EU Approves $33Mln As Micro-Financial Assistance To Moldova - European Commission

Faizan Hashmi Published October 10, 2019 | 08:26 PM

The European Commission on Thursday announced in a statement that it has approved a payment of 30 million euro ($33 million) to Moldova as part of the EU Micro-Financial Assistance (MFA) program aimed to facilitate reforms in the country

MOSCOW (UrduPoint News / Sputnik - 10th October, 2019) The European Commission on Thursday announced in a statement that it has approved a payment of 30 million euro ($33 million) to Moldova as part of the EU Micro-Financial Assistance (MFA) program aimed to facilitate reforms in the country.

"The European Commission, on behalf of the EU, has today approved the disbursement of ��30 million in Macro-Financial Assistance to the Republic of Moldova. This is the first of three planned disbursements under the MFA program to Moldova that was adopted in September 2017. The program, worth up to ��100 million, is designed to assist Moldova in covering its external financing needs while implementing a wide-ranging and ambitious structural reform agenda," the statement said.

According to the statement, European Commissioner for Economic and Financial Affairs Pierre Moscovici noted that the MFA program was designed to support reforms on improving democratic standards and protecting the rule of law in Moldova.

The statement said that Brussels praised efforts of the new Moldovan government, which was formed in June, on launching "significant and substantial structural reform process" in the country.

In November 2017, Chisinau and Brussels concluded a memorandum that granted $100 million Euros in macro-financial aid to Moldova, of which 40 million euros were set to be transferred through grants and 60 million euros as a subsidized loan. The European Union froze the funding back in summer 2018, demanding that the then-cabinet made concrete steps in election transparency, judicial reform and fighting corruption.

In late June, EU Commissioner for European Neighborhood Policy Johannes Hahn said that the European Union might resume financial support for Chisinau if the new government implemented anti-corruption reforms.