacities in the national public budget," reads the project information note.

The amendments aim to extend the initial objectives of improving revenue collection, taxpayer services and tax compliance by supporting the Government of the Republic of Moldova in implementing measures to support the business environment, including maintaining the level of employment in the context of the COVID-pandemic. 19. In this sense, the restructuring of the project components will contribute to the implementation of the two programs to support entrepreneurial activity: the mechanism for subsidizing salary payments and the VAT reimbursement program. Therefore, the sum of $15 million was rescheduled for results-based funding under the new component included in the project.

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