Title IV.
National Economy and Public Finance

(1) The economy of the Republic of Moldova is a socially-orientated market economy based on the coexistence of freely competing private and public properties.

(2) The State must ensure:

1. the regulation of economic activity, and the administration of the public property belonging to the State under the law;
2. the freedom of trading and of entrepreneurial activity, the protection of loyal competition, the setting up of an appropriate framework for developing all factors capable of stimulating production;
3. the protection of the national interests involved in economic, financial and currency exchange activities;
4. the promotion of national scientific research;
5. the national exploitation of the soil and of other natural resources, in harmony with the national interests;
6. the restoration and protection of the environment, and the maintenance of ecological balance;
7. the increase in the number of the people employed, the establishment of conditions adequate for improving the quality of life;
8. the inviolability of investments made by physical and juridical entities, including those from abroad.

(1) The State protects property.

(2) The State guarantees everybody the right to possess property in any such form as requested by the owner, as long as that form of property does not conflict with the interests of society.

(3) Public property belongs to the State or to the administrative/territorial units.

(4) All underground resources, the air space, the waters and forests used for the benefit of the public at large, the natural resources of given economic regions and of the continental shelf, the communication ways, as well as other assets stipulated by law, constitute the exclusive province of public property.

Article 128
Property of Aliens and Stateless Persons

(1) In the Republic of Moldova the property of other states, of international organizations, of foreign citizens and of stateless persons is protected by law.

(2) The law determines the manner and conditions under which the right of property can be exercised by physical and juridical entities of foreign extraction, and by stateless persons throughout the territory of the Republic of Moldova.

Article 129
External Economic Activities

(1) Parliament approves the main directions of external economic activities, the principles guiding the utilization of foreign loans and credits.

(2) The Government ensures the protection of national interests involved in external economic activities, and depending on the demands of national interest ensures either a free-trade policy or a protectionist one.

Article 130
Financial System and Crediting

(1) The law specifies the formation, administration, utilization and control of the State's financial resources, of the administrative/territorial units, and of public institutions.

(2) The national currency of the Republic of Moldova is the Moldovan leu (pl. lei).

(3) The National Bank of the Republic of Moldova has the exclusive right of mintage. The minting of a money issue can be effected by act of Parliament only.

Article 131
National Public Budget

(1) The national public budget is made up of the national budget, the national social security budget, and the local budgets of districts, towns and villages.

(2) The government issues an annual draft of the national budget, and of the social security budget, which it submits separately to Parliament for approval. Supplementary budgets formed in addition to the national budget shall also be submitted to Parliament for approval.

(3) If the national budget and the national social security budget have not been approved by at least 3 days before expiry of the current budget exercise, both the national and the national social security budgets continue to apply until the new budgets have been approved.

(4) Any legislation or amendment increasing or reducing budget incomes or loans, as well as increasing or reducing budgetary expenses, may be adopted only after Government approval.

(5) The budgets of districts, towns and villages shall be issued, approved and executed in accordance with the law.

(6) No budget expenditure may be approved without prior identification of a corresponding source of funding for it.

Article 132
Fiscal System

(1) All taxes, duties, and other revenue of the national budget, including the national social security budget, also the district, town and village budgets shall be established under the law by the representative agencies, as required.

(2) Any other types of taxation are forbidden.

Article 133
Court of Audit

(1) The Court of Audit controls the ways of creating, administering and utilizing public financial resources.

(2) The Court of Audit is composed of 7 members.

(3) The President of the Court of Audit is appointed for a 5-year term by Parliament on proposal submitted by the President of Parliament.

(4) The Court of Audit submits annually to Parliament a report on the administration and utilization of public financial resources.

(5) The Court of Audits other powers, as well as its structure and functioning, will be established by organic law.

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