OREANDA-NEWS. February 02, 2011. The Finance Ministry of Moldova has elaborated and presented for consultations the draft law on public finance and budget- and tax responsibility. The document was elaborated in the context of the public finance reforming activity to enhance the budget and tax discipline by setting budget principles and rules for all components of the national public budget and to increase transparency in this area by introducing best international practices.

The matter concerns proper regulation of the budget process, unification of the procedures of elaboration, approval and administration of all-level budgets, raising efficiency of budget resources management by setting new rules of formation and management of incomes collected by the authorities/public institutions, including projects funded by foreign sources.

It is also stipulated to demarcate obligations and expand authorities of participants in the budget process at the same time with raising their responsibility level. Finance Minister Veaceslav Negruta says the new Law on public finance will have a positive impact both from the point of view of regulation and in the social-economic plan by raising the public finance management system to a whole new level.