North Macedonia First in the Region to Get Macro-financial Assistance from EU Worth EUR 80 Million

The European Commission on behalf of the EU has signed a Memorandum of Understanding (MoU) with North Macedonia to pave the way for the disbursement of EUR 80 million in macro-financial assistance (MFA), the Commission announced.

This is the first MoU signed as part of EUR 3 billion MFA package that the Commission proposed for ten enlargement and neighborhood partners to help them limit the economic fallout of the coronavirus pandemic.

MFA funds will be made available in the form of long-term loans on highly favorable terms.

The funds will contribute to enhance macroeconomic stability and create space to allocate resources towards mitigating the severe negative socio-economic consequences of the coronavirus pandemic, the Commission said.

The MFA program for North Macedonia is worth up to EUR 160 million.

– The EU is committed to fighting the coronavirus pandemic both within and beyond our borders. We stand in solidarity with North Macedonia: we are stronger together – Paolo Gentiloni, Commissioner for the Economy, said.

The disbursement of the second and final installment will be conditional on the implementation of the policy actions agreed between the EU and North Macedonia and set out in the MoU.

Specifically, the MoU includes nine policy conditions related to strengthening fiscal governance and transparency, the fight against corruption, enhancing financial sector supervision, improving the business environment, and tackling youth unemployment.

The assistance program will be available for a period of 12 months.

Serbia is the only country in the region not to ask for macro-financial assistance.

European Commission

Government of North Macedonia

Paolo Gentiloni

EU macro financial assistance

coronavirus