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EU disburses first instalment of €50 million under the new Macro-Financial Assistance to Moldova  

02/08/2022 | Economia |  Daily News 01 / 08 / 2022

Source: European Commission Spokesperson's Service  

The European Commission, on behalf of 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 unjustified war of aggression of Russia 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. 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. The Commission will continue to work closely with Moldova to ensure further implementation of the MFA programme. A press release is available here.

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