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Economy and Finance
  • 25 July 2024

Moldova

The European Commission conducts regular analysis on macroeconomic and financial developments in Moldova and holds regular discussions with national authorities about economic policies.

Macro-financial assistance

MFA to Moldova (2022 – 2024)

The Moldovan economy has been subject to a series of crises since 2021 and following an official request by the authorities, the Commission adopted on 4 January 2022 a proposal for a Macro-Financial Assistance (MFA) to Moldova of EUR 150 million, including EUR 120 million in medium-term concessional loans and a EUR 30 million grant component. The Decision was adopted by the European Parliament and Council on 6 April 2022. 

Against the backdrop of a worsening of Moldova’s financing needs due to the impact of the war in Ukraine and a summer drought, the Commission submitted to the European Parliament and the Council on 24 January 2023 a proposal to increase the existing MFA assistance to Moldova by EUR 145 million (EUR 100 million in loans and EUR 45 million in grants). The Decision entered into force on 5 September 2023. 

The first instalment of EUR 50 million was released on 1 August 2022 (of which EUR 15 million in grants), the release of the second instalment of EUR 50 million (of which EUR 10 million in grants) was adopted on 22 March 2023.1 The third instalment (i.e. the first ‘additional instalment’ from the additional MFA) was released on 25 October 2023 (EUR 50 million in loans) and 27 October 2023 (EUR 22.5 million grants). The fourth instalment (i.e. the second ‘additional instalment’ from the amended MFA) was released on 18 July 2024 (of which EUR 50 million in loans and EUR 22.5 million grants).The final tranche of EUR 50 million in macro financial assistance (EUR 45 million in loans and EUR 5 million in grants) was disbursed on 17 December 2024 following the fulfilment of all policy conditions.  

  • 24 JANUARY 2023
Commission proposal on amending the amount of macro-financial assistance to the Republic of Moldova
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(529.86 KB - PDF)
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  • 24 JANUARY 2023
Ex-ante evaluation statement
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(1.16 MB - PDF)
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  • 26 JULY 2022
Memorandum of Understanding between the European Union and Moldova
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(573.56 KB - PDF)
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  • 25 JULY 2023
Memorandum of Understanding between the European Union and Moldova - Addendum
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(358.61 KB - PDF)
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MFA in the context of the COVID-19 pandemic

On 22 April 2020, the Commission adopted a proposal for a €3 billion MFA package to ten enlargement and neighbourhood partners to help them limit the economic fallout of the coronavirus pandemic. The decision was adopted by the European Parliament and the Council of the EU on 25 May 2020. As part of this package, the EU agreed on a MFA programme of EUR 100 million to Moldova. The first instalment of EUR 50 million was disbursed on 25 November 2020. The second and last instalment was disbursed on 8 October 2021, thereby successfully completing the programme.

  • 29 SEPTEMBER 2020
Memorandum of Understanding between the European Union and Moldova
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(319.39 KB - PDF)
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MFA to Moldova (2017-2020)

Following a request by the Republic of Moldova, the European Commission adopted on 13 January 2017 a proposal for a Macro-Financial Assistance (MFA) programme of up to EUR 100 million, out of which up to EUR 40 million would be provided in grants and up to EUR 60 million in medium-term loans at favourable financing conditions. The new assistance is to be disbursed in three instalments and to complement the country’s IMF programme, approved on 7 November 2016.

The Decision providing macro-financial assistance to the Republic of Moldova was adopted by the European Parliament and the Council on 13 September 2017 and entered into force on 23 September.

All disbursements under the programme are tied to the political pre-conditions for MFA regarding the respect of democratic mechanisms, the rule of law and human rights, as well as to Moldova's track record under the IMF programme and the fulfilment of the specific policy conditions laid down in the Memorandum of Understanding. On 24 November 2017, the Commission, on behalf of the EU, and the Moldovan authorities signed the Memorandum of Understanding, which includes measures in areas such as public governance, financial sector governance, energy sector reforms and tackling corruption. The first instalment of EUR 30 million was released in October 2019. The second instalment of EUR 30 million was released in July 2020. The third and final instalment of the programme was cancelled, as the availability period of the programme ended in July 2020.

MFA 2010-2012

A previous MFA to the Republic of Moldova, amounting to EUR 90 million, all in grants, was successfully disbursed in three tranches in December 2010, September 2011 and April 2012.

Related EU Policies and Activities

The links below provide additional information on EU-Moldova relations: