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European Parliament approves additional 145 million euros in macro-financial assistance for Moldova, thus increasing its total amount to 295 million euros.

European Parliament approves additional 145 million euros in macro-financial assistance for Moldova, thus increasing its total amount to 295 million euros.

According to its report, the MEPs approved the proposal of the European Commission to increase the current macro-financial assistance for Moldova by 561 votes in favor, 43 against and 20 abstentions to help our country cover part of its financing needs in 2023 and stabilize the economic situation. The additional assistance of 45 million euros in grants and 100 million euros in loans will be provided in two tranches in the third and fourth quarters of 2023, if Moldova meets certain conditions. These include actions to reform the justice system, the rule of law and the fight against corruption, as well as progress on the macroeconomic program agreed with the IMF. As noted by the European Parliament report, Moldova's economy has been in recession as a result of the war in Ukraine, and economic uncertainty has had a negative impact on investment and trade in the country. The energy crisis and the decline in household consumption and investment put additional pressure on Moldova's public finances. In addition, sharp increases in energy prices led to high inflation. On top of all this, Russia's growing influence in the region puts additional pressure on Moldova's economy, and in these difficult times of economic and political vulnerability, the EU should assist and support Moldova. The decision is planned to be published in the Official Journal of the EU following approval of the additional aid to Moldova by the EU Council, and will be applied the day after publication. As InfoMarket agency earlier reported, the new EU macro-financial assistance package for Moldova took effect on July 18, 2022 and provided for granting 150 million euros, including 120 million euros in soft loans and 30 million euros in grants. Thus the first tranche of 50 million euros was disbursed to Moldova by the European Commission last August. On April 5 this year Moldova received a grant of 10 million euros under the second tranche of macro-financial assistance, and another 40 million euros in loans was disbursed to our country in early May. At the same time, the European Commission earlier proposed to double the current macro-financial assistance to Moldova and to increase its total amount by 145 million euros - from 150 million to 295 million euros. // 10.05.2023 - InfoMarket.

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