European Funds for the Republic of Moldova

Moldova will get additional funds from the European Union

Daniela Budu, 24.11.2017, 13:10

The Republic of Moldova and the European Union on Thursday signed
the documents for a financial aid package worth €100 million, of which €40
million non-reimbursable funding. Moldova is expected to receive the funds by
the end of the year and must invest it in four development programs. The
documents underlying the financial deal will be submitted to the Moldovan
Parliament for approval.

Meanwhile, Chisinau authorities are making efforts to
fulfill all requirements for disbursing the first installment of the loan.
According to Radio Chisinau, several MEPs and Moldovan politicians had insisted
the financial aid be postponed after Parliament had changed the election
system, despite being advised against it by the Venice Commission.

On the
sidelines of the Eastern Partnership Summit, the European Council President
Donald Tusk and Moldovan Prime Minister Pavel Filip discussed the
implementation of Moldova’s Association Agreement with the European Union and
the developments in Moldova. Tusk highlighted the fact that the Republic of
Moldova is one of the most important members of the Eastern Partnership,
commending Moldovans’ confidence in the EU.

In turn, Filip reiterated his
country’s efforts to join the community bloc, which is transparent in recent
surveys, showing an increased support from Moldovan citizens for their
country’s EU accession. Pavel Filip reassured Tusk that his Government’s list
of priorities includes securing the independence of the judiciary, continuing
efforts to investigate bank fraud and hold the people involved accountable, as
well as implementing the new election law in line with the recommendations of
the Venice Commission.

In another development, Moldova’s Justice Minister
Vladimir Ceboratri has stated in Bucharest that his country relies on Romania’s
support for its EU accession. Western leaders have voiced concern over the
level of corruption in Chisinau, which in 2014 led the mysterious disappearance
of $1 billion, the equivalent of 15% of its GDP, by means of a massive bank
fraud.

For fear they might see their funds sucked into a black hole, the EU,
the IMF and the World Bank have temporarily suspended their financial
assistance to Chisinau. At the time
Romania was the only country that gave €150 million to Moldova on loan over a
four and a half years period, at a preferential interest rate of 1.45%. (Translated by Vlad Palcu)