On 1 July the EU Delegation signed the second contract addendum extending the PPF Project duration for one additional year (end 30 June 2026) and adding three new components as follows:
The consortium partner companies of the PPF Project are 4Assist Development Consultants LTD and DT Global.
The EU funded PPF Project conducted a training session on the design and appraisal of investment projects on 29 – 30 May 2024 to local government authorities from Nisporeni Rayon.
The training was delivered to officials from the Nisporeni Rayon Council and Nisporeni and Seliste municipalities.
The purpose of the training was to introduce the participants to good practice techniques in investment planning, and to put everything in the context of the newly established public investment planning framework in Moldova, namely the Government of Moldova Regulation No. 684/2022 of 29 September 2022 and the Project Appraisal Instructions approved by MoF Order No. 104 of 22 November 2023.
The session was delivered by PPF Project experts Gnel Sedrakyan, Konstantinos Kyriakopoulos, and Daniela Cotorobai.
The PPF Project will further support the Nisporeni local authorities with the development of the regional investment plan. Activities are envisaged to commence shortly.
On 9 May 2024, the PPF Project team joined in on the Europe’s Day celebrations organised in Chisinau. The European Village was located in the city’s main square. The general public participated in many activities throughout the day, aimed at increasing their knowledge about EU activities in the country. The PPF Project stand organised a raffle, testing EU general knowledge and it also provided entertainment for children in the form of jigsaw puzzles; a map of Europe and a Euro coin. Adults and children taking part in the activities organised by the PPF Project team were given gifts to take home.
The EU-funded PPF project supported the organisation of the Bidder’s Workshop on Renewables Tenders at the request of the Ministry of Energy. Held on 25 April 2024, the workshop aimed to inform potential bidders about the legislative and normative framework to launch the first-ever tender for the supply of power stations with fixed price. It also provided a platform to present the key stages of the tendering procedure in addition to the estimated timeline (April to September 2024), for all interested parties attending the event.
The Ministry of Energy will select projects with a total capacity of 165 MW capacity of renewable energy, distributed according to technologies – 105 MW for wind installations and 60 MW for photovoltaic stations. Once installed these will cover 16% of the renewable energy consumption in the electricity mix of the country.
The workshop gathered over 70 participants from the Ministry of Energy, National Agency for Energy Regulation, Invest Moldova, European Bank for Reconstruction and Development, Moldova-France Chamber of Commerce and Industry, AmCham, EU-funded projects, commercial banks, energy providers and potential investors. During the event the participants engaged in an interactive discussion on the tender procedure.
In her opening speech, State Secretary of Energy Carolina Novac thanked all actors involved in the elaboration of the amendments to the Government Decision no. 690/2018 on the “Regulation for tendering procedure for obtaining the status of large eligible producer” adopted on 24 April 2024. These amendments aim to increase the volume of local and international investments in renewable sources by providing a transparent and competitive tender approach. The national target is to reach the 27% renewables in the effective energy mix by 2030.
Solomon Ioannou, Project Manager from the EU Delegation to Moldova, congratulated Mrs. Novac’s team for achieving this important milestone. According to him, this is significant for three reasons: as a future EU member state, Moldova will be able to participate in a free and fair energy market; it will become less dependent on Russian gas; and, of course, it will contribute to the EU's ambition to become the first continent to decarbonise by 2050.
The Head of National Agency for Energy Regulation Alexandru Ursu and experts from the European Bank for Reconstruction and Development provided detailed information on the tender procedure (admissibility and qualification criteria, bid security and performance guarantee, and bid evaluation) and the indicative roadmap.
This initiative reflects the Ministry of Energy's ongoing commitment to promoting and facilitating the sustainable development of the renewable energy sector, providing a transparent and informative platform for all relevant actors involved in the energy transition.
The EU-funded PPF project conducted the third training session to the central public authorities on the new Public Investment Project Appraisal Procedure. This session was specifically requested to provide training to the Ministry of Finance’s Public Investment Directorate personnel.
This session was delivered from 10 to 12 April 2024 and was also attended by participants from the Ministry of Infrastructure and Regional Development, Ministry of Culture, Ministry of Environment, National Office for the Implementation of Environmental Projects, as well as public authorities subordinated to the Ministry of Agriculture and Food Industry, namely Consolidated Agricultural Projects Management Unit, Scientific-Practical Institute of Horticulture and Food Technology, etc.
The Ministry of Infrastructure and Regional Development, among several participants, was also represented by the State Secretary Nicolai Mindra responsible for the road development sector. It is noted that the public investment budget of this Ministry constitutes around 73% of the total public investment budget of Moldova. While the road development alone consumes around 65% of the total public investment budget of Moldova.
The Ministry of Agriculture and Food Industry, manages the second biggest public investment budget of Moldova, amounting MDL 85 million in the approved 2024 State Budget.
As before, the objective of the training was to introduce public authorities to the new procedure and enhance their understanding and skills in public investment project appraisal. This is essential for the effective implementation of Regulation 684/2022 and the Project Appraisal Instructions issued by MoF Order 104 in November 2023.
The PPF Project experts delivering the training session included Gnel Sedrakyan, Konstantinos Kyriakopoulos, Roman Ivanov, and Daniela Cotorobai. They covered in detail the eight eligibility criteria necessary for projects to qualify for inclusion in the ‘Project Pipeline’ of public investment projects, the appraisal scoring methodology, and presented a case study on a renewable energy project.
At the request of the Ministry of Finance’s Public Investment Directorate, the EU-funded PPF project conducted a training course to the central public authorities on the new Public Investment Project Appraisal Procedure, to implement Regulation 684/2022.
Two separate sessions were delivered: the first was held from 26 to 28 March 2024 and was attended by participants from the Ministry of Justice, Ministry of Health, Ministry of Defence, Ministry of Internal Affairs, Ministry of Agriculture and Food Industry, Court of Accounts, etc.
The second session was delivered from 2 to 4 April 2024 to the Ministry of Infrastructure and regional Development, Ministry of Education and Research, Ministry of Internal Affairs, Ministry of Energy, Customs Service, State Chancellery, Tax Authority, Consolidated Unit for Implementation and Monitoring of Energy Projects, National Centre for Sustainable Energy, etc.
This training aimed at introducing the new procedure to the central public authorities and increase their understanding and skills in public investment project appraisal. This is essential for the effective implementation of Regulation 684 /2022, and the Project Appraisal Instructions issued by MoF Order 104 in November 2023.
In his address to the participants, Viorel Pana, Head of the Directorate of Public Investment at the Ministry of Finance, emphasised the critical role of the new public investment project appraisal procedure in improving the public investment planning. He welcomed feedback from participants and highlighted the collaborative nature of the training.
The PPF Project experts delivering the training session included, Gnel Sedrakyan, Konstantinos Kyriakopoulos, Leonidas Crisciunas, Roman Ivanov, Yiannis Hadziyiannakis and Daniela Cotorobai. They covered a range of topics, from the definition of investment and project design and appraisal, to a detailed examination of the appraisal procedure, scoring methodology, including a case study on a renewable energy project proposal.
To further support the implementation of the national objective to improve public investment management, the PPF Project team will continue to deliver training and on-the-job support to central public authorities.
At the request of the State Chancellery, the EU-funded PPF project conducted a training course on Public Finance Management from 1 to 3 April 2024.
The training was attended by the State Chancellery officials from the directorates for External Assistance and European Funds Coordination; Strategic Planning; Policy Coordination and Project Management; and Relations with Parliament and Inter-institutional Coordination.
The training aimed to familiarise participants with key concepts and operational functions of PFM, and to explain the role and importance of PFM in the context of the development process in Moldova.
The Training Course covers the standard PFM cycle: strategic planning, budget preparation, budget execution, accounting & reporting, external audit & legislative scrutiny, and policy review. The training was interactive with practical exercises adapted to the Moldovan PFM system, and active engagement by the State Chancellery participants.
The course was delivered by the PPF Project Team Leader, Yiannis Hadziyiannakis.
On 22 March 2024, at the request Public Investment Directorate of the Ministry of Finance (MoF), the PPF Project team conducted a training session to the MoF units that form part of the new Working Group on the new public investment project appraisal procedure to implement Regulation 684/2022.
The MoF Project Appraisal Working Group is composed of the Directorate Public Investment (Secretariat), General-Directorate Budget Policies & Synthesis, General-Directorate for Public Debt & External Assistance, and General-Directorate of Sectoral Budget Policies.
The session was organised by Viorel Pana and Angela Dvornic, Director and deputy-Director of Public Investment, and attended by all directors, Natalia Sclearuc (Budget Synthesis) Elena Matveeva (Public Debt) and Vasile Botica (Sectoral Budget Policies) their deputies and other officials. Lilia Taban, who has until recently been part of the Public Investment Directorate and part of the reform process from the very beginning, also attended the meeting. The attendance signifies the commitment of the MoF to effective implement Regulation 684/2022.
The PPF Project experts delivering the training session included, Gnel Sedrakyan, Konstantinos Kyriakopoulos, Leonidas Crisciunas, Roman Ivanov, Yiannis Hadziyiannakis and Eugenia Busmachiu. They provided a detailed session on the appraisal criteria for public investment projects, the appraisal scoring methodology and the web-based Project Appraisal IT module designed to automate both the submission process of public investment project proposals by central public authorities and the appraisal process.
The successful implementation of the new public investment appraisal procedure should culminate to the establishment of the ‘Project Pipeline’ of public investment projects as foreseen by Regulation 684/2022.
On 27-29 February 2024, the PPF Project team delivered a training course on Costing of Public Investment Projects for participants from the Ministry of Finance, Court of Accounts, Ministry of Infrastructure and Regional Development, and Ministry of Health. The objective of the course was to introduce a structured approach to costing capital projects, aimed at enhancing the ability to evaluate investment proposals for capital budget planning.
The course consisted of 6 modules covering various topics such as: Cost classifications, Marginal and absorption costing, Standard costing, Variance analysis, Relevant costs for decision making, and Costing for capital projects. It was delivered by PPF Project experts Irina Grigoryan and Eugenia Busmachiu.
On 13 and 14 February 2024, the EU-funded Project “Support the Moldovan Government in identifying and preparing projects linked to the implementation of the Association Agreement” (PPF Project), together with the Ministry of Finance, held an introductory workshop aimed at informing representatives from fifty central public authorities on the new public investment project appraisal procedure (Regulation 684/September 2022).
EU_TA_PPF_Project_Appraisal_Workshop_EN.pdf
The PPF Project Newsletter for 2023 provides a comprehensive overview of the main activities carried out by the Project team during January - December 2023.
PPF_Project_Newsletter_2023_EN.pdf
On 8 November 2023, the European Commission adopted the 2023 Enlargement Package that for the first time included a country report for the Republic of Moldova. To mark the occasion and discuss the report, the EU Technical Assistance Project “Support the Moldovan Government in Identifying and Preparing Projects Linked to the Implementation of the Association Agreement” (PPF) hosted a workshop on ‘Moldova’s road to the EU: economic challenges and opportunities’. The event centred on economic reforms, necessary investments and the financial support available for the country’s integration to the EU.
In his opening speech, the EU Ambassador to the Republic of Moldova Jānis Mažeiks stated ‘[…] while getting closer to the EU can serve as a good anchor for important reforms, in order for them to materialise, the whole society should be involved through strong institutions, civil society and committed politicians.’ During the panel discussion that followed, PPF Senior Expert Mandeep Bains invited the Programme Manager from the EU Delegation, Josip Jurić, to present the main conclusions and recommendations of the European Commission’s country report. He also stressed the impact of the EU enlargement process on boosting investor confidence.
Head of the European Investment Bank (EIB) Representation to Moldova Alberto Carlei talked about the organisation’s main activities in Moldova. Director and Head of Moldova for the European Bank for Reconstruction and Development (EBRD) Catarina Björlin Hansen focused on EBRD support to the country’s economic reform process, critical during the EU accession preparatory phase. Natalia Adam, Principal Consultant in Investment Project Implementation for Nisporeni Municipality, shared information about the development of municipal investment projects of Nisporeni. She also described how the EU Technical Assistance supported the development of a municipal prospectus to present future investment projects in a systematic way for potential funders.
The EU-funded Project Preparation Facility (PPF) Technical Assistance team held its third Project Steering Committee (PSC) meeting in the Ministry of Finance on 19 October 2023.
The PSC meeting was chaired by Ana Luca, Deputy General State Secretary of the Ministry of Finance (MoF), and co-chaired by Josip Juric, European Union Delegation Programme Manager. The meeting was attended by PSC members Viorel Pana, Head of Public Investment Directorate and Elena Matveeva, Head of Public Debt and External Assistance General Directorate. Other MoF officials attending were: Lilia Taban, Deputy Head of Public Investment Directorate, Ina Darii, Deputy Head of State Treasury Directorate and Aurel Jucov, Consultant, Lead Consultant, External Assistance Policy Divison.
Yiannis Hadziyiannakis, Team Leader of the PPF Project delivered a presentation on the progress and pending issues across the five components of the PPF Project. Josip Juric followed with a small presentation about a possible future extension of the PPF Project enhancing the scope to cover areas of support requested by MoF and to improve capacity in relations to Moldova’s EU Enlargement process.
Josip Juric, Programme Manager from the EU Delegation to Moldova, responsible for the PPF Project, conducted an informative session on Moldova's EU accession process for the Project's team. The session served as a guide to the team on the renewed EU enlargement strategy and responsibilities of the republic of Moldova. Additionally, it highlighted the opportunities for the Project team to provide valuable assistance to the Ministry of Finance.
Moldova was granted a candidate status in June 2022, marking a significant milestone of country's progress as one of the eight candidate countries. The next phase foresees kicking-off the accession negotiations, a pivotal phase in its EU accession journey, expected in the upcoming period.
Josip Juric, EU Delegation to Moldova Programme Manager for PFM and responsible for PPF Project, and Yiannis Hadziyiannakis, PPF Project Team Leader, received their respective certificates of appreciation from Minister of Finance Veronica Sireteanu at the Ministry of Finance. The certificates were issued by the Ministry in a ceremony on 15 August 2023 in acknowledgment of their contribution to public finance reforms in Moldova.
PPF Project ream presents option for improving Moldovan Government Securities market at a meeting organised by the National Bank of Moldova.
Expansion of the domestic market, attracting international investors, and creating the conditions for access of government securities to foreign markets were among the topics discussed during the meeting.
For more details click HERE.
On 24 May, the Ministry of Finance with the assistance of our PPF Project team achieved a decisive first step in revitalising the Moldovan government securities market. The bond auction for the specific 2- and 3-year maturities was very successful judging from the response of investors.
Details of the auction results of 24 May
The EU-funded Project Preparation Facility (PPF) Technical Assistance team delivered a pilot training course on Project Appraisal to the National Agency for Energy Regulation (ANRE), Moldelectrica and the Moldova Energy Projects Implementation Unit (MEPIU) during 16-18 May 2022.
The main objective of the course was to introduce participants to the newly approved national procedure for the design and appraisal of public investment projects as per Government of Moldova Regulation No. 684/29 September 2022.
Project Appraisal training course
The PPF Project team in collaboration with the Ministry of Finance organised a quiz/game on European Union themes and themes related to economic issues of Moldova for youth as part of Europe Day 2023 – European Village in Chisinau held on 13 May 2023. The aim of the event was to bring together pupils and students from Moldova stimulating them to improve their knowledge on the European Union and on fundamental economic and financial concepts in an interactive way. The quiz/game also aimed at building a team spirit and developing analytical skills.
At the European Village in Chisinau held on 13 May 2023, the PPF Project team entertained children and their parents with a spectacular magic show “The World of Magic” performed by the well-known illusionist Gary Kozma. EU branded gifts for children and their parents were distributed by the PPF project team.
PPF Project team participated at the European Village in Leova on 20 May 2023. Children from Leova received EU branded gifts from the PPF project team. The PPF project sponsored the live streaming of Europe Day dedicated concert featuring Doina Covurluiului ensemble from Galați, Advahov Brothers and the famous Zdob și Zdub ethno-rock band.
On April 27th , the Ministry of Finance hosted, in collaboration with the Delegation of the European Union, a training session on ‘Communication’s Strategy for EU External Actions’. The aim of the training session was to familiarise the participants with the unique features of the budget support instrument; and to be guided - in their communications’ actions - by the EU’s new communication & visibility guidelines. The training session was attended by forty participants, representing the Ministry of Foreign Affairs and European integration, Ministry of Environment, Ministry of Internal Affairs, Ministry of Health, Ministry of Labor and Social Protection, Ministry of Education and Research, Ministry of Energy, Ministry of Agriculture and Food Industry, and Ministry of Infrastructure and Regional Development.
EU-TA-PPF_VIS_Workshop_PressRelease_EN.pdf
Chisinau – On 29 March, the Ministry of Finance and the Technical Assistance Project “Support to the Moldovan Government in Identifying and Preparing Projects Linked to the Implementation of the Association Agreement” (PPF Project) held an introductory training session on the topic of development assistance and on practical guidance for using the upgraded Aid Management Platform (AMP).
The training session was aimed at familiarising central public authorities with the upgraded version of the AMP, in addition to improving their practical skills in in monitoring and reporting on technical and investment projects.
The training session was composed of three parts: to begin, Rachel Mac Gowan, PPF Project Expert on External Aid, presented a general overview of the international aid system. Next, the MoF representatives gave their presentations; the first was a demonstration of the practical use of the upgraded AMP; and the second was an overview of the AMP data management policy, specifying the roles and responsibilities for data inputting and updating on the platform.
The Ministry of Finance and the PPF Project are committed to providing continuous support to ensure that the upgraded Aid Management Platform is utilised to its fullest potential by central public authorities for managing data related to external assistance. Similar sessions will be held with other stakeholders and users of AMP data.
The workshop on Private sector participation in infrastructure & financial market development was successfully held on the 8th and 9th of December in Chisinau. The event was organised by the EU Project ‘Support the Moldovan Government in Identifying and Preparing Projects Linked to the Implementation of the Association Agreement’ (PPF Project) and supported by the EU Delegation to Moldova.
The workshop gathered more than 80 participants from government institutions and other public bodies, international financial institutions operating in Moldova, investors, private sector associations and university students in an interactive discussion on the prospects for private sector investment in the country.
Please see detailed press release and workshop programme attached.
EU-TA-PPF_Private_Investment_Workshop_PostEvent_PressRelease_EN
EU-TA-PPF_Private_Investment_Workshop_Programme_EN
Together with the Ministry of Finance External Assistance Department (EAD) the EU Technical Assistance “Support the Moldovan Government in Identifying and Preparing Projects Linked to the Implementation of the Association Agreement (PPF Project) hosted a pilot session about new and improved features of the new and upgraded Aid Management Platform (AMP). The event gathered ten representatives from the Development Partners including Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ), Czech Development Agency, Slovak Agency for International Development Cooperation, Swiss Agency for International Development Cooperation, United Nations Development Programme (UNDP), UN Population Fund and the EU Delegation to Moldova. During the session the invited participants had the opportunity to get familiar with the new functionalities, provide feedback and the see first-hand the new improved performance.
Originally developed by international NGO Development Gateways, the AMP is a public portal of the Government of Moldova; it is a tool for tacking the aid flows throughout the country. Since the PPF Project kick-off the team has been working on updating the AMP functionalities and improving user accessibility. The new AMP will facilitate the work of the Development Partners who, as main platform contributors, are responsible to regularly input data and ensure the information displayed is always up to date.
In his opening speech, the State Secretary from the Ministry of Finance Ion Gumene highlighted the importance of the AMP as the main government tool showcasing the volume and the significance of foreign development assistance in Moldova. PPF Project IT expert Leonidas Crisciunas demonstrated first-hand to the participants the new features in comparison to the old version while PPF Project External Assistance expert Rachel Mac Gowan stressed the importance of displaying accurate information on AMP through regular updates of the platform.
Feedback from the session will be reflected on the platform before the go-live and launch of public portal of the new AMP which is scheduled to take place shortly.
On 8th and 9th December, the European Union Delegation to the Republic of Moldova and the Technical Assistance Project ‘Project Preparation Facility’ will host a workshop on Private sector participation in infrastructure & financial market development. By discussing the experience of foreign investors in Moldova and other countries, the workshop aims at exploring ways for market development in Moldova through private sector investment and financing.
The event will be held at Courtyard by Marriott Chisinau, 21/A Arborilor Street, and will welcome participants from government institutions and other public bodies, EU Member State embassies, international financing institutions operating in Moldova, investors, private sector associations, and non-government organisations. The workshop will feature speakers from companies with experience in the areas of energy, transportation, financial services as well as investment financing in Moldova.
Location: Courtyard by Marriott Chisinau, 21/A Arborilor Street, Chisinau
Echipa proiectului de asistență tehnică „Project Preparation Facility” (PPF), finanțat de UE, a livrat un curs de instruire cu tematica „Instrumentul de sprijin bugetar al UE” pentru participanții din cadrul Direcției asistență externă a Ministerului Finanțelor, în perioada 9-11 noiembrie 2022.
PPF Project expert Gnel Sedrakyan presented the conceptual and operational framework of Budget Support, and the specific procedural requirements of the European Union. During the course the participants were involved in interactive discussions and short exercises.
The course was structured in 5 modules: Introduction to Budget Support, Budget Support Cycle of Operations, EU Budget Support eligibility criteria, EU Budget Support disbursements and indicators, and Preparing and implementing EU Budget Support programmes.
EU-TA-PPF_EU_Budget Support Instrument_09-11.11.22_EN
At the invitation of the Nisporeni Mayor, the EU-funded Project Preparation Facility (PPF) Technical Assistance experts participated at the inauguration ceremony of the Nisporeni photovoltaic plant held on 22 September 2022.
It is the first photovoltaic plant with a capacity of 800 kW for Nisporeni Municipality needs. The plant was installed and put into operation by a Moldovan company in collaboration with the Nisporeni Municipality and the support of a Danish private investor.
PPF Project experts Spyros Valatas and Constantinos Kyriakopoulos represented the PPF Project at this event. Our team welcomes the photovoltaic plant project as an opportunity to build further on the implementation of the energy policy objective of the Moldovan Government to increase the renewable energy sources to 30% of total electricity consumption by 2025.
As part of Component 3 - Enhancing the capacities of the line ministries in the management and implementation of projects financed from external sources, the PPF Project team offers, amongst others, support in assisting selected public institutions in identification of public investment projects on the basis of strategic priorities. The PPF Project team experts prepared a technical note on the Energy Sector Policy and Investment in Moldova. The analysis provided a comprehensive analysis of the electricity and gas markets, described the current challenges and key issues faced by the Moldova’s energy sector, and discussed the prospects of investing in energy infrastructure.
EU-TA-PPF_Photovoltaic_plant_Nisporeni_22.09_EN
From 21 September to 23 September 2022, selected employees from the Nisporeni Municipality and Rayon Council participated in the Financial Analysis and Risk Assessment training course delivered by the EU-funded Project Preparation Facility (PPF) Technical Assistance team.
The training course aimed to strengthen the capacities of the local public authorities by familiarising them with the modern tools and methods for performing financial analysis and risk assessment of projects. Over the course of three days the participants were also involved in practical exercises to enhance their practical understanding of the subject matter.
The course was structured in 6 modules: Cash flow analysis and performance metrics, Applications of cash flow analysis to bond and stock valuation, Capital structure and financial ratio analysis, Capital asset pricing model and cost of capital, Introduction to risk modeling and Risk classification and risk mitigation.
The training course was delivered by the PPF project experts Constantinos Kyriakopoulos and Daniela Cotorobai.
EU-TA-PPF_Fin_Analysis_training_21-23.09_EN
The EU-funded Project Preparation Facility (PPF) Technical Assistance team expanded its reach at the regional level. The Project experts delivered the Costing of Public Investment Projects training in Nisporeni municipality on 14-16 September 2022.
The participants from Nisporeni Municipality and Rayon Council were provided with both theoretical and practical training sessions aimed to enhance their ability to cost capital investment projects.
The course was structured in 6 modules: Cost classifications, terms and concepts, Marginal and absorption costing, Standard costing, Variance analysis, Relevant costs for decision making and Costing for capital project.
Project experts Irina Grigoryan and Eugenia Busmachiu who delivered the training received positive feedback from the participants at the end of the training.
EU-TA-PPF_Costs_training_14-16.09_EN
To mark the successful completion of the online quiz competition offered to students of Moldovan universities by the PPF Project on the occasion of Europe Day 2022, an awards ceremony was held at the Ministry of Finance on the 22nd of June 2022. The ceremony was chaired by Ion Gumene, State Secretary of the Ministry of Finance.
The students achieving the highest scores in the online quiz competition were invited to the ceremony. Iurie Pashinschi, Director of Institutional Management Directorate of the Ministry of Finance, made a presentation of the volunteering, internship and employment opportunities at the Ministry of Finance as well as the process of recruitment of engagement. In his presentation, Ion Gumene emphasised the importance of the Ministry of Finance in public governance and encouraged the students to consider employment in the public sector of Moldova and the Ministry of Finance.
Following the presentation, the students had the opportunity to raise questions and a lively exchange took place with the officials of the Ministry of Finance in the panel, as well as with Josip Juric the Programme Manager responsible for the PPF Project at the EU Delegation to Moldova, and with the PPF Project team.
At the closing of the ceremony, students were given certificates of completion and EU-branded gifts.
EU_TA_PFF_Europe_Day_2022_22.06.2022_En
On the occasion of the Europe Day 2022 celebration the PPF Project team prepared and run two mini surveys on basic economic/financial issues concerning Moldova. The purpose of this initiative was to measure the basic economic/financial knowledge and serve as an opportunity for people to increase their knowledge of fundamental economic and financial matters.
The EU-funded Project Preparation Facility (PPF) Technical Assistance team held its second Project Steering Committee (PSC) meeting in the Ministry of Finance on 11 May 2022.
The PSC meeting was chaired by Ion Gumene, State Secretary of the Ministry of Finance, and co-chaired by Josip Juric, European Union Delegation Task Manager. The Ministry of Foreign Affairs and European Integration was represented by Anton Lungu, Head of the Economic and Sectoral Cooperation with the EU.
EU_TA_PPF_PSC_Meeting_11.05.22_en
The PPF Project team organized an online quiz for students, on the occasion of marking Europe Day 2022!
Students are invited to answer the questions below and win the contest! Prize: set consisting of eco peat, umbrella, mug, USB and key ring.
The PPF Project team delivered a training course on Costing of Public Investment Projects to participants from Moldelectrica state enterprise, National Agency for Energy Regulation (ANRE), Energy Efficiency Agency and the Moldova Energy Projects Implementation Unit (MEPIU) on 12-14 April 2022.
The course aimed at improving the participants’ ability to cost capital investment projects. It was structured in 6 modules: Cost classifications, terms and concepts, Marginal and absorption costing, Standard costing, Variance analysis, Relevant costs for decision making and Costing for capital project.
The course was delivered by project experts Irina Grigoryan and Eugenia Busmachiu.
A training course in Financial Analysis & Risk Assessment was delivered to Moldelectrica state enterprise, National Agency for Energy Regulation (ANRE), Energy Efficiency Agency and the Moldova Energy Projects Implementation Unit (MEPIU) by the EU-funded Project Preparation Facility (PPF) Technical Assistance team on 29–31 March 2022.
PPF Project experts Constantinos Kyriakopoulos and Daniela Cotorobai presented modern tools and methods for performing financial analysis and risk assessment and involved the participants in short exercises to enhance their practical understanding of the subject matter.
The training course was structured in 6 modules: Cash flow analysis and performance metrics, Applications of cash flow analysis to bond and stock valuation, Capital structure and financial ratio analysis, Capital asset pricing model and cost of capital, Introduction to risk modeling and Risk classification and risk mitigation.
The EU-funded Project Preparation Facility (PPF) Technical Assistance team designed and delivered a specialised training course on Public Financial Management (PFM) for Ministry of Finance External Assistance Directorate (EAD) team. The training took place on 3 and 4 March 2022.
The training course was designed to deepen the understanding of the EAD on PFM systems and discuss key issues that concern the area of external assistance management.
The training course covered the entire PFM cycle: strategic planning, budget preparation, budget execution, accounting & reporting, external audit & parliamentary scrutiny, and policy review. The training method was interactive using practical exercises adapted to the actual Moldovan PFM systems and active engagement by the EAD team participants.
The course was delivered by the PPF Project Team Leader, Yiannis Hadziyiannakis.
On 18 February 2022, the EU Delegation approved Contract Addendum 1 to the PPF Project including debt management (New Component 5) as part of the PPF Project. The EUD responded to a request made by the Ministry of Finance in December 2021.
The Ministry of Finance (MoF) together with the EU funded-Project Preparation Facility (PPF) Technical Assistance Project organised an online workshop on 27 January to present the upgraded version of the Aid Management Platform (AMP) to Moldova’s Development Partners (DP). The workshop was conducted on the 8th anniversary of the AMP’s launch.
On 16-17 November 2021, the Ministry of Finance (MoF) with the support of the EU TA PPF Project, delivered an on-line workshop to raise awareness of the newly formed line ministries about the management of the external assistance and the process of selecting and budgeting public investment projects.
Investment is a key contributor to the sustainable growth and development of any economy. It is of particular importance for a transition economy, which experienced a severe depression at the start of the transition process, characterised by dis-investment and a significant depreciation of its capital stock.
A note on inflation, its definition and measurement, its costs and redistribution effects, its causes in the short and medium term and the inter-relationship between inflation and growth with an appendix on the evolution of inflation in Moldova.
EU-TA-PPF-Note_on_inflation_EN
During 28 - 30 September, 2021 the PPF Project organised the second cycle of delivery of the “Financial Analysis and Risk Assessment” training course. The course is offered to the Ministry of Finance State Treasury and State Assets Directorates.
Structured in 6 modules, the course covers important topics related to the analysis and application of cash flow, performance metrics, capital structure, cost of capital, risk modeling, classification and mitigation, and more. The course combines theory and several short exercises to enhance practical understanding and improve analytical skills.
The course trainers are PPF Project experts, Constantinos Kyriakopoulos and Daniela Cotorobai.
Planned project activities to be implemented during the second half of the 2021-year by the PPF Project are included in the attached file.
During January-June 2021, the PPF Project has continued implementing its planned activities with international experts’ missions in Moldova despite the COVID pandemic.
The summary of results achieved is included in the attached file.
The PPF Project is pleased to announce an online training course on the tools and methods for performing financial analysis and risk assessment. The course was designed for the employees of the Ministry of Finance and will be delivered during 1-3 June, 2021.
Structured in 6 modules, the course will combine theory with exercises aimed at enhancing the participants’ analytical and practical skills.
The course will be delivered by the Project experts, Constantinos Kyriakopoulos and Daniela Cotorobai.
The MoF team has succeeded to issue for the first time a 7-year government bond in the domestic market. The success is significant and against the odds of the unfolding COVID-19 crisis and other current difficulties. It is also a reflection of the MoF commitment to continue developing the domestic market for government securities and extend the maturity profile of overall government debt denominated in MDL. The success also marks the beginning of a renewed channel of communication between the MoF and the Primary Dealer banks of Moldova, geared towards the common goal of developing the Moldovan capital market. Our team is proud to have assisted the MoF in this process which is an essential element towards sustainable government financing as well as economic development.
From 30 March to 8 April 2021 the Project delivered online the first two cycles of the newly designed training course on ‘Costing of Public Investment Projects’ to officials of Moldovan central public authorities and the Ministry of Finance.
As part of our Project’s training package, we are in the process of designing a training course on Financial Analysis and Risk Assessment Skills. In order to ensure that the design of this course is suited to needs, we have prepared a Training Needs Assessment.
The 1st Steering Committee Meeting of the Project took place on 12 March 2021. The Project Steering Committee supervises the implementation of the Project. The Meeting is routinely co-chaired by the Ministry of Finance and EU Delegation.
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