On 4 January, the European Commission adopted a proposal for a new Macro-Financial Assistance (MFA) operation for the Republic of Moldova of up to €150 million. Up to €30 million would be provided in grants and up to €120 million in medium-term loans at favourable financing conditions.
The proposed MFA, which requires adoption by the European Parliament and the Council before it can enter into force and disbursements can be made, would accompany the country’s new International Monetary Fund (IMF) programme, approved on 20 December 2021. Specifically, the MFA would help Moldova to cover part of its external financing needs over the coming two years. The operation would thus contribute to reducing the economy’s short-term balance-of-payments and fiscal vulnerabilities.
“As ever, this financing would be conditional on the fulfilment of policy commitments aimed at addressing some of the most pressing problems weighing on Moldova’s economic development,” said Paolo Gentiloni, Commissioner for the Economy. According to an EU press release, these fundamental weaknesses also concern such key areas as good governance, the fight against corruption, the rule of law, and energy security.
The new MFA would build on the two previous MFA operations through which the EU has disbursed a total of €160 million to Moldova since 2017.
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