Ex-post evaluation of the Macro Financial Assistance (MFA) COVID-19 operations to 10 partners (2020-2022)

The Commission evaluation was supported by an external study carried out by ICF SA under a DG ECFIN framework contract. The purpose of the evaluation was to assess the effectiveness, efficiency, relevance, coherence, and added value of the COVID MFA package. This evaluation aimed to understand how well the MFA responded to the urgent needs created by the pandemic, provided fiscal support, and alleviated balance of payments pressures for the ten partners. It also sought to determine the impact of the MFA on partners' reform progress. It encompassed all ten operations under a joint analytical framework, highlighting key similarities and differences across the Western Balkan, Eastern Neighbourhood, and Southern Neighbourhood regions.