EU’s €3Billion Assistance to neighboring countries
- July 17, 2020
- Posted by: Besarta Verbovci
- Category: Blog
Following a preliminary assessment of financing needs, affords for the MFA money to be dispensed 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).
“Supporting our neighbors is essential during this time of crisis to keep the entire region stable. As part of the EU’s global response to the coronavirus pandemic, we need to help our neighboring countries to cushion the worst of its economic impact. These ‘crisis MFA programs’ will assist 10 countries in ensuring macro-economic stability and protecting their people and companies during the crisis.”Valdis Dombrovskis, Executive Vice-President for An Economy that Works for People
“European solidarity must not stop at the borders of our Union. Because in this global crisis, we stand or fall together. Today the European Commission is taking a decisive step to help ten of our neighbours in their fight against the Coronavirus. I call on the European Parliament and the Council to swiftly agree this important package.”Paolo Gentiloni, Commissioner for Economy
The MFA cash will be made on hand for 12 months in the form of loans on exceedingly favorable terms to help these international locations cowl their immediate, pressing financing needs. Together with the International Monetary Fund’s support, the dollars can contribute to improving macroeconomic steadiness and growing areas to allow resources to be allotted closer to protecting citizens and mitigating the coronavirus pandemic’s negative socio-economic consequences. This instrument additionally stays on hand for different eligible countries experiencing balance-of-payments difficulties.
Published by:European Commission https://ec.europa.eu/commission/presscorner/detail/en/ip_20_716