By World Bank
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Attention will also be needed to the competitive environment and to corporate governance both before and after privatization. Freedom of entry will be particularly important. An open trading policy will raise the degree of competition in the economy but it may also prove necessary to regulate or break up domestic monopolies such as those in distribution and other non-tradeables. It will also be important to recognize that ownership change is not just a reassignment of title to a structure of activity that will remain static.
The top priority now is to ensure that licensing procedures are as clear and simple as possible, minimizing delays and opportunities for rent-seeking. A further priority is to remove all quotas on FSU exports. The proportion of trade covered by State contracts will need to be reduced as rapidly as the practices of Moldova's FSU trading partners permit. Concurrently, the State's direct role in trading should be phased out to facilitate enterprise-to-enterprise contact; at the same time, procurement procedures for state trading will need to become more transparent and competitive.
Portfolio risk will only increase as economic restructuring progresses and an increasing number of enterprises find themselves unable to service loans. As this process will be dramatically accentuated when monetary and fiscal policy are tightened in preparation for the introduction of the new currency, it is imperative to act now to protect the financial sector from collapse. Further lending must be conditioned by past repayment performance, and in due course by credit and risk analysis, while limits on lending to single borrowers and to shareholders must be enforced.