April 6 (SeeNews) - The European Commission (EC) said it has disbursed a second instalment of 50 million euro ($54.7 million) under a Macro-Financial Assistance (MFA) operation to help Moldova address its urgent financing needs and support overall macroeconomic stability.
Under this second instalment, Moldova already received a 10 million euro grant and will get an additional 40 million euro in loans at the beginning of May, the EC said in a press release on Wednesday.
The ongoing MFA operation is worth a total of 150 million euro and aims to address Moldova’s urgent financing needs and support overall macroeconomic stability while enabling wide-ranging and ambitious reforms amid the impact of Russia’s aggression against Ukraine and pre-existing challenges.
The action follows the EC’s conclusion that Moldova fulfilled the policy conditions agreed with the EU for the release of this disbursement. The country strengthened its public and financial sector governance, while taking steps the rule of law.
The MFA support is part of the wider EU effort to support Moldova in the wake of the multiple challenges and help it advance on its European path. On June 23, the European Council decided to grant EU candidate status to Moldova and Ukraine, it said in a press release at the time.
The EC already disbursed 50 million euro in a first instalment of MFA to Moldova in August 2022.
In January 2023, the Commission also proposed that the ongoing MFA support to Moldova be increased by up to 145 million euro. The proposal is currently under consideration by the European Parliament and Council.
($=0.914 euro)