12 04/2017

Cabinet initiates talks on EU's 100-million-euros-worth macro-financial assistance

The Cabinet of Ministers approved in its meeting today, a Government decision to start negotiations on the draft financing agreement between Moldova and the EU on macro-financial assistance of €100 million.

The document sets out the composition of the negotiators, who will hold talks with European Commission on allocation of funds in the quickest term and mutually advantageous terms.

The Macro Financial Assisstance Program for Moldova states that €40 million will be provided as grants and €60 million – as loan, allocated in three equal installments in 2017-2018.

Prime Minister Pavel Filip highlighted the importance of the assistance for Moldova, noting that it would stimulate its economic growth. The head of the Executive said that each of the three installments would be preceded by a number of conditions. "But we must understand that there are conditions for receiving aid. These conditions make us more organized and mobilized," noted Pavel Filip.

The loan complements the interventions of international financial institutions, such as the funding mechanism of the International Monetary Fund extended loans for development policies granted by the World Bank to support the Government's reform agenda.

There will be provided favorable conditions for sustainable economic growth, maintaining fiscal and macroeconomic stability and structural reforms in Moldova.