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After IMF, EU disburses 45 mln euros of aid to Moldova
December 21, 2016 / 4:39 PM / in 10 months

After IMF, EU disburses 45 mln euros of aid to Moldova

CHISINAU, Dec 21 (Reuters) - The European Commission said on Wednesday it had disbursed 45.3 million euros ($47 million) of aid to Moldova, noting the government’s efforts to restore economic stability and reform an opaque banking system.

It follows the International Monetary Fund approving a three-year loan programme for Moldova in November, worth $178.7 million, that had been frozen after a $1 billion corruption scandal plunged the ex-Soviet republic into turmoil.

Last year negotiations with the IMF and European Union on funding were disrupted by the disappearance of the equivalent of one eighth of Moldovan national output from the banking system, which triggered an economic and political crisis.

The tiny republic has been counting on IMF and EU loans to fill gaps in its 2016 state budget.

Moldova had asked for 50 million euros from the EU, but Brussels said that it had not fully met the EU’s conditions.

“The European Union remains committed to supporting the Republic of Moldova in its reform efforts, but expects tangible results,” the EU delegation to Moldova said in a statement. ($1 = 0.9587 euros) (Reporting by Alexander Tanas; writing by Matthias Williams; editing by Mark Heinrich)

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