European Commission Adopts $171Mln Aid Program To Moldova - Press Release

The European Commission (EC) on Tuesday announced the adoption of a new program of macro-financial assistance to Moldova by up to 150 million euros ($171 million), now awaiting approval by the European Parliament and EU countries

MOSCOW (UrduPoint News / Sputnik - 04th January, 2022) The European Commission (EC) on Tuesday announced the adoption of a new program of macro-financial assistance to Moldova by up to 150 million Euros ($171 million), now awaiting approval by the European Parliament and EU countries.

"Following a request by the Republic of Moldova, the European Commission has adopted today a proposal for a new Macro-Financial Assistance (MFA) operation of up to 150 million, out of which up to 30 million would be provided in grants and up to 120 million in medium-term loans at favourable financing conditions," the commission said in a press release published on the website.

The commission noted that the new assistance program would build on previous initiatives, under which the European Union allocated $182 million to Moldova.

"The proposed EU MFA, which requires adoption by the European Parliament and the Council before it can enter into force and disbursements can be made, would accompany the country's new IMF programme, approved on 20 December 2021. Specifically, the MFA would help Moldova cover part of its external financing needs over the coming two years," the commission added.

Earlier on Tuesday, Commission President Ursula von der Leyen said on Twitter that the newly allocated funds would accompany necessary reforms and help the Moldovan economy stabilize and recover.