The European Parliament voted on Tuesday, May 9, to top up the macro-financial aid for Moldova by up to EUR 145 million to help the country cover part of its funding needs in 2023.

This brings the total amount of ongoing macro-financial assistance (MFA) support to up to EUR 295 million.

The new aid, totaling EUR 45 million in grants and up to EUR 100 million in loans, would be disbursed in two instalments planned for the third and fourth quarters of 2023, provided certain policy conditions are met by Moldova. These include justice system reforms, ensuring the rule of law and the fight against corruption, and good progress in implementing an International Monetary Fund (IMF) macroeconomic programme.

"The Russian war of aggression in Ukraine did not spare anyone and certainly not Moldova. An unfortunate combination of the war, the energy crisis, huge inflation and the fall in household consumption and investments has been squeezing public finances and harming the livelihoods of Moldovan citizens. On top of all that, Russia's growing influence in this region is putting additional pressure on Moldova's economy. During these hard times of economic and political vulnerability, we need to help and support Moldova," said EP Rapporteur Markéta Gregorová.

The European Council granted Moldova EU candidate country status on June 23, 2022.

The ongoing macro-financial assistance (MFA) support entered into force in July 2022.

andrei@romania-insider.com

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