Government initiates negotiations on provision of new EU macro-financial assistance

The Government approved a draft decision concerning the initiation of negotiations and approval of the signing of a lending agreement with the European Union on macro-financial assistance for Moldova. It goes to a loan of at most €100 million that will be disbursed in two equal tranches, IPN reports.

Deputy Prime Minister Sergey Pușcuța, Minister of Finance, said the disbursement of the first tranche is conditional upon the signing of the memorandum of understanding. The second tranche will depend on the progress made in implementing the memorandum and in fulfilling six conditions, some of which formed part of the conditions for the third tranche of the current macro-financial assistance program that expires in summer.

The minister said the loan will be repayable in at most 12 months. The interest rate on each tranche will depend on the costs incurred by the European Commission to borrow money from the international financial market.

“The objective of the macro-financial assistance is to diminish the constraints related to external financing, to alleviate the balance of payments and budget needs, to support the Republic of Moldova in the current financial situation,” stated Sergey Pușcuța.

In this connection, Prime Minister Ion Chicu said the disbursement of this money also depends on the fact if the bill for which the Government assumed responsibility passes through Parliament. “The €100 million was included in that bill and if Parliament does not want to adopt it, we will be unable to take this money from the European Union. So, we continue to bank on MPs’ responsibility,” he stated.

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