Moldova to benefit 100 million euros assistance from European Commission

19:19 | 13.01.2017 Category: Official

Chisinau, 13 January /MOLDPRES/ – The European Commission approved today the Macro-financial assistance (MFA) program to Moldova, amounting to 100 million Euros, out of which 40 million euros as grants, the government’s communication and protocol department has reported.

The program lasts two years and Additional Agreement with IMF, approved in November 2016. Assistance aims to support, Moldova’s short-term balance of payments, by reducing existing fiscal vulnerabilities.

The money disburse will be held in three installments according to progress in implementation of the agreement with IMF and the conditions to be agreed between Moldova and the European Union. Mostly, they refer to remedy the deficiencies in the national economy and in the system of economic governance, especially in the banking sector.

The Macro-financial assistance program for Moldova will be examined by the European Parliament and EU Council.

MFA is an instrument of European Union’s support for neighbouring countries to overcome the financial crisis and is offered as an additional support provided by the International Monetary Fund. Moldova has benefited from such assistance during 2010 – 2012, totaling 90 million euros, provided as a grant.

(Editor L. Alcaza)

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