EU helps Georgia, Moldova and Ukraine with macro-financial assistance to limit economic fallout of pandemic

11-08-2020
Photo: European Union
Photo: European Union

On 11 August, the European Commission signed memoranda of understanding (MoU) on macro-financial assistance (MFA) programmes with eight partners in the EU Neighbourhood. The agreements are part of the €3 billion MFA package for ten enlargement and neighbourhood partners, aimed to help them limit the economic fallout of the coronavirus pandemic.

Among the eight countries are also three Eastern partner countries: Georgia, the Republic of Moldova and Ukraine.

According to the EU, agreeing and signing the MoUs is an important step towards the first disbursement under the programme, which depends on fulfilling political conditions.

For Georgia, the policy conditions for its €150 million MFA programme relate to strengthening public finance management, improving governance, sector reforms, and labour market policies.

For Moldova, the policy conditions for its €100 million MFA programme relate to strengthening public finance management, good governance and fight against corruption, and improving the business environment.

For Ukraine, the policy conditions for its €1.2 billion MFA programme are more comprehensive and relate to strengthening public finance management, governance and the rule of law, reform of the judiciary, competition in the gas market, improving the business climate and governance of state-owned enterprises.

MFA is part of the EU's wider engagement with neighbouring and enlargement countries and is intended as an exceptional EU crisis response instrument.

Find out more

Press release

Coronavirus: Commission proposes €3 billion macro-financial assistance package to support ten neighbouring countries

Decision of the European Parliament and of the Council on providing macro‐financial assistance to enlargement and neighbourhood partners in the context of the COVID‐19 pandemic