EC proposes increasing financial aid for Moldova by up to 145M euro

The European Commission (EC) has proposed to increase the ongoing Macro-financial Assistance (MFA) to the Republic of Moldova by up to 145 million euro, bringing the total amount of ongoing MFA support to the country to up to 295 million euro, the EC said in a statement.

“With this proposal, the Commission is standing by Moldova as the country continues to implement its reform agenda, while at the same time facing the fallout from Russia’s war of aggression against Ukraine, battling an energy crisis, and hosting a high number of refugees from Ukraine,” the EC said.

The proposal, made by the EC on January 24, follows the announcement made by EC President Ursula Von der Leyen in Chișinău in November 2022 on additional financial support to Moldova.

The additional assistance aims to provide further support to Moldova, whose economy has been severely hit by the consequences of Russia’s invasion of Ukraine, as well as a significant energy crisis continuing since October 2021, the EC said.

The increase in the MFA would help Moldova cover part of its additional funding needs in 2023, support macro-economic stability and provide for further reforms.

The EC said that the January 24 proposal would accompany Moldova’s ongoing International Monetary Fund programme.

The two additional payouts under the proposed MFA increase would be strictly conditional on satisfactory progress with the IMF programme and on the implementation of new policy conditions to be agreed between Moldova and the EU and added to the existing Memorandum of Understanding.

“These policy conditions would aim to address some of the fundamental weaknesses exposed in recent years in the Moldovan economy and economic governance system, and in other key areas, including good governance and fight against corruption, the rule of law, and energy security,” the EC said.

Out of the additional up to 145 million euro, up to 45 million euro would be provided in grants and up to 100 million euro in loans at favourable financing conditions.

The amount is to be paid out in two additional instalments planned for the third and fourth quarters of 2023, provided policy conditions are fulfilled.

Von der Leyen said: “We stand in solidarity with Moldova as shockwaves of Russia’s brutal war continue to impact the country. Today we propose to top up macro-financial assistance to Moldova by 145 million euro. This will greatly support the country’s economy and energy security.”

It is now for the European Parliament and the Council of the EU to consider and adopt the proposal to increase the ongoing MFA to Moldova. Once adopted, the proposal will enter into force and payouts can be made.

(Photo: EC Audiovisual Service)

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