April 2021. The Ministry of Finance of Moldova has succeeded to issue for the first time a 7-year government bond in the domestic market.
Our 4Assist 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. Our team has provided assistance to the MoF over the years in the development of the domestic government securities market. In 2018, Moldova issued the first medium-term Government Security, a 5-year Bond.
The achievement this time is again significant, especially if one considers that Moldova has extended the maturity profile of its public debt amidst the unfolding COVID-19 crisis.
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 supported the MoF in preparing and entering into dialogue with the Primary Dealers.
For more information on our work in Moldova check our project webpage which is a compartment of the MoF website: https://mf.gov.md/en/ppf/about
We also refer to the previous bond issued in 2018 (https://www.facebook.com/notes/3323342684458477/)


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).
January - April 2019. The 4Assist team of three experts, Yiannis Hadziyiannakis, Gnel Sedrakyan and Fotis Karayannopoulos, completed the evalution of the State Building Contract in Ukraine. The main purpose of this evaluation was to provide the relevant services of the European Union and the interested stakeholders with an overall independent assessment of the performance of the State Building Contract, paying particular attention to its results measured against its objectives; factors that made possible or created obstacles to the achievement of results; key lessons and recommendations in order to improve future budget support programmes.

4Assist associates, together with our consortium partners BDO (UK), carried out an EU Operational Assessment in Ukraine.

Operational Assessments are launched by the Directorate General of Economic and Financial Affairs (DG ECFIN) in order to assess the financial circuits of partner countries eligible for Macro-Financial Assistance (MFA) programmes. The MFA is a form of extraordinary financial (budgetary and balance of payments) support offered to pre-candidate and candidate countries to the EU, as well as countries of the European Neighbourhood.

This is the second such assessment in Ukraine in recent years which will lead to significant financial support for Ukraine.

Since 2011, our consortium has carried out Operational Assessments in the Kyrgyz Republic, Egypt, Jordan, Tunisia, Moldova and Georgia. 4Assist highly values the continued confidence of DG ECFIN in undertaking these critical assignments.

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