EU disburses €460 million in Macro-Financial Assistance to Tunisia, Kosovo, Montenegro and North Macedonia

(Credit: Unsplash)

This article is brought to you in association with the European Commission.


The European Commission, on behalf of the EU, has today made further disbursements under its COVID-19 Macro-Financial Assistance (MFA) package to Tunisia, Kosovo, Montenegro and North Macedonia. The disbursements of €300 million to Tunisia, €50 million to Kosovo, €30 million to Montenegro and €80 million to North Macedonia are part of the €3 billion MFA package agreed in May 2020 to help ten enlargement and neighbourhood partners mitigate the economic fallout of the COVID-19 pandemic. Today’s disbursements demonstrate the EU’s solidarity with our partners at a time of unprecedented crisis.

Paolo Gentiloni, Commissioner for the Economy, said: “Today marks another concrete step forward in the fight against the fallout of the Covid-19 pandemic with the successful completion of the macro-financial assistance to Kosovo, Montenegro and North Macedonia and the first disbursement to Tunisia. The EU remains more committed than ever to support its neighbours in these difficult times.”

For Tunisia, this is the first tranche of its €600 million MFA programme that entered into force in May 2021. Given the emergency nature of this support, the first disbursement is not conditional on the fulfilment of any specific policy conditions.

For Kosovo, this is the second and final tranche of its €100 million MFA programme. Kosovo has fulfilled the policy conditions agreed with the EU for the release of the second €50 million disbursement under the programme. These included important measures to improve the sustainability of public finances, enhance financial stability, strengthen good governance and the fight against corruption, as well as initiatives to increase youth employment.

For Montenegro, this is the second and final tranche of its €60 million MFA programme. Montenegro has fulfilled the policy conditions agreed with the EU for the release of the second €30 million disbursement under the programme. These included important measures in the areas of public finance management, financial stability, good governance and the fight against corruption, improvements in the business environment, and social protection.

For North Macedonia, this is the second and final tranche of its €160 million MFA programme. North Macedonia has fulfilled the policy conditions agreed with the EU for the release of the second €80 million disbursement under the programme. These included important measures to strengthen fiscal governance and transparency, fight corruption, enhance financial sector supervision, improve the business environment, and tackle youth unemployment.

All four partners receiving disbursements today continue to satisfy the pre-conditions for granting MFA as regards the respect of human rights and effective democratic mechanisms, including a multi-party parliamentary system and the rule of law. 

With today’s disbursements, the EU has successfully completed three out of the 10 MFA programmes in the €3 billion COVID-19 MFA package, and disbursed the first tranches of assistance to all partners but one. The last partner, Bosnia and Herzegovina, is set to receive its first instalment, a €125 million loan, once it ratifies its Memorandum of Understanding.

The Commission continues to work closely with all its MFA partners on the timely implementation of the agreed policy programmes.

Background

MFA is part of the EU’s wider engagement with neighbouring and enlargement partners and is intended as an exceptional crisis response instrument. It is available to enlargement and EU neighbourhood partners experiencing severe balance-of-payments problems. It demonstrates the EU’s solidarity with these partners and the support of effective policies at a time of unprecedented crisis.

The decision to provide MFA to ten enlargement and neighbourhood partners in the context of the COVID-19 pandemic was proposed by the Commission on 22 April 2020 and adopted by the European Parliament and the Council on 25 May 2020.

In addition to MFA, the EU supports the partners in its Neighbourhood policy and the Western Balkans through several other instruments, including humanitarian aid, budget support, thematic programmes, technical assistance, blending facilities and guarantees from the European Fund for Sustainable Development to support investment in the sectors most affected by the coronavirus pandemic.

the sting Milestones

Featured Stings

Can we feed everyone without unleashing disaster? Read on

These campaigners want to give a quarter of the UK back to nature

How to build a more resilient and inclusive global system

Stopping antimicrobial resistance would cost just USD 2 per person a year

The Japanese have a word to help them be less wasteful – ‘mottainai’

Commission adopts €70 million package for early access to EU COVID-19 vaccines in the Western Balkans

Who holds the key to the future of biotechnology? You do

UN rights chief bemoans unilateral sanctions on Venezuela, fearing ‘far-reaching implications’

Aid used for trade is helping developing countries diversify

OECD leading multilateral efforts to address tax challenges from digitalisation of the economy

UN rights expert calls for end to ‘purgatory’ of ‘international inaction’ facing Myanmar’s remaining Rohingya

Trump wants to implicate China in US attacks against global order

Is “Sustainable Development” a concept that integrates Health Literacy and Health Policy as a global health action?

With science ‘held back by a gender gap’, Guterres calls for more empowerment for women and girls

Human Rights Council election: 5 things you need to know about it

EU budget: Boosting cooperation between tax and customs authorities for a safer and more prosperous EU

Eurozone plans return to growth

Climate change update: consistent global actions urgently needed as we are running out of time

Fair completion rules and the law of gravity don’t apply to banks

Eurozone very close to a sustainable growth path

FROM THE FIELD: For refugees and migrants in Europe, healthcare’s essential but a challenge to find

Coronavirus: Commission receives first preliminary application for support from the EU Solidarity Fund for health emergency from Italy

On Human Rights Day European Youth Forum calls for end to discrimination of young people

With Gaza violence ‘escalating as we speak,’ UN envoy calls for ‘immediate stop’

Suffering of thousands of war-affected Syrian children ‘unprecedented and unacceptable’

#TwitterisblockedinTurkey and so is Erdogan

Ukraine: €8 million in humanitarian aid to withstand winter

‘Agile’, multilateral response vital to combat terrorism – UN chief Guterres

5 facts you might not know about why forest biodiversity matters

Recovery and Resilience Facility: Belgium, Italy, Austria, and Slovenia submit official recovery and resilience plans

Australia wants to build a giant underground ‘battery’ to help power the nation

Commission proposes to top up support for refugees in Jordan, Lebanon and Turkey

Four things workers want implemented by their bosses post-pandemic

Industrial price dive may lead to point of no return

5 creative alternatives to plastic packaging

FROM THE FIELD: Malawi farmers diversify to fight climate change

The JADE Spring Meeting is about to begin

Boris to end up in jail if he loses the next elections?

6 ways to ensure AI and new tech works for – not against – humanity

Pushing for tax fairness in a digital world

‘Global clarion call’ for youth to shape efforts to forge peace in the most dangerous combat zones

Global health challenges require global medical students

Safer products: EP and Council close deal to beef up checks and inspections

Nagasaki is ‘a global inspiration’ for peace, UN chief says marking 73rd anniversary of atomic bombing

Investing in nature gives industry and business a competitive advantage. Here’s why

CLIMATE CHANGE FOCUS: Climate-proofing Timor-Leste

UNICEF warns of ‘lost generation’ of Rohingya youth, one year after Myanmar exodus

Here’s how we get businesses to harmonize on climate change

EU allocates over €43 million in humanitarian aid to South Sudan

The 5 lessons from New York Climate Week to help us combat deforestation

UN rights office calls on Zimbabwe Government to end ‘crackdown’ in response to fuel protests

1 in 13 young British people have PTSD. Here’s why

The blackened white coat of the doctors

The clothes of the future could be made from pineapples and bananas

COVID-19: Team Europe supports African, Caribbean and Pacific countries to access finance through digital technology

Christine Lagarde: the three priorities for the global economy

“Asia-Pacific takes stock of ambitious development targets”, written by the Heads of UNFPA and ESCAP

Healthcare guidance apps to professional’s continued education?

End fossil fuel subsidies, and stop using taxpayers’ money to destroy the world: Guterres

Youth not prioritised in new Commission

State aid: Commission approves €286 million Finnish measure to recapitalise Finnair

A bad marriage can be as unhealthy as smoking and drinking

Coronavirus Global Response: Commission joins the COVID-19 Vaccine Global Access Facility (COVAX)

Eurozone’s sovereign debt not a problem anymore?

More Stings?

Speak your Mind Here

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s