EU Proposes €3B Financial Assistance Package For Neighboring Countries

The Commission has adopted a proposal for a €3 billion (US$3.24 billion) macro-financial assistance (MFA) package to ten enlargement and neighborhood partners to help them to limit the economic fallout of the coronavirus pandemic. 

The proposal comes on top of the “Team Europe” strategy, the EU’s robust and targeted response to support partner countries’ efforts in tackling the coronavirus pandemic. It represents an important demonstration of the EU’s solidarity with these countries at a time of unprecedented crisis. 

The proposal, following a preliminary assessment of financing needs, provides for the MFA funds to be distributed as follows: the Republic of Albania (€180 million), Bosnia and Herzegovina (€250 million), Georgia (€150 million), the Hashemite Kingdom of Jordan (€200 million), Kosovo (€100 million), the Republic of Moldova (€100 million), Montenegro (€60 million), the Republic of North Macedonia (€160 million), the Republic of Tunisia (€600 million), and Ukraine (€1.2 billion). The MFA funds will be made available for 12 months in the form of loans on highly favorable terms to help these countries cover their immediate, urgent financing needs. 

Together with the International Monetary Fund’s support, the funds can contribute to enhancing macroeconomic stability and creating space to allow resources to be allocated towards protecting citizens and mitigating the coronavirus pandemic’s negative socio-economic consequences. 

Full Content: Europe

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