WB offers over US$134m to help Moldova mitigate socioeconomic challenges

The Republic of Moldova will receive $134.3 million in budget support from the World Bank. The World Bank’s Board of Executive Directors approved the Second Emergency Response, Resilience, and Competitiveness Development Policy Operation (DPO2) for the Republic of Moldova in a bid to support the Government of Moldova in mitigating the socioeconomic impacts of Russia’s invasion of Ukraine, particularly on refugees and households. Additionally, it aims to bolster resilience and enhance competitiveness to reduce vulnerabilities to future shocks, IPN reports, quoting a press release of the WB.

The DPO2 focuses on providing legal status and integration support to Ukrainian refugees, enhancing social protection programs for households affected by the invasion and energy crisis. Additionally, the operation seeks to improve energy efficiency, enhance the legal framework for deposit guarantees, corporate governance of SOEs, support railway sector reorganization, and facilitate the digitalization of public services for businesses.

“This emergency budget support that comes with contributions from our development partners will help the government of Moldova mitigate the ongoing impact of the Russia’s invasion of Ukraine on refugees and households severely affected by recent crises,” said Inguna Dobraja, World Bank Country Manager for Moldova.

This operation is part of a coordinated financial assistance package to Moldova from international partners in response to the current socio-economic emergency. The package includes contributions from the International Monetary Fund, the European Union, and bilateral partners.

The DPO2 comprises an IBRD loan of $100 million and benefits from a co-financing grant of $9.3 million from the Moldova Development Policy Multi-Donor Trust Fund (MDTF), as well as a $25 million concessional contribution from the Global Concessional Financing Facility (GCFF).

Since Moldova joined the World Bank in 1992, over $1.3 billion has been allocated to more than 60 operations in the country. Currently, the World Bank portfolio includes 11 active projects with a total commitment of $608 million.

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