EU support for Moldova: €50 million in assistance to help weather shockwaves of Russian war against Ukraine

EU support for Moldova: €50 million in assistance to help weather shockwaves of Russian war against Ukraine

August 1, 2022

The EU has disbursed €50 million in macro-financial assistance (MFA) to the Republic of Moldova, of which €35 million in long-term loans on concessional terms and €15 million in grants. 

This is the first disbursement under the new MFA for Moldova, which entered into force on 18 July 2022 and is available for two and a half years. The MFA is part of a larger EU and international donor support to Moldova, to help it weather multiple crises.

Paolo Gentiloni, European Commissioner for Economy, said: “The shockwaves from Russia’s brutal aggression against Ukraine are being felt strongly in Moldova, which has shown tremendous solidarity to Ukrainians seeking safety from the war. And today’s disbursement is a further sign of the European Union’s solidarity with Moldova, now a candidate for membership of our community of democracies. We will continue to support Moldova, together with our international partners, to navigate this crisis and create the conditions for a future of prosperity and stability.”

Russia’s war against Ukraine has significantly impacted the Moldovan economy, adding to sizeable pre-existing challenges and imbalances.The pandemic had caused a steep recession in Moldova in 2020, while the gas crisis that began in autumn last year exerted additional budgetary pressures. Despite being among the poorest countries in Europe, Moldova has received the highest per-capita number of people fleeing Ukraine. The ongoing aggression also caused significant trade disruptions, weighing on Moldova’s external position, while surging inflation further undermines the already vulnerable economic outlook.

The MFA should therefore help Moldova address its urgent financing needs and support overall macroeconomic stability. It will also strengthen further reform implementation in several priority areas. Moldova has made commendable efforts to complete all three conditions for the disbursement of the first instalment of the MFA. This included actions related to the fight against corruption and the rule of law, financial sector governance and energy sector reforms to increase the country’s energy resilience.

Moldova also continues to satisfy the pre-conditions as regards respect for human rights, effective democratic mechanisms and the rule of law as well as having a positive track record in implementing the ongoing IMF programme.

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