The European Commission decided to give North Macedonia €160 million from the macro-financial assistance (MFA) package to support country’s economy which is hard hit by the coronavirus. The whole package, aimed for 10 countries, amounts to €3 billion and relates to strengthening fiscal governance and transparency, the fight against corruption, enhancing financial sector supervision, improving the business environment, and tackling youth unemployment.

“The Commission has agreed Memoranda of Understanding (MoU) on macro-financial assistance (MFA) programmes with eight partners. The agreements are part of the €3 billion MFA package for ten enlargement and neighbourhood partners, aimed to help them limit the economic fallout of the coronavirus pandemic. The ongoing and swift implementation of these programmes is an important demonstration of the EU’s solidarity with these countries at a time of unprecedented crisis.” says the press release from Brussels.

Memoranda of Understanding have already been agreed with Albania, Georgia, Jordan, Kosovo, Moldova, Montenegro, North Macedonia and Ukraine. These documents have also been formally signed with four of them: Kosovo, Moldova, North Macedonia and Ukraine. Negotiations with the remaining two countries – Bosnia and Herzegovina, and Tunisia – are underway.

Valdis Dombrovskis, Executive Vice-President for an Economy that works for people, said:

“As part of the EU’s global response to the coronavirus pandemic, we are working to help our neighbouring countries to cushion the worst of its economic impact. These ‘crisis MFA programs’ will be outlined by concrete reform commitments. It will help the neighbouring countries to cover their external financing needs in 2020-21, given the difficulties in tackling the economic impact of the pandemic.”