{"id":448182,"date":"2020-04-22T19:17:59","date_gmt":"2020-04-22T19:17:59","guid":{"rendered":"http:\/\/www.moldova.org\/en\/?p=448182"},"modified":"2020-04-22T19:28:18","modified_gmt":"2020-04-22T19:28:18","slug":"more-funding-for-moldova-100-million-the-eu-macro-financial-assistance-package","status":"publish","type":"post","link":"https:\/\/www.moldova.org\/en\/more-funding-for-moldova-100-million-the-eu-macro-financial-assistance-package\/","title":{"rendered":"More funding for Moldova: \u20ac100 million within an EU macro-financial assistance package"},"content":{"rendered":"<span class=\"span-reading-time rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">Reading Time: <\/span> <span class=\"rt-time\"> 2<\/span> <span class=\"rt-label rt-postfix\">minutes<\/span><\/span><p>The European Commission (EC) has adopted a proposal for a 3 billion euros <strong>macro-financial assistance (MFA) package<\/strong> to ten enlargement and neighbourhood countries, including the Republic of Moldova, <span style=\"color: #000080\"><em>&#8220;to help them to limit the economic fallout of the coronavirus pandemic&#8221;<\/em><\/span>, as it is mentioned in a <a href=\"https:\/\/ec.europa.eu\/commission\/presscorner\/detail\/en\/ip_20_716?fbclid=IwAR3m4rYrRxQrste-DPShJtUw04FNrZ2hJufF0bYTuSpyqxWI-ko7Z89uez0\">press release<\/a> published on the EC official page.<\/p>\n<p>The adopted MFA package has a total budget of 3 billion euros, being distributed as following: the Republic of Albania (\u20ac180 million), Bosnia and Herzegovina (\u20ac250 million), Georgia (\u20ac150 million), the Hashemite Kingdom of Jordan (\u20ac200 million), Kosovo (\u20ac100 million),<strong> the Republic of Moldova (\u20ac100 million)<\/strong>, Montenegro (\u20ac60 million), the Republic of North Macedonia (\u20ac160 million), the Republic of Tunisia (\u20ac600 million) and Ukraine (\u20ac1.2 billion).<\/p>\n<p><span style=\"color: #003366\">See also:\u00a0<a style=\"color: #003366\" href=\"https:\/\/www.moldova.org\/en\/the-eu-announced-its-support-to-overcome-the-pandemic-crisis-in-moldova\/\">The EU announced its support to overcome the pandemic crisis in Moldova<\/a><\/span><\/p>\n<p>The proposal is part of the <a href=\"https:\/\/ec.europa.eu\/commission\/presscorner\/detail\/en\/ip_20_604\">Team Europe<\/a>\u00a0strategy, which represents the EU&#8217;s initiative to support partner countries&#8217; efforts in tackling the coronavirus pandemic.\u00a0The strategy combines resources from the EU, its Member States and financial institutions, such as the European Investment Bank and the European Bank for Reconstruction and Development. The overall figure of the package is more than 20 billion euros.<\/p>\n<p>&#8220;<em>These \u2018crisis MFA programmes&#8217; will assist 10 countries in ensuring macro-economic stability and protecting their people and companies during the crisis,&#8221; <\/em>according to\u00a0<strong>Valdis Dombrovskis<\/strong>, Executive Vice-President for An Economy that Works for People.<\/p>\n<blockquote><p>&#8220;The MFA funds will be made available for 12 months in the form of loans on highly favourable terms to help these countries cover their immediate, urgent financing needs. Together with the International Monetary Fund&#8217;s support, the funds can contribute to enhancing macroeconomic stability and creating space to allow resources to be allocated towards protecting citizens and mitigating the coronavirus pandemic&#8217;s negative socio-economic consequences.&#8221;<\/p><\/blockquote>\n<p>The proposal previously adopted by the EC must be also adopted by the <strong>European Parliament<\/strong> and the <strong>Council of the EU<\/strong>. <em>&#8220;Given the urgent need for this support, the Commission counts on the cooperation of the co-legislators to ensure swift adoption of the proposal,&#8221; <\/em>stated the Commission&#8217;s representatives.<\/p>\n<p>Next, the Commission will disburse the first instalment upon the agreement on a <strong>Memorandum of Understanding<\/strong> with each partner country. <span style=\"color: #000080\"><em>&#8220;The second instalment could be disbursed in the fourth quarter of 2020 or in the first half of 2021, provided that the policy measures attached to it have been implemented in a timely manner,&#8221;<\/em><\/span> is specified in the statement of the EU institution.<\/p>\n<p>To benefit from an MFA package, partner countries should meet certain <span style=\"color: #993300\">political pre-conditions in terms of respect of democratic principles, human rights and rule of law and should also benefit\u00a0from an IMF financial assistance programme<\/span>, according to EC official page.<\/p>\n<p>Other financial instruments used by the EU\u00a0 to support the Neighbourhood and Western Balkans are humanitarian aid, budget support, thematic programmes, technical assistance, blending facilities and guarantees from the European Fund for Sustainable Development to support investment in sectors most affected by the coronavirus pandemic.<\/p>\n<p>Photo:\u00a0euneighbours.eu<\/p>\n","protected":false},"excerpt":{"rendered":"<p><span class=\"span-reading-time rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">Reading Time: <\/span> <span class=\"rt-time\"> 2<\/span> <span class=\"rt-label rt-postfix\">minutes<\/span><\/span>The European Commission (EC) has adopted a proposal for a 3 billion euros macro-financial assistance (MFA) package to ten enlargement and neighbourhood countries, including the Republic of Moldova, &#8220;to help them to limit the economic fallout of the coronavirus pandemic&#8221;, as it is mentioned in a press release published on the EC official page. The [&hellip;]<\/p>\n","protected":false},"author":31,"featured_media":448183,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5,4],"tags":[449,642,106,514,418,35,684,27,608,448],"class_list":["post-448182","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","category-society","tag-assistance","tag-covid-19","tag-eu","tag-european-commission","tag-funds","tag-important","tag-macro-financial","tag-moldova","tag-pandemic","tag-support"],"content_social_share":"<span class=\"span-reading-time rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">Reading Time: <\/span> <span class=\"rt-time\"> 2<\/span> <span class=\"rt-label rt-postfix\">minutes<\/span><\/span><p>The European Commission (EC) has adopted a proposal for a 3 billion euros <strong>macro-financial assistance (MFA) package<\/strong> to ten enlargement and neighbourhood countries, including the Republic of Moldova, <span style=\"color: #000080\"><em>&#8220;to help them to limit the economic fallout of the coronavirus pandemic&#8221;<\/em><\/span>, as it is mentioned in a <a href=\"https:\/\/ec.europa.eu\/commission\/presscorner\/detail\/en\/ip_20_716?fbclid=IwAR3m4rYrRxQrste-DPShJtUw04FNrZ2hJufF0bYTuSpyqxWI-ko7Z89uez0\">press release<\/a> published on the EC official page.<\/p>\n<p>The adopted MFA package has a total budget of 3 billion euros, being distributed as following: the Republic of Albania (\u20ac180 million), Bosnia and Herzegovina (\u20ac250 million), Georgia (\u20ac150 million), the Hashemite Kingdom of Jordan (\u20ac200 million), Kosovo (\u20ac100 million),<strong> the Republic of Moldova (\u20ac100 million)<\/strong>, Montenegro (\u20ac60 million), the Republic of North Macedonia (\u20ac160 million), the Republic of Tunisia (\u20ac600 million) and Ukraine (\u20ac1.2 billion).<\/p>\n<p><span style=\"color: #003366\">See also:\u00a0<a style=\"color: #003366\" href=\"https:\/\/www.moldova.org\/en\/the-eu-announced-its-support-to-overcome-the-pandemic-crisis-in-moldova\/\">The EU announced its support to overcome the pandemic crisis in Moldova<\/a><\/span><\/p>\n<p>The proposal is part of the <a href=\"https:\/\/ec.europa.eu\/commission\/presscorner\/detail\/en\/ip_20_604\">Team Europe<\/a>\u00a0strategy, which represents the EU&#8217;s initiative to support partner countries&#8217; efforts in tackling the coronavirus pandemic.\u00a0The strategy combines resources from the EU, its Member States and financial institutions, such as the European Investment Bank and the European Bank for Reconstruction and Development. The overall figure of the package is more than 20 billion euros.<\/p>\n<p>&#8220;<em>These \u2018crisis MFA programmes&#8217; will assist 10 countries in ensuring macro-economic stability and protecting their people and companies during the crisis,&#8221; <\/em>according to\u00a0<strong>Valdis Dombrovskis<\/strong>, Executive Vice-President for An Economy that Works for People.<\/p>\n<blockquote><p>&#8220;The MFA funds will be made available for 12 months in the form of loans on highly favourable terms to help these countries cover their immediate, urgent financing needs. Together with the International Monetary Fund&#8217;s support, the funds can contribute to enhancing macroeconomic stability and creating space to allow resources to be allocated towards protecting citizens and mitigating the coronavirus pandemic&#8217;s negative socio-economic consequences.&#8221;<\/p><\/blockquote>\n<p>The proposal previously adopted by the EC must be also adopted by the <strong>European Parliament<\/strong> and the <strong>Council of the EU<\/strong>. <em>&#8220;Given the urgent need for this support, the Commission counts on the cooperation of the co-legislators to ensure swift adoption of the proposal,&#8221; <\/em>stated the Commission&#8217;s representatives.<\/p>\n<p>Next, the Commission will disburse the first instalment upon the agreement on a <strong>Memorandum of Understanding<\/strong> with each partner country. <span style=\"color: #000080\"><em>&#8220;The second instalment could be disbursed in the fourth quarter of 2020 or in the first half of 2021, provided that the policy measures attached to it have been implemented in a timely manner,&#8221;<\/em><\/span> is specified in the statement of the EU institution.<\/p>\n<p>To benefit from an MFA package, partner countries should meet certain <span style=\"color: #993300\">political pre-conditions in terms of respect of democratic principles, human rights and rule of law and should also benefit\u00a0from an IMF financial assistance programme<\/span>, according to EC official page.<\/p>\n<p>Other financial instruments used by the EU\u00a0 to support the Neighbourhood and Western Balkans are humanitarian aid, budget support, thematic programmes, technical assistance, blending facilities and guarantees from the European Fund for Sustainable Development to support investment in sectors most affected by the coronavirus pandemic.<\/p>\n<p>Photo:\u00a0euneighbours.eu<\/p>\n<div class='heateorSssClear'><\/div><div  class='heateor_sss_sharing_container heateor_sss_horizontal_sharing' 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max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.moldova.org\/en\/more-funding-for-moldova-100-million-the-eu-macro-financial-assistance-package\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Maria Dulgher\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.moldova.org\\\/en\\\/more-funding-for-moldova-100-million-the-eu-macro-financial-assistance-package\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.moldova.org\\\/en\\\/more-funding-for-moldova-100-million-the-eu-macro-financial-assistance-package\\\/\"},\"author\":{\"name\":\"Maria 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