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European Union to grant 90 million euro to crisis-hit Moldova

Wed, Sep 08 2010 09:54 CET

byThe Sofia Echo staff

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European Union to grant 90 million euro to crisis-hit Moldova

Photo: Reuters

Moldova is set to receive an EU grant of up to 90 million euro to help it through the financial crisis.

In a plenary vote on September 7 2010, members of the European Parliament overwhelmingly backed plans to provide the funds when they approved a report by Iuliu Winkler (EPP, RO) with 590 votes in favour, 26 against and 29 abstentions.

The money will help Chisinau to finance its balance-of-payments deficit and meet its budgetary needs, and will supplement IMF, World Bank and other bilateral support already granted to Moldova. It will be made available in three or four instalments: two in 2010 and one or two in 2011.

MEPs insisted that the European Commission must be regularly brief the European Parliament on how the assistance is managed and whether the principles of efficiency, transparency and accountability are being observed.

In November 2009, Parliament gave its backing for macro-financial support to Serbia (200 million euro in the form of a loan), Bosnia and Herzegovina (100 million euro, loan), Armenia (65 million euro loan and 35 million euro grant), and Georgia (46 million euro, grant). In May 2010, MEPs approved macro-financial assistance to Ukraine (500 million euro, loan).

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