On 24 May 2023, 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. 

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.

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The PPF Project team 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.

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Four Assist, as leader firm, implemented this project in consortium with PHP Audit CJSC (Armenia). The Government of Armenia had initiated reforms in the area of the public sector internal audit. The project was funded by the World Bank in the form of an IDF grant to assist the Ministry of Finance. The objective was to strengthen the institutional framework and build capacity in public sector internal audit in Armenia.

The project supported the Central Harmonization Unit (CHU) of the Ministry of Finance to:

  • test on a broader scale the internal audit methodology developed in the Ministry of Finance, government agencies, municipal and community administrations and non-commercial organisations;
  • based on broader piloting, update the legislative framework and develop a detailed implementation strategy;
  • design a robust Unified Internal Audit Information Management System (UIAIMS) which will help enforce the methodology and ensure consistency in its application across various internal audit units;
  • assist in skill development of the CHU staff; and
  • conduct pilot internal audits and standard training for the transfer of knowledge and skills needed to implement the methodology (including training of trainers).