European Parliament approves boosting macro-financial assistance for Moldova to 295M euro

Members of the European Parliament voted on May 9 overwhelmingly in favour of boosting EU macro-financial assistance to Moldova to 295 million euro.

Of the 624 MEPs who voted, 561 voted in favour, 43 against and 20 abstained.

The increase by 145 million euro in macro-financial assistance to Moldova includes 100 million euro in concessional loans and 45 million euro in grants, to cover parts of the country’s external financial needs in 2023.

Ahead of the vote, a report by the European Parliament’s committee on budgets said that Moldova’s economy is heavily affected by Russia’s war of aggression against Ukraine, as a result of trade disruptions, lost export revenues, soaring food and energy prices as well as high inflation.

The committee said that Moldova will need  further support, and therefore additional financial and technical assistance, including through the Instrument for Pre-Accession Assistance III instrument, given that Moldova is now a candidate for accession.

The committee noted that the additional macro-financial assistance is to be released in two payouts in the third and fourth quarter of 2023, subject to satisfactory progress with the International Monetary Fund programme and the implementation of new policy conditions to be agreed between Moldova and the EU, which will be added to the existing Memorandum of Understanding.

Separately, the European Commission said on May 9 that European Commissioner for Transport Adina Vălean and Moldova’s Minister for Infrastructure and Regional Development, Lilia Dabija, signed in the presence of Moldova’s Prime Minister, Dorin Recean, an agreement in Chisinau, associating Moldova to the Connecting Europe Facility (CEF) programme.

This agreement will enable Moldovan project promoters to apply for EU funding for projects of common interest in the transport, energy and digital realms, improving the country’s connectivity with its EU neighbours. It will support Moldova’s integration within the EU Single Market, promote growth, jobs and competitiveness, the Commission said.

Please support The Sofia Globe’s independent journalism by becoming a subscriber to our page on Patreon:

Become a Patron!

The Sofia Globe staff

The Sofia Globe - the Sofia-based fully independent English-language news and features website, covering Bulgaria, the Balkans and the EU. Sign up to subscribe to's daily bulletin through the form on our homepage.