The European Commission Approved an Economic Recovery Plan for Moldova Worth 600 Million Euros

The European Commission Approved an Economic Recovery Plan for Moldova Worth 600 Million Euros
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02 June 2021 | 14:20

The European Commission approved on Wednesday, June 2, an economic recovery plan for Moldova, which establishes between 2021 and 2024 up to 600 million euros of macro-financial assistance, subsidies, and investments.

“It is a unique economic package granted by the European Union to a country in the Eastern Neighborhood,” says MEP Siegfried Mureșan.

“This new funding will be mobilized over the next three years to promote investment that underpins a sustainable and inclusive recovery from the COVID-19 crisis,” the European Commission said.

European Commission President Ursula von der Leyen stated: “Moldova is at a crossroads. The EU’s economic recovery plan is an unprecedented effort to help the country on its path to recovery and an ambitious reform agenda in the interests of its citizens. “

The Commissioner for Neighborhood and Enlargement Olivér Várhelyi said: “With this ambitious economic recovery plan, we want to stimulate long-term socio-economic recovery and unleash Moldova’s untapped economic potential for the benefit of its citizens. We will invest in the economy, connectivity, education, and employability. The plan will support much-needed structural reforms, including in key areas of justice and the fight against corruption.”

According to the European Commission, the plan promotes public finance management and economic governance, competitive economy, trade and SMEs, infrastructure, education and employability, and the reform of the rule of law and justice.

The President of the Delegation of the European Parliament for Relations with Moldova, Siegfried Mureșan mentions that “the money will be invested, first of all, in connectivity, ie in the road, digital, energy infrastructure, then in economic competitiveness and support of small and medium enterprises, in the reforms that the Moldovan citizens are waiting for in the public administration, the budgetary field, justice and the fight against corruption”.

President Maia Sandu thanked the European Commission for its support.

“The plan will focus on five pillars: public finance management and economic governance; competitive economy, trade, and SMEs; infrastructure; education and employment in the labor market; and the reform of the rule of law and justice. At the same time, the announced funds – those up to 600 million euros – will be offered on the basis of strict conditions agreed by the European Union and Moldova. I appreciate the effort of the European Commission, especially of President Ursula von der Leyen and of the Commissioner for Neighborhood and Enlargement, Oliver Varhelyi, and his team, for the rapid completion of this plan. Thank you, the European Union”, said Maia Sandu.

“Economic recovery plan is subject to strict conditioning”

Investments will be made on a “more for more” approach, with progress in structural reforms, in the field of justice and in particular the fight against corruption, as a precondition for financial assistance, the European Commission has announced.

“A historic economic recovery plan”

The President of the Delegation of the European Parliament for Relations with Moldova, Siegfried Mureșan claims that the approval by the European Commission of the economic recovery plan, amounting to 600 million euros, for the next three years is “the best news that the Moldovan citizens have received from the European Union since the liberalization of the visa regime. “

“The economic recovery plan for Moldova would not have been possible without the extremely close collaboration between President Maia Sandu and the institutions of the European Union”, considers the MEP.

According to the European Commission, more than 127 million euros in bilateral support were mobilized in 2020 to help Moldova cope with the initial shock of the crisis.

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