Republic of Moldova 1994 Constitution (reviewed 2016)

TITLE IV. NATIONAL ECONOMY AND PUBLIC FINANCE

Article 126. Economy

1. The economy of the Republic of Moldova shall be socially-orientated market economy based on the coexistence of freely competing private and public properties.
2. The State must ensure:
   1. the regulation of the economic activity and management of its public property under the law;
   2. the freedom of commerce and entrepreneurial activity, the protection of loyal competition, the creation of a framework favourable to the development of all factors of production;
   3. the protection of national interests within the economic, financial and currency activities;
   4. the fostering of scientific research;
   5. the rational exploitation of the soil and other natural resources in harmony with the national interests;
   6. the restoration and protection of the environment, as well as the maintenance of ecological balance;
   7. the increase in number of the people employed, the setting up of adequate conditions as to improve the living standards;
   8. the inviolability of investments made by natural and legal entities, including those from abroad.

Article 127. Property

1. The State shall protect the property.
2. The State shall guarantee to everyone the right to possess property in any such form as requested by the incumbent, as long as these forms do not conflict with the interests of society.
3. Public property shall belong to the State or to the territorial-administrative units.
4. All the underground resources, airspace, waters and forests used to the benefit of the public at large, natural resources of the economic regions and continental shelf, lines of communication, as well as other domains stipulated by law, shall constitute the exclusive province of the public property.

Article 128. Property of foreign citizens and stateless persons

1. In the Republic of Moldova the property of the foreign states, international organizations, foreign citizens and stateless persons shall be protected by law.
2. The manner and terms of exercising the right to possess property by foreign natural and legal persons, as well as by stateless persons on the territory of the Republic of Moldova shall be regulated under the law.

Article 129. External economic activity

1. The Parliament shall endorse the main directions of the external economic activity, the principles for the utilization of foreign loans and credits.
2. The Government shall secure the protection of national interests involved in external economic activity and promote either a free-trade policy or a protectionist one, taking into account the national interests.

Article 130. Financial and crediting system

1. The formation, administration, utilization and control of financial resources of the State, the territorial-administrative units and public institutions shall be regulated under the terms of law.
2. The national currency of the Republic of Moldova shall be the Moldavian Leu (pl. Lei).
3. The National Bank of the Republic of Moldova shall be empowered with the exclusive right of mintage carried out pursuant to the Parliament decision.

Article 131. National public budget

1. The national public budget shall enshrine the state budget, the state social insurance budget, as well as the districts, towns and villages budgets.
2. The Government shall work out an annual draft of the state budget, and the state social insurance budget, which shall be separately tabled to the Parliament for approval. In the event of formation of the fund outside the budget, it shall be also submitted to the Parliament for approval.
3. If the state budget and the state social insurance budget have not been legally approved with at least 3 days before the expiration of the current budget exercise, there shall be further on applied the state and the state social insurance budgets of the previous year, until the adoption of the new budgets.
4. Any legislative initiative or amendment, which entails the increase or diminishing of the budgetary revenues or loans, as well as the increase or curtail of the budgetary expenditures shall be adopted following the Government approval.
5. The district, town and village budgets shall be drafted, approved and carried out in accordance with the law.
6. No budget expenditure may be approved without prior specification of the funding source.

Article 132. Fiscal system

1. All taxes, duties and other revenues of the state budget and of the state social insurance budget, as well as of the district, town and village budgets shall be established, under the law, by the competent representative bodies.
2. Any other types of taxation shall be forbidden.

Article 133. Court of Audit

1. The Court of Audit shall supervise over the manner of formation, administration and utilization of the public financial resources.
2. The Court of Audit shall consist of 7 members.
3. The President of the Court of Audit shall be appointed for a 5-year term of office by the Parliament on a proposal submitted by its Speaker. The members of the Court shall be also appointed by the Parliament upon the proposal of its Speaker.
4. The Court of Audit shall annually submit to the Parliament a report on the administration and utilization of the public financial resources.
5. Other powers ascribed to the Court of Audit, as well as its manner of organisation and operation shall be established by organic law.