​MOLDOVAN PARLIAMENT RATIFIES MEMORANDUM ON EU’S 100M-EURO MACRO-FINANCIAL ASSISTANCE

On Thursday afternoon, the Moldovan Parliament ratified the Memorandum on supplying a 100-million-euro macro-financial assistance to Moldova by the European Union. The forum thus approved in two readings straightaway the bills on Credit Agreement ratification and on the Memorandum on mutual understanding between the Republic of Moldova and the European Union concerning the macro-financial assistance.

The documents stipulate the provision of 100 million euros to Moldova in two tranches. The first of them will be unconditional and will be furnished right after the Memorandum on mutual understanding comes into effect. And the second tranche may be supplied not earlier than 3 months after the first one – provided Moldova fulfills certain conditions.

One of the conditions concerns public finances, namely the improvement of the legislation on state purchases for the public health sector and improvement of the work of the Center of State Purchases for the Health Sector.

Another condition concerns the drafting and approval of constitutional amendments on the activities of the Superior Council of Magistracy in accordance with the Venice Commission’s recommendations.

Other conditions pertain to raising the efficiency of the National Integrity Organ, stronger measures to combat smuggling, and adoption of a new Customs Code.

As was already reported by Infotag, the macro-financial assistance is a part of the European Union’s extended interaction with enlargement and neighborhood partner countries.

The 100-euro-credit will be repayable in 15 years as one solid installment. The interest rate to be used for each tranche will depend on the price, for which the European Commission will be borrowing means from the international financial market.

The EU Council approved yet last May the European Commission’s proposal to furnish a macro-financial assistance of 3 billion euros to the 10 enlargement and neighborhood partner countries.

From Moldova’s part, the Credit Agreement and the Memorandum on mutual understanding were signed last July by Deputy Premier, Minister of Finance Sergiu Puscuta and President of the National Bank of Moldova Octavian Armasu.