The European Commission offers the Republic of Moldova a loan of 50 million euros
The European Commission offers the Republic of Moldova a loan of 50 million euros. Another tranche of 22.5 million euros in grants will be awarded by the end of this month. The European Commission announced this today, July 8. According to the quoted source, this financial support will help the Republic of Moldova to cover part of the financing needs for 2024 and to support macroeconomic stability.
"This financial support will help the Republic of Moldova to cover part of its financing needs for the year 2024 and to support macroeconomic stability, while allowing for additional reforms. Its economy showed modest growth in 2023 after a deep recession in 2022. However, it remains affected by Russia's war of aggression against Ukraine and continues to face serious energy security challenges," the European Commission said.
This is the fourth tranche within the ongoing macro-financial assistance for the Republic of Moldova and comes after the Commission concluded that our country met the policy conditions agreed with the European Union for the release of this payment.
"The Republic of Moldova improved public sector governance and strengthened the independence of the National Bank of Moldova. He also strengthened the rule of law by passing a law on the extraordinary evaluation (ie full vetting) of judges. Progress has also been made in the fight against corruption through better collaboration between anti-corruption and law enforcement agencies. The country has also taken steps to support renewable energy and reformed the Customs Code, which is now fully aligned with the Union Customs Code. In addition, the Republic of Moldova has adopted a National Strategy for Economic Development, offering an ambitious vision to guide its economic policies until 2030", reads the press release issued by the European Commission.
According to the European Commission, the macro-financial assistance is part of the wider effort of the European Union to support the Republic of Moldova in the face of the multiple challenges of recent years. It will also help Moldova progress on its European path, and this amounts to 295 million euros.
