European Commission to pay €72.5 million in financial support to Moldova

Chisinau, Oct. 26 /MOLDPRES/- The European Commission will pay €72.5 million in financial support to the Republic of Moldova, as part of the ongoing Macro-Financial Assistance operation to the country. Today, Moldova received a €50 million loan, and a further payment of €22.5 million in grants will follow by the end of the month. 

The assistance provides further support to Moldova, whose economy has been severely hit by the consequences of Russia's invasion of Ukraine, and which is still facing challenges related to energy security. It will help the country cover part of its additional funding needs in 2023, support macro-economic stability and provide for further reforms, in conjunction with the ongoing International Monetary Fund programme for Moldova. It will also help Moldova advance on its European path.

The release of this support comes after the Commission found that Moldova has fulfilled the relevant policy commitments agreed with the EU. Moldova has made progress in improving energy security by adopting a dedicated action plan for the upcoming winter. This is particularly important given the ongoing challenges linked to energy security in the country. Moldova also strengthened public sector governance and advanced in the area of the rule of law, showing progress in filling positions in the Superior Council of Magistrates and the Superior Council of Prosecutors Furthermore, Moldova took important steps towards improving the business climate in the country, by adopting a new entrepreneurship programme and a digitalisation transformation strategy.

The ongoing Macro-Financial Assistance operation to Moldova is worth a total of up to €295 million, of which €220 million in loans and €75 million in grants. This includes a top-up worth up to €145 million adopted by the European Parliament and Council in June 2023, €72.5 million of which is to be paid to Moldova by the end of October.

By the end of the month, Moldova will have already received €172.5 million under this operation. Further payments will follow depending on progress with the agreed policy conditions.