REPORT FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT AND THE COUNCIL on the implementation of macro-financial assistance to third countries in 2021
Date: 2022-07-19
Institutions: Directorate-General for Economic and Financial Affairs, European Commission
Subjects: European neighbourhood policy, economic stabilisation, macro-financial assistance, macroeconomics, multiannual financial framework, structural adjustment, third country

EN 

  EN 

   EUROPEAN COMMISSION  Brussels, 19.7.2022  COM(2022) 341 final  REPORT FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT AND THE COUNCIL on the implementation of macro-financial assistance to third countries in 2021 {SWD(2022) 192 final}  
 
 
CONTENTS 

1 

INTRODUCTION ..................................................................................................... 2 

2  MACROECONOMIC DEVELOPMENTS IN PARTNER COUNTRIES ......... 3 

2.1 

2.2 

Eastern neighbourhood .................................................................................................... 3 

Southern neighbourhood ................................................................................................. 4 

2.3  Western Balkans .............................................................................................................. 5 

3  MACRO-FINANCIAL ASSISTANCE OPERATIONS IN 2021 ......................... 5 

3.1 

Eastern neighbourhood .................................................................................................... 6 

 

 Georgia: COVID-19 MFA .............................................................................................. 6 

  Moldova: MFA and COVID-19 MFA ............................................................................. 7 

  Ukraine: COVID-19 MFA ............................................................................................... 7 

3.2 

Southern neighbourhood ................................................................................................. 8 

 

 

 Jordan: MFA-III and COVID-19 MFA ........................................................................... 8 

 Tunisia: COVID-19 MFA ............................................................................................... 9 

3.3  Western Balkans .............................................................................................................. 9 

  Albania COVID-19 MFA ................................................................................................ 9 

  Bosnia and Herzegovina COVID-19 MFA .................................................................... 10 

  Kosovo1 COVID-19 MFA ............................................................................................. 10 

  Montenegro COVID-19 MFA ....................................................................................... 10 

  North Macedonia COVID-19 MFA ............................................................................... 11 

4  ENSURING THE PROPER USE OF MFA FUNDS: OPERATIONAL 
ASSESSMENTS, EX POST EVALUATIONS AND AUDITS ................................... 11 

4.1 

4.2 

Operational assessments ................................................................................................ 11 

Ex post evaluations ...................................................................................................... 122 

5  GENERAL DEVELOPMENTS RELATED TO THE MFA INSTRUMENT .. 13 

5.1 

Functioning of the MFA instrument .............................................................................. 13 

5.2  MFA in the 2021-2027 MFF ....................................................................................... 144 

6  LOOKING AHEAD –  MFA OPERATIONS AND BUDGETARY SITUATION 
IN 2022 ............................................................................................................................. 14 

1     This designation is without prejudice to positions on status, and is in line with UNSCR 1244/1999 and the ICJ 
Opinion on the Kosovo declaration of independence. 

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REPORT FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT 
AND THE COUNCIL 

on the implementation of macro-financial assistance to third countries in 2021 (2) 

1 

INTRODUCTION 

Macro-financial assistance, or MFA, is an EU financial instrument (3) extended to partner 
countries  experiencing  a  balance-of-payments  crisis.  Since  its  inception  in  1990,  MFA 
has helped to  improve macroeconomic and financial stability in  countries  neighbouring 
or  geographically  close  to  the  EU,  while  encouraging  structural  reforms  in  these 
countries.  MFA  complements  -  and  is  conditional  on  -  a  non-precautionary  credit 
arrangement  agreed  with  the  International  Monetary  Fund  (IMF).  Relieving  the  partner 
country of some pressure to address balance-of-payments problems allows it to increase 
its fiscal space, improve its debt sustainability and focus on driving needed reforms. By 
smoothening  the  macroeconomic  adjustment  path,  MFA  operations  can  have  positive 
social impacts, giving the country more time and scope to address the root causes of its 
crisis.   

MFA most often takes the form of loans, the funding for which the Commission borrows 
on  capital  markets.  The  Commission  in  turn  then  lends  these  funds  to  the  beneficiary 
country.  In  some  cases,  MFA  takes  the  form  of  grants  financed  by  the  EU  budget,  or 
takes the form of a combination of loans and grants.  

MFA  is  released  in  instalments  and  only  if  specific  structural  reform  criteria  –  agreed 
with  the  country  –  are  met.  These  conditions  underpin  the  implementation  of  strong 
adjustment and reform measures aimed at: (i) strengthening public-finance systems; and 
(ii) supporting sustainable and inclusive  growth  and employment  creation. Moreover, a 
pre-condition  for  granting  MFA  is  that  the  beneficiary  country  must  comply  with 
effective  democratic  mechanisms.  These  mechanisms  include:  having  a  multi‐party 
parliamentary system; observing the rule of law; and guaranteeing that human rights will 
be  upheld.  In  this  way,  MFA  complements  regular  EU  cooperation  assistance  and 
contributes  to  the  wider  goals  of  preserving  stability,  promoting  prosperity,  and 
promoting  our  core  values  beyond  the  EU.  MFA  has  been  widely  recognised  as  an 
effective  instrument  to  respond  to  crises,  enabling  the  EU  to  intervene  in  a  visible  and 
flexible manner and with the power to encourage changes in countries’ policies (4). This 
conclusion  on  the  effectiveness  of  MFA  in  responding  to  crises  is  supported  by  the 
findings of several independent ex post evaluations of completed MFA operations (5). 

2 This report is based on information available up to June 2022.  

3 The legal basis for macro-financial assistance to non-EU countries other than developing countries is Article 212 of 
the Treaty on the Functioning of the European Union (TFEU). Article 213 TFEU may be used as a legal basis when the 
third country requires urgent financial assistance. 

4 MFA also complements other EU external actions or instruments for the neighbourhood and the Western Balkans, 
including budget support for which a total of 461 million EUR of grants was paid in the regions in 2021. The latest 
budget  support  report  is  available  at:  https://ec.europa.eu/international-partnerships/system/files/budget_support_-
_trends_and_results_2021.pdf 

5  All  ex  post  evaluations  are  available  on  the  Commission’s  website:  https://ec.europa.eu/info/evaluation-reports-
economic-and-financial-affairs-policies-and-spending-activities_en 

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As a crisis instrument and unlike other EU external financial instruments, MFA does not 
provide  financial  support  on  a  regular,  programmable  basis.  For  this  reason,  under  the 
2021-2027  multiannual  financial  framework  (MFF),  specific  MFA  operations  will 
continue to be activated on the basis of ad hoc decisions. When they are based on Article 
212  TFEU,  these  ad  hoc  decisions  for  specific  MFA  operations  are  governed  by  the 
ordinary  legislative  procedure,  which  requires  the  approval  of  the  European  Parliament 
and the Council for each operation (or for several operations simultaneously as was the 
case for the COVID-19 MFA package adopted in May 2020).  

This annual report is prepared according to the Commission’s information obligations as 
laid down in the various decisions by the European Parliament and the Council on MFA 
operations. It is accompanied by a Commission staff working document, which provides 
a  more  detailed  analysis  of  the  macroeconomic  context  and  the  implementation  of 
individual MFA operations. 

2  MACROECONOMIC DEVELOPMENTS IN PARTNER COUNTRIES 

Following the recession induced by the COVID-19 pandemic in 2020, the economies of 
the  enlargement  and  neighbourhood  countries  recovered  in  2021.  The  duration  and 
severity  of  the  recession  differed  greatly  from  country  to  country.  These  differences 
reflect  both  the  different  way  the  pandemic  spread  across  the  countries,  but  also  the 
different economic structures of the partners and their differing capacity to take effective 
counteracting measures. The ensuing recovery was also uneven across the countries. This 
section examines the regional challenges faced by the countries of the EU neighbourhood 
and  the  Western  Balkans,  while  their  economic  performance  is  further  assessed  on  a 
country-by-country basis in the accompanying staff working document.  

While  the  regional  overviews  presented  below  are  backward-looking,  it  must  be  noted 
that  Russia’s  invasion  of  Ukraine  significantly  clouds  the  general  outlook  beyond  its 
devastating direct impact on Ukraine. While some of Ukraine’s neighbours in the eastern 
Partnership  (EaP)  may  be  most  affected  by  the  spillovers,  the  repercussions  of  the 
invasion will be felt in all the three regions. In the EaP countries, the invasion of Ukraine 
has  led  to  currency  depreciation  and  strong  pressures  on  food  and  energy  prices. 
Consumer and business confidence have also been hit heavily. In the coming months, the 
conflict  is  set  to weigh heavily on trade, remittances and investments.  Overall,  the EaP 
region is likely heading for a year of stagflation. In the southern neighbourhood, despite 
overall low trade exposure,  pressure from  the conflict  is  being felt through higher food 
prices and threats to food security (some countries rely heavily on Russia and Ukraine for 
their  wheat  imports,  a  critical  and  highly  subsidised  staple)  as  well  as  through  (often 
highly subsidised) energy prices. In addition, the post-COVID-19 recovery in the tourism 
sector  will  also  be  dented  in  some  southern  neighbourhood  countries.  In  the  Western 
Balkans, sustained increases in  in the prices of energy, food and transport are similarly 
expected to fuel a further acceleration in inflation, reducing households’ real disposable 
income  and  private  consumption.  Economic  growth  may  be  dampened  further  in  the 
most highly tourism-dependent countries of the Western Balkans. The economic outlook 
in  all three regions  would be affected by:  (i) disruptions  in  international  supply chains;  
and (ii) lower demand resulting from lower growth prospects in major trading partners, 
including  the  EU.  These  factors  could  influence  exports,  foreign  direct  investment  and 
remittances, and thus exacerbate existing external imbalances. 

2.1  Eastern neighbourhood 

In  2021,  the  economies  of  the  eastern  neighbourhood  region  recovered  from  the 
pandemic-induced  recession  of  2020.  The  driving  factors  in  this  recovery  were:  (i)  the 

3 

 
rebound in household consumption from a very low base; (ii) a surge in remittances; and 
(iii)  increased  investment  activity.  These  economies  were  also  supported  by  robust 
external  demand.  Although  the  return  to  growth  helped  reduce  unemployment  rates  in 
almost  all  countries,  this  return  to  growth  was  accompanied  by  a  steady  and  sharp 
acceleration in inflation throughout the year. The increase in inflation was mainly driven 
by the surge of global energy and food prices. In an attempt to rein in inflation, all central 
banks  in  the  eastern  neighbourhood  region  tightened  their  monetary  policy  stance  in 
2021. This supported a steady appreciation of the local currencies, which, in many cases, 
recovered the losses they had recorded in 2020.  

Fiscal  positions  improved  in  2021  despite  still  feeling  the  scars  of  the  pandemic. 
Revenues  bounced  back  strongly  on  the  back  of  rising  economic  activity  and  a  sharp 
increase in trade. At the same time, expenditure kept on growing steadily, including due 
to the only gradual scale-down of the generous measures deployed to tackle the impact of 
the  pandemic  on  households  and  businesses.  Lower  deficits,  appreciating  domestic 
currencies  and  a  considerable  rise  of  the  nominal  GDP  all  led  to  improvements  of  the 
public debt-to-GDP ratios of the eastern neighbourhood countries. On the external side, 
both  imports  and  exports  recovered  strongly  across  the  region  reflecting  the  low  base, 
higher demand and the rise of commodity prices. Remittances rose substantially as well. 
All this, along with the general allocation of Special Drawing Rights (SDR) by the IMF 
to  its  members  in  August,  gave  an  important  boost  to  the  external  positions  and  led  to 
rising international reserves in most countries.  

Looking ahead and as noted above, the eastern neighbourhood is particularly exposed to 
the economic fallout of Russia’s invasion of Ukraine with the risk of falling into a severe 
recession, whose proportions could be comparable to the havoc prompted by the break-
up  of  the  Soviet  Union  in  the  1990s,  as  the  two  largest  economies  in  the  EaP  region, 
Ukraine and Belarus, are by far the ones most heavily hit.  

2.2  Southern neighbourhood 
In 2021, economic activity in the southern neighbourhood region  also began to recover 
from the pandemic and its economic fallout. Growth returned to all countries, except for 
Lebanon,  where  there  is  an  ongoing  deep  political  and  economic  crisis.  Growth  in  the 
region accelerated during the year, as looser restrictions, the vaccine rollout and pent-up 
demand  all  supported  both  increased  investment  activity  and  a  recovery  in  private  and 
government  consumption.  The  recovery  in  external  demand  also  supported  export 
industries,  in  particular  manufacturing.  Tourism  numbers  also  improved  somewhat,  in 
line  with  the  gradual  lifting  of  travel  restrictions.  Unemployment  remained  above  the 
pre-pandemic  level,  yet  employment  rates  improved  in  line  with  higher  activity  rates. 
Inflationary  pressures  have  increased  substantially,  including  for  food  and  energy 
products,  as  monetary  policies  remained  accommodative.  The  increase  in  commodity 
prices has increased activity and improved fiscal balances in energy-exporting countries. 

Fiscal  deficits  fell  in  2021,  due  to  recovering  revenues  and  moderate  expenditure 
increases  in  line  with  the  gradual  withdrawal  of  pandemic-related  support  measures. 
However, public debt remained at record levels as a consequence of substantial financing 
needs due to the pandemic. The region witnessed a strong recovery in both imports and 
exports on the back of: (i) the rebound in  previously subdued demand; (ii) increases in 
commodity  prices;  (iii)  and  growing  demand  from  the  region’s  main  export  markets. 
Record remittances were also supported by the return to growth in the European Union 
and the upsurge in global oil prices. Domestic currencies remained stable or appreciated 
slightly, with international reserves declining in most countries. The region continued to 

4 

 
benefit from external support from international institutional lenders, including the IMF 
SDR allocations.  

Russia’s  invasion  of  Ukraine  has  also  impacted  the  outlook  for  the  southern 
neighbourhood,  albeit  to  a  lesser  degree  than  it  impacted  the  outlook  for  the  EaP.  The 
fallout  of  Russia’s  invasion  implies  significant  risks  to  the  nascent  recovery,  as  the 
southern  neighbourhood  countries  are  set  to  be  affected  in  particular  through  higher 
prices for food, energy and other commodities. These higher prices will drive up inflation 
and hit domestic consumption while adding to pressure on public budgets. 

2.3  Western Balkans  

After  the  pandemic-induced  recession  in  2020,  the  disruptive  effects  of  the  COVID-19 
crisis  subsided  and  economic  activity  rebounded  strongly  in  all  Western  Balkan 
economies  in  2021.  The  recovery  was  largely  supported  by:  (i)  the  gradual  lifting  of 
COVID-19-related  containment  measures;  (ii)  stronger  domestic  and  external  demand; 
and  (iii)  flattering  base  effects.  In  line  with  the  rebound  in  economic  activity, 
employment  growth  returned  to  positive  territory  and  unemployment  rates  declined  in 
most  countries  in  the  region.  There  was  also  an  increase  in  the  numbers  of  people  in 
employment. Inflation dynamics reflected the recovery in aggregate demand and higher 
prices for energy, food and transport, with all Western Balkan  countries experiencing a 
pick-up in inflation in 2021.  

The  rebound  in  tax  revenues  due  to  stronger  economic  activity  helped  to  reduce  fiscal 
deficits across the region in 2021. In addition, the general government debt-to-GDP ratio 
slightly  decreased  in  most  countries  compared  to  the  end  of  2020,  partly  reflecting  a 
recovery  in  nominal  GDP  growth.  On  the  external  front,  current-account  deficits 
narrowed markedly in 2021 compared to the year before as the strong rebound in services 
exports and higher inflows of remittances outweighed the increase in merchandise trade 
deficits.  

The  outlook  for  the  economies  of  the  Western  Balkans  has  also  deteriorated,  with 
prospects  for  growth  held  back  due  to  several  factors,  most  significantly  the  impact  of 
higher  prices  for  energy,  food  and  transport  on  disposable  income  and  consumption. 
Nevertheless, the Western Balkans have clearly been affected to a lesser degree by these 
factors than the countries of the EaP.  

3  MACRO-FINANCIAL ASSISTANCE OPERATIONS IN 2021 

On 22 April 2020, the Commission adopted a proposal for a EUR 3 billion MFA package 
to  10 enlargement and neighbourhood-region  partners,  to  help  them limit the economic 
fallout  of  the  COVID-19  pandemic.  The  decision6  was  very  swiftly  adopted  by  the 
European  Parliament  and  the  Council  on  25 May 20207.  Only  available  for  1  year,  the 
COVID-19 MFA was to be released in two instalments in conjunction with a disbursing 
IMF  arrangement,  and  subject  to  the  general  political  pre-conditions  being  met.  As  an 

6 Decision (EU) 2020/701. 
7  MFA  is  always  subject  to  a  disbursing  IMF  programme.  Beneficiary  countries  with  an  IMF  stand-by 
arrangement  or  a  programme  under  the  Extended  Fund  Facility  (or  similar  arrangement  with  an  IMF-
accompanied adjustment and reform programme) must in principle keep their IMF programme on track, as 
indicated  by  successful  reviews.  In  the  context  of  the  COVID-19  crisis,  MFA  is  also  exceptionally 
available  to  countries  that  benefit  from  emergency  funding  from  the  IMF,  such  as  through  the  Rapid 
Financing Instrument (RFI), which comes in a single IMF disbursement.  

5 

 
                                                           
additional  condition,  the  second  and  final  instalment  would  only  be  disbursed  after  the 
partner country had fulfilled the attached policy conditions. 

In 2021, the focus was therefore on implementing the COVID-19 MFA package. A total 
of  EUR  1.665  billion  in  loans  was  disbursed  to  support  the  financial  stability  of  EU 
partner countries and help them limit the economic fallout of the COVID-19 pandemic. 

Of  the  7  operations  initiated  in  2020,  6  were  successfully  completed  in  full,  with  the 
disbursement  of  the  second  and  final  tranche  for  the  following  countries:  North 
Macedonia,  Kosovo,  Montenegro,  Jordan,  Moldova  and  Ukraine.  In  addition,  the 
assistance to Albania, which entered into force only in 2021, was also fully disbursed. 

However, the MFA operation to Georgia agreed under the above-mentioned decision was 
only  partially  paid  out.  Although  the  first  disbursement  took  place  in  November  2020, 
the second instalment was cancelled: (i) following non-fulfilment by Georgia of the most 
important  policy  condition  related  to  the  judicial  system;  and  (ii)  after  the  Georgian 
authorities indicated that they no longer required the funds. 

The two remaining operations for Bosnia and Herzegovina and Tunisia were also started 
in  2021,  following  their  respective,  rather  lengthy  ratification  processes  for  the 
Memorandum  of  Understanding  (MoU)  and  Loan  Facility  Agreement  (LFA).  Tunisia 
received  the  second  disbursement  on  25  May  2022,  thus  successfully  completing  the 
operation  upon  completion  of  the  policy  conditions  agreed  in  the  MoU.  On  the  other 
hand, the second tranche for Bosnia  and Herzegovina  was  not  disbursed  due to  limited 
reform implementation at the end of the availability period.  

Besides  the  financial  assistance  planned  to  help  countries  respond  to  the  COVID-19 
pandemic, plans to implement a third regular MFA for Jordan were also taken forward, 
with the release of the second tranche completed on 20 July 2021.  

In light of the ongoing post-pandemic economic recovery, and of a gas crisis that started 
in  October 2021, Moldova submitted a request  for a new MFA operation in  November 
2021. The Commission also received a request for a new MFA from Ukraine, amid the 
risk of an escalation of the conflict with Russia and against the background of the loss of 
access 
international  capital  markets.  Corresponding  MFA  operations  were 
subsequently  proposed  in early  2022 for up to  EUR 150 million  to  Moldova and up to 
EUR 1.2 billion to Ukraine. 

to 

The implementation status of MFA operations in 2021 (by region): 

3.1  Eastern neighbourhood 

 

Georgia: COVID-19 MFA 

The COVID-19 MFA package included MFA of up to EUR 150 million for Georgia.  

The first instalment (EUR 75 million) was disbursed in November 2020.  

The  second  instalment  of  EUR  75  million  was  subject  to  fulfilment  of  a  set  of  policy 
conditions laid down in the MoU in the areas of: public procurement; the pension system; 
company  law;  the  governance  of  state-owned  enterprises;  the  judicial  system;  energy 
efficiency;  and  the  labour  market.  Georgia  did  indeed  implement  several  structural 
reforms  in  line  with  the  conditions  of  the  MFA.  However,  the  second  instalment  was 

6 

 
 
 
cancelled,  following  non-fulfilment  by  Georgia  of  the  most  important  policy  condition 
related to the judicial system and following Georgian authorities’ decision not to request 
this second instalment. 

The  MFA  was  provided  in  conjunction  with  resources  from  international  financial 
institutions and bilateral donors, including the IMF, under the IMF’s four-year Extended 
Fund Facility (EFF) programme with Georgia. The IMF’s four-year EFF was approved 
in  April  2017  and  increased  in  2020  to  a  total  of  approximately  EUR  690  million.  All 
reviews  under  this  EFF  programme  were  successfully  approved  by  the  IMF  Board, 
including the final one in April 2021. 

  Moldova: MFA and COVID-19 MFA 
As part of the COVID-19 MFA package, EUR 100 million of assistance was earmarked 
for  Moldova,  complementing  the  IMF  emergency  programme  of  USD  235  million 
(adopted  in  April  2020).  After  the  disbursement  of  the  first  instalment  in  November 
2020, the MFA was successfully completed with the disbursement of the second and last 
tranche (EUR 50 million) in October 2021. A set of policy conditions were laid down in 
the MoU in the areas of: public-finance management; business governance; and the fight 
against corruption.  Reform  implementation  was  rather slow  for most of the COVID-19 
MFA  period.  However,  following  the  July  2021  parliamentary  elections,  Moldova’s 
willingness  to  address  structural  shortcomings  increased  significantly  as  the  President, 
Government  and  Parliament  started  to  work  together  in  a  more  coherent  manner. 
Notwithstanding  this  improvement,  a  waiver  had  to  be  granted  in  relation  to  one 
condition  (on  the  asset-recovery  strategy  following  the  2014  banking  fraud)  after 
consulting the Member States Committee for Macro-Financial Assistance.  

In  November  2021,  following  the  outbreak  of  an  energy  crisis,  and  given  the 
circumstances of the post-pandemic economic recovery, Moldova officially  requested a 
new,  regular  MFA.  After  careful  assessment  of  the  financing  needs,  the  Commission 
prepared a proposal for a new operation of up to EUR 150 million, including EUR 120 
million  in  medium-term  loans,  and  EUR  30  million  in  grants.  The  decision  to  provide 
additional MFA to Moldova was adopted by the European Parliament and the Council on 
6 April 2022.  The  MFA  will  be  disbursed  in  three  instalments  following  the 
implementation  of policy  actions in  the areas  of: good governance;  the rule of law;  the 
fight  against  corruption;  and  energy-sector  reforms.  Further  progress  on  asset  recovery 
(following up on previous MFA operations) is  also a condition  for the disbursement of 
these instalments. 

The new MFA reflects how the IMF re-engaged with the Moldovan authorities after the 
elections  in  July  2021.  A  new  staff-level  agreement  was  reached  for  a  three-year 
Extended Credit Facility/EFF of USD 558.3 million,  which was adopted  by the  Fund’s 
Executive  Board  in  December  2021.  The  first  instalment  of  USD  79.8  million  was 
disbursed immediately after it was adopted.  

 

Ukraine: COVID-19 MFA  

The  COVID-19  MFA  for  Ukraine  of  EUR  1.2  billion  entered  into  force  in  September 
2020. The structural policy conditions of this fifth MFA operation built upon past MFA 
achievements  and  supported  reforms  in  four  areas:  public-finance  management; 
governance  and  the  rule  of  law;  improvement  of  the  business  climate;  and  energy  and 
state-owned  enterprises.  The  first  tranche  of  EUR  600  million  was  disbursed  on 
9 December 2020.  

7 

 
the  second 

tranche  was  conditioned  on 

The  disbursement  of 
the  successful 
implementation of the eight structural policy measures to which Ukraine has committed 
in the MoU, and of the IMF programme. The COVID-19 MFA to Ukraine was provided 
in conjunction with other resources from international financial institutions and bilateral 
donors, most notably the IMF under its 18-month USD 5 billion Stand-by Arrangement 
agreed  on  9  June  2020.  Progress  with  implementing  the  conditionality  agreed  with  the 
IMF  was  uneven  and  the  first  programme  review,  including  an  extension  of  the 
programme  to  end-June  2022,  was  closed  in  November  2021  only.  Based  on  a  prior 
comfort letter by the IMF on significant progress along the key programme priorities and 
given the Commission’s own assessment of satisfactory implementation of the structural 
measures agreed in the MoU, the second tranche of EUR 600 million was disbursed on 
25 October 2021. This concluded the successful implementation of the COVID-19 MFA 
for Ukraine. 

In  the  context  of  the  escalating  geopolitical  tensions  preceding  Russia’s  invasion  of 
Ukraine,  on  1 February 2022  the  European  Commission  adopted  a  proposal  for  a 
decision  on  providing  a  new  emergency  MFA  to  Ukraine  for  up  to  EUR  1.2  billion  in 
loans,  to  be  disbursed  in  two  equal  instalments.  The  European  Parliament  and  the 
Council  adopted  the  Decision  on  24 February 2022,  thus  authorising  the  sixth  MFA 
operation in Ukraine since 2014. The Commission and Ukraine signed the related MoU 
on 3 March, which enabled a disbursement of the first instalment of EUR 600 million in 
two  tranches  on  11  and  18 March 2022.  As  an  exceptional  response  to  the  acute 
financing  needs  of  Ukraine,  and  since  the  conditions  agreed  in  the  MoU  cannot  be 
achieved  at  this  stage  for  reasons  of  force  majeure,  the  Commission  decided,  after  a 
positive  consultation  of  the  Member  States  Committee  for  MFA,  to  proceed  with  the 
disbursement of the second tranche of EUR 600 million in May, as a matter of urgency. 
This  emergency  MFA  is  provided  in  conjunction  with  resources  from  international 
financial institutions and bilateral donors, including the IMF’s 18-month, USD 5 billion 
stand-by arrangement agreed on 9 June 2020. Following the successful conclusion of the 
first programme review in November 2021, the Board of the IMF extended the validity 
of the stand-by arrangement until end-June 2022. The second programme review started 
on 23 February 2022, a day before the Russian invasion. Given the exceptional situation, 
Ukraine then requested emergency financing under the Rapid Financing Instrument and 
received USD 1.4 billion on 9 March. 

3.2 

 Southern neighbourhood 

 

Jordan: MFA-III and COVID-19 MFA 

After the third MFA to Jordan of EUR 500 million entered into force in January 2020, 
the Jordanian authorities requested additional assistance in April 2020, in the context of 
the COVID-19 pandemic and the EU agreed on a ‘top-up’ MFA of EUR 200 million, all 
in loans. The MFA’s policy conditions focus primarily on: (i) improving public-finance 
management;  (ii)  fighting  corruption;  (iii)  making  reforms  in  the  utilities  sector;  (iv) 
reforming social and labour market policy; and (v) governance. 

The first instalment (EUR 150 million, plus EUR 100 million as top-up) was disbursed 
on 25 November 2020. The second and third instalments are subject to the specific policy 
conditions agreed between Jordan and the EU in the MoU. The second tranche (EUR 50 
million  and  a  top-up  of EUR  200  million)  was  disbursed  on  20 July 2021,  successfully 
concluding  the  COVID-19-related  part  of  the  assistance.  For  the  release  of  the  second 
tranche, a waiver was granted for one condition (on steps towards setting up an electronic 

8 

 
invoicing  system)  following  consultation  of  the  Member  States  Committee  for  Macro-
Financial Assistance. However, this  waived  condition  must be fulfilled in full when all 
reforms  necessary  for  disbursement  of  the  third  tranche  are  implemented.  The  third 
tranche of EUR 200 million remains available until April 2023. 

These  MFA  operations  are  provided  in  conjunction  with  resources  from  international 
financial  institutions  and  bilateral  donors,  including  the  IMF.  On  25 March 2020,  the 
IMF approved a four-year EFF programme with Jordan worth EUR 1.1 billion (270 % of 
quota). This amount was later increased to around EUR 1.3 billion (equivalent to 312 % 
the  IMF  also  made  available  around 
of  Jordan’s  quota).  On  20 May 2020, 
EUR 366 million  in  emergency  assistance  to  Jordan  under  the  Rapid  Financing 
Instrument to help the country deal with the impact of the pandemic. By December 2021, 
the  IMF’s  total  disbursement  to  Jordan  since  the  start  of  2020  had  reached  around 
EUR 1 billion.  The  EFF  programme  remains  on  track,  with  the  third  review  completed 
on time in December 2021. While Jordan’s public debt remained high at 110 % of GDP 
in late 2021, it was assessed as sustainable by the IMF. 

 

Tunisia: COVID-19 MFA 

As  part  of  the  COVID-19  MFA  package  adopted  in  May  2020,  the  EU  agreed  on  a 
EUR 600 million MFA for Tunisia. The MoU and the LFA were signed on 24 November 
2020, ratified by the Tunisian Parliament on 15 April 2021 and entered into force on 11 
May 2021, upon publication in the Tunisian Official Gazette. The 12-month availability 
period therefore ran until May 2022. The MFA’s policy conditionality focuses primarily 
on  four  thematic  areas:  public  finance  management  and  civil  sector  reform;  reforms  in 
state-owned enterprises; social protection; and investment climate.  

The MFA was provided in two tranches of EUR 300 million each. The first instalment 
was subject to the general political pre-conditions for MFA and was disbursed on 1 June 
2021. Efforts have clearly been accelerated in relation to required policy reforms for the 
disbursement  of  the  second  tranche  and  all  conditions  are  at  least  broadly  fulfilled. 
Notwithstanding some concerns in relation to the political precondition, a letter from the 
authorities setting out commitments on a political calendar this year enabled the second 
tranche to be disbursed on 25 May 2022.   

The  assistance  is  meant  to  complement  resources  made  available  by  other  donors, 
including the IMF, under its EUR 685 million Rapid Financing Facility programme with 
Tunisia approved on 10 April 2020.  

3.3  Western Balkans  

 

Albania: COVID-19 MFA 

Following  the  devastating  earthquakes  in  November  2019  and  the  challenges  posed  by 
the  COVID-19  pandemic,  Albania  officially  requested  MFA  on  15  April  2020.  In 
response, as part of the COVID-19 MFA package, the EU agreed on a EUR 180 million 
MFA for Albania. The MoU and the LFA were signed on 3 November 2020 and entered 
into  force  on  3  November  2020  and  on  26  January  2021,  respectively,  as  different 
national  procedures  were  applicable.  The  MFA’s  policy  conditions  aimed  to  address 
some  of  the  weaknesses  in  public  finance  management,  the  financial  sector,  good 
governance and the fight against corruption and social protection policies. 

9 

 
The MFA was provided in two tranches of EUR 90 million each. The first instalment was 
disbursed  on  31  March  2021.  The  second  and  final  instalment  was  disbursed  on  5 
November 2021, after Albania had fulfilled the attached policy conditions.  

The  assistance  was  meant  to  complement  resources  made  available  by  other  donors, 
including the IMF, under its Rapid Financing Facility programme with Albania of EUR 
174 million approved on 10 April 2020.  

 

Bosnia and Herzegovina: COVID-19 MFA 

Following an official request for MFA from Bosnia and Herzegovina on 14 April 2020 in 
the context of the COVID-19 pandemic, EUR 250 million was included for Bosnia and 
Herzegovina in the COVID-19 MFA package. The MoU and the LFA were signed on 15 
January 2021 and entered into force on 9 June 2021. This substantial delay was caused 
by the lengthy decision-making processes of the country. The MFA’s policy conditions 
aim to address some of the weaknesses in economic governance and institution building, 
financial  sector  stability,  transparency  and  the  fight  against  corruption  and  a  better 
functioning of the labour market. 

The  MFA  was  to  be  provided  in  two  tranches  of  EUR  125  million  each.  The  first 
instalment was disburded on 7 October 2021, while the second tranche was not disbursed 
due to limited reform implementation at the end of the availability period.  

The  assistance  is  meant  to  complement  resources  made  available  by  other  donors, 
including  the  IMF,  under  its  EUR 330  million  Rapid  Financing  Facility  (RFI) 
programme approved on 20 April 2020.  

 

Kosovo: COVID-19 MFA 

Following an official request for MFA from Kosovo on 8 April 2020 in the context of the 
COVID-19  pandemic,  Kosovo  received  a  new  EUR  100  million  MFA  operation.  The 
MFA’s  policy  conditionality  focused  primarily  on  strengthening  public  finance, 
enhancing financial stability, tackling informality, advancing the rule of law strategy, and 
improving employment prospects for young people.  

The MFA was provided in two tranches of EUR 50 million each. The first instalment was 
disbursed on 6 October 2020. The second and final instalment was disbursed on 1 June 
2021, after Kosovo had fulfilled the attached policy conditions.  

The assistance was meant to complement IMF funds (EUR 52 million) under the Rapid 
Financing Facility (RFI) (50% of the Kosovo quota in the Fund), approved on 10 April 
2020.  

  Montenegro: COVID-19 MFA 

Following  an  official  request  for  MFA  from  Montenegro  on  15  April  2020,  the  EU 
agreed on a EUR 60 million MFA operation for Montenegro, as part of the COVID-19 
MFA  package.  The  MFA’s  policy  conditionality  focused  primarily  on  strengthening 
public finances and the fight against corruption, enhancing financial stability, improving 
the business environment, and reforming social protection. 

10 

 
The MFA was provided in two tranches of EUR 30 million each. The first was disbursed 
on 6 October 2020. The second and final instalment was disbursed on 1 June 2021, after 
Montenegro had fulfilled the attached policy conditions. 

The  assistance  was  meant  to  complement  resources  made  available  by  other  donors, 
including the IMF, under its EUR 75 million Rapid Financing Facility programme with 
Montenegro approved on 24 June 2020.  

North Macedonia: COVID-19 MFA 

 
Following an official request for MFA from North Macedonia on 15 April 2020, the EU 
earmarked  EUR  160  million  MFA  operation  for  North  Macedonia,  as  part  of  the 
COVID-19  MFA  package.  The  MFA’s  policy  conditionality  focused  primarily  on 
strengthening  public  finance  and  the  fight  against  corruption,  enhancing  financial 
stability, improving the business environment, and reforming social protection. 

The MFA was provided in two tranches of EUR 80 million each. The first instalment was 
disbursed on 6 October 2020. The second and final instalment was disbursed on 1 June 
2021, after North Macedonia had fulfilled the attached policy conditions. 

The  assistance  was  meant  to  complement  resources  made  available  by  other  donors, 
including the IMF, under its EUR 176 million Rapid Financing Facility programme with 
North Macedonia approved on 10 April 2020.  

4 

ENSURING  THE  PROPER  USE  OF  MFA  FUNDS:  OPERATIONAL  ASSESSMENTS,  EX 
POST EVALUATIONS AND AUDITS 

4.1  Operational assessments 

In line with the requirements of the EU Financial Regulation, the Commission carries out 
operational  assessments  with  the  help  of  external  consultants  to  obtain  reasonable 
assurances  on  the  functioning  of  administrative  procedures  and  financial  circuits  in 
beneficiary countries. 

Operational  assessments  focus  on  public  financial-management  systems.  In  particular, 
they  focus  on  how  finance  ministries  and  central  banks  are  organised  and  what 
procedures they implement. More specifically, they focus on how accounts receiving EU 
funds  are  managed.  Special  attention  is  also  paid  to  the  functioning,  independence  and 
work  programmes  of  external  audit  institutions,  and  the  effectiveness  of  these 
institutions’ controls. Public-procurement procedures at central level are also examined. 

In  2020,  10  operational  assessments  were  carried  out  in  the  context  of  the  COVID-19 
MFA operations, as well as the MFA-III Jordan. These assessments  concluded that the 
financial circuits and procedures in the partner countries are deemed appropriate for the 
purposes of MFA. No new assessments were necessary in 2021. 

11 

 
4.2  Ex post evaluations  

In  line  with  the  EU  Financial  Regulation  and  the  corresponding  MFA  decisions,  the 
Commission  conducts  ex  post  evaluations8  after  the  completion  of  MFA  operations  to 
assess their impact. The two main objectives of these evaluations are to: 

i. 

analyse  the  impact  of  MFA  on  the  beneficiary  country’s  economy,  and  in 
particular on the sustainability of its external position; and 

ii. 

assess the added value of the EU action. 

In January and April 2021, the Commission  published the staff working  documents for 
the ex post  evaluations  of MFA-I to  Tunisia and  MFA-III  to  Ukraine respectively. The 
Commission  staff  working  document  accompanying  the  present  report  provides 
additional information on these two evaluations.  

Furthermore, in 2021, the joint ex post evaluation of MFA-II interventions to Tunisia and 
Jordan was completed, as was the meta-evaluation of all MFA operations over the period 
2010-2020. The meta-evaluation assessed the principles and characteristics governing the 
MFA  instrument  and  aimed  to  provide  input  on  how  to  improve:  (i)  its  relevance, 
effectiveness, efficiency and value added; and (ii) its ability to respond to the priorities of 
EU external action. The accompanying staff working documents of the two evaluations 
are expected to be published in 2022. 

  MFA-II to Tunisia and Jordan: the external study concludes that the size, form 
and timing of the operations implemented by the two countries were relevant and 
appropriate to the countries’ financing needs, providing EU added value. In both 
countries,  the  MFA  had  a  positive  impact  on  debt  sustainability  and  helped  to 
promote macroeconomic stabilisation. The conditions were relevant and focused 
on  key  reform  areas.  The  operations  supported  positive  change  in  some  reform 
areas,  despite  mixed  progress  in  some  other  specific  reforms.  From  a  regional 
perspective,  the  positive  impact  and  spillovers  on  the  Middle  East  and  north 
Africa  region  of  the  two  MFAs  was  less  measurable  and  related  mostly  to  the 
confidence effect. 

  The  meta-evaluation  of  MFA  operations  2010-2020:  the  external  study 
concludes  that  MFA  operations  were  efficient,  relevant,  and  coherent,  and  that 
they generated EU added value. Moreover, the MFA instrument was found to be 
effective in helping to both restore external sustainability and promote structural 
reforms.  At  the  same  time,  the  study  notes  the  importance  of  a  sense  of 
‘ownership’  of  reforms  in  the  partner  country  to  ensure  that  the  policy  reforms 
undertaken have a lasting impact. The study also highlights the long time it can 
take  for  MFA  operations  to  become  operational  and  presents  some  ideas  to 
facilitate a swifter and more effective response of the instrument in a challenging 
geopolitical context. The evaluation stressed the need to strengthen the visibility 
of  the  MFA  in  beneficiary  countries.  In  this  respect,  the  event  organised  by  the 
Commission  on  16 November 2021,  on  the  occasion  of  the  30th  anniversary  of 
the  instrument,  also  provided  an  important  showcase  to  consolidate  awareness 
around  the  instrument  outside  the  European  Union.  High-level  representatives 
from beneficiary countries, consultancy firms, EU delegations and Member States 
took part in the debate on what MFA has achieved so far and possible strategies 

8 All ex post evaluations are available on the Commission’s website: https://ec.europa.eu/info/evaluation-reports-
economic-and-financial-affairs-policies-and-spending-activities_en. 

12 

 
                                                           
 
for  its  future.  From  a  methodological  perspective,  the  MFA  ex  post  evaluations 
were carried out to a high standard. This was especially so after the 2015 ‘better 
regulation’ guidelines came into effect. 

Additional information on the two evaluations is provided in the staff working document 
accompanying the present report and will be available in the staff working documents to 
be published for both evaluations.  

5  GENERAL DEVELOPMENTS RELATED TO THE MFA INSTRUMENT 

5.1  Functioning of the MFA instrument  

The  2013  Joint  Declaration  of  the  European  Parliament  and  of  the  Council  on  MFA9 
frames the assistance as being of a macroeconomic and financial nature and clearly states 
that its aim is ‘to restore a sustainable external finance situation for eligible countries and 
territories  facing  external  financing  difficulties.’  For  MFA  to  be  successful  as  an 
‘emergency’  instrument,  it  is  therefore  important  to  mobilise  it  effectively  and  in  time.  

At the same time, it has been noted by both the European Court of Auditors and in the 
meta-evaluation of MFA operations (2010-2020) that delays in adopting MFA decisions 
by the European Parliament and the Council within the ordinary legislative procedure can 
be a significant shortcoming for an instrument that is meant to respond to a balance-of-
payments  crisis.  As  a  consequence,  the  European  Court  of  Auditors  recommended  that 
‘the Commission should explore with its co-legislators the available options to accelerate 
the  approval  procedures  of  subsequent  MFA  programmes,  particularly  for  emergency 
funding.’10 

However,  the  Commission  believes  that  the  experience  with  the  COVID-19  MFA 
package and the new emergency MFA to Ukraine shows that the current setup of MFA 
can allow for a swift adoption, if all institutions agree to make full use of the available 
procedural  flexibilities. In both  cases,  the Commission worked with  the Parliament and 
the  Council  to  agree  on  the  use  of  existing  urgency  procedures  which  allowed  for  the 
assistance to be adopted within a month of the Commission’s proposal and by both co-
legislators. The European Parliament invoked a specific clause (Rule 163) in their Rules 
of  Procedure,  which  permitted  the  Parliament  to  immediately  adopt  the  decision  in 
plenary, without having to go through the INTA Committee, as is regular practice. This 
fast  adoption  process  was  the  result  of  a  shared  sense  of  urgency  by  all  institutions  in 
these extraordinarily challenging times. 

Thus, the rules of procedure of both the Council and the European Parliament provide for 
an accelerated procedure necessary for rapid adoption in situations of urgency. By having 
timely  and  constructive  contacts,  it  proved  possible  to  have  a  faster  adoption  process 
under  the  ordinary  legislative  procedure,  with  the  full  involvement  of  the  European 
Parliament. This would not have been the case if the Commission had proposed measures 

9 Joint Declaration by the European Parliament and the Council adopted together with the decision providing further 
macro-financial  assistance 
(EU)  2013/778  of  12  August  2013).  Available  at:  
https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32013D0778&from=EN.  

to  Georgia 

(Decision 

10 European Court of Auditors Special Report (No 03/2017) available at: 
https://www.eca.europa.eu/Lists/ECADocuments/SR17_3/SR_TUNISIA_EN.pdf. 

13 

 
 
 
                                                           
on the basis of Article 213 TFEU (applicable for cases where urgent financial assistance 
is required and by the Council adopting the MFA operation only).  

5.2  MFA in the 2021-2027 MFF 

The  EU’s  neighbourhood  region  continues  to  experience  geopolitical  and  economic 
instability. This is further exacerbated by the humanitarian and economic fallout from the 
COVID-19 pandemic and Russia’s invasion of Ukraine. In this context, the need for the 
EU to consider providing MFA is likely to remain high in the years to come.  

The  new  Neighbourhood,  Development  and  International  Cooperation  Instrument 
(NDICI) (also known as the ‘Global Europe’ instrument) entered into force in June 2021 
after  its  formal  adoption  by  the  Council  and  the  Parliament.  The  MFA  instrument  will 
remain separate from NDICI-Global Europe, and specific MFA operations will continue 
to  be  activated,  as  needed,  by  separate  ad  hoc  decisions  on  the  basis  of  the  applicable 
legal basis in the Treaty. Nevertheless, the MFA loans will from now on be guaranteed 
by  the  new  external  action  guarantee  (EAG)  that  was  created  by  the  NDICI-Global 
Europe Regulation, at a provisioning rate of 9 % as was previously the case. 

NDICI-Global Europe: (i) stipulates that the provisioning of the EAG must be financed 
from the budget of the relevant geographic programmes; and (ii) sets an overall limit of 
EUR 10 billion that may be used to provision the EAG. This would effectively put a limit 
on  the  volume  of  MFA  operations  as  well  as  other  instruments  (including  European 
Investment  Bank  external  lending,  EFSD+  and  Euratom  loans)  that  can  be  financed 
during this MFF. 

The EAG will no longer be managed through the Guarantee  Fund  for External  Action, 
but  through  the  Common  Provisioning  Fund.  The  Commission  has  embarked  on  an 
assessment  of  the  risks  involved  in  this  given:  (i)  new  rules  on  the  treatment  of 
contingent liabilities; and (ii) the specific context of exposure to Ukraine and the region. 
These  risks  may  also  be  addressed  at  the  forthcoming  mid-term  review  of  the  NDICI-
Global Europe Regulation. 

6 

LOOKING AHEAD – MFA OPERATIONS AND BUDGETARY SITUATION IN 2022 

The year 2022 opened with the adoption by the Commission of two new MFA proposals 
for  Moldova  and  Ukraine  for  EUR  150  million  and  EUR  1.2  billion  respectively. 
Requested in November 2021 amid the outbreak of Moldova’s gas crisis and the ongoing 
post-pandemic economic recovery, the MFA to Moldova will consist of EUR 120 million 
in loans and EUR 30 million in grants. These loans and grants will be disbursed in three 
tranches  upon  the  completion  of  pre-defined  conditions.  On  11 March,  Moldova 
requested an increase in the MFA, reflecting the economic fallout of the Russian invasion 
of  Ukraine  on  its  financing  needs,  including  the  high  influx  of  refugees.  Moldova’s 
request  stressed  the  need  for  grants  in  particular.  In  response,  efforts  are  ongoing  to 
complement  this  MFA  by  a  wider  support  package  where  the  request  for  more  grant 
assistance can be accommodated. Additionally, the grant component of the MFA will be 
front-loaded,  to  make  it  possible  to  disburse  more  grants  in  the  first  two  tranches 
(EUR 15 million and EUR 10 million, respectively). 

On 24 February 2022, the European Parliament and the Council adopted a decision on a 
new  emergency  MFA  to  Ukraine  amid  the  risk  of  an  escalation  in  the  conflict  with 
Russia  and  against  the  background  of  Ukraine’s  loss  of  access  to  international  capital 
markets. This MFA was in the form of EUR 1.2 billion in loans, and the first EUR 600 
million was paid out in March 2022, helping to address Ukraine’s soaring financing gap 

14 

 
due  to  the  ongoing  conflict  with  Russia.  The  Ukrainian  authorities,  overall,  had  taken 
action towards the implementation of the agreed condition. However, the circumstances 
of the war constituted an event of force majeure that impeded the effective completion of 
the structural policy measures that  condition  the  disbursement of the second tranche of 
the  MFA.  After  a  careful  assessment,  and  after  consulting  the  Committee  for  Macro-
Financial  Assistance,  the  Commission  decided  nevertheless  to  proceed  with  the 
disbursement of the second tranche of EUR 600 million already in May 2022, as a matter 
of urgency. 

The  European  Council  on  30  May  2022  reiterated  their  support  to  Ukraine  and  stands 
ready to grant new exceptional MFA of up to EUR 9 billion in 2022. 

Depending  on  the  progress  with  policy  reforms  and  the  fulfillment  of  the  political 
precondition,  the  last  tranche  for  the  COVID-19  MFA  was  disbursed  to  Tunisia  on  25 
May 2022, while the second tranche to Bosnia and Herzegovina was not disbursed due to 
limited reform implementation at the end of the availability period. The final instalment 
of the Jordan MFA-III operation remains available until April 2023.  

The  Commission  stands  ready  to  consider  any  forthcoming  requests  for  MFA,  and  if 
appropriate, will propose new and/or follow-up MFA operations to eligible partners.  

Table  1  provides  an  overview  of  commitments  and  payments  of  MFA  grants  and  the 
disbursement  of  MFA  loans  for  2019,  2020,  2021  and  (provisionally)  2022.  Total 
disbursements  are  expected  to  amount  to  EUR  1  575  million  of  loans  and  of  EUR  25 
million of grants in 2022.  

15 

 
Table 1: Commitments and payments for MFA grants and disbursements of MFA 
loans 2019-2022 (EUR)11 

2019 

2020 

2021 

2022 (provisional) 

Commitment appropriations for grants in the budget 

27 000 000 

20 000 000 

227 200 

50 000 000 

     Operational assessments, Ex post evaluations 
     Other possible MFA operations 
Commitments, total 

125 900 
- 
125 900 

293 900 
- 
293 900 

227 200 
- 
227 200 

Uncommitted budget allocations 

26 874 100 

19 706 100 

TBD 
30 000 000 
30 000 000 

TBD 

Payment appropriations for grants in the budget 

27 000 000 

27 000 000 

362 400 

25 000 000 

     Operational assessments, Ex post evaluations 
     MFA Georgia III (completed) 
     MFA Moldova (completed) 
     MFA Moldova 
     Other possible MFA operations 
Payments, total 

304 949 
- 
10 000 000 
- 
- 
10 304 949 

284 600 
5 000 000 
10 000 000 
- 
- 
15 284 600 

362 400 
- 
- 
- 
- 
362 400 

Unused allocations for grants payments 

16 695 051 

11 715 400 

Disbursements of MFA loans 
     MFA Georgia III (completed) 
     MFA Moldova (completed) 
     MFA Ukraine IV (completed) 
     MFA Jordan II (completed) 
     MFA Jordan III12 
     MFA Tunisia II (completed)    
     MFA Moldova 
     Emergency MFA Ukraine 
Disbursements of MFA loans, total 

COVID-19 MFA operations: 
     MFA Georgia (partially disbursed) 
     MFA Moldova (completed) 
     MFA Ukraine (completed) 
     MFA Jordan (completed) 
     MFA Tunisia (completed) 
     MFA Albania (completed) 
     MFA Bosnia and Herzegovina (partially disbursed) 
     MFA Kosovo (completed) 
     MFA Montenegro (completed) 
     MFA North Macedonia (completed) 
Disbursements of MFA loans, total 

- 
20 000 000 
- 
100 000 000 

300 000 000 
- 
- 
420 000 000 

20 000 000 
20 000 000 
500 000 000 
- 
100 000 000 
- 
- 
- 
640 000 000 

- 
- 
- 
- 
200 000 000 
- 
- 
- 
200 000 000 

75 000 000 
50 000 000 
600 000 000 
150 000 000 
- 
- 
- 
50 000 000 
30 000 000 
80 000 000 
1 675 000 000 

- 
50 000 000 
600 000 000 
50 000 000 
300 000 000 
180 000 000 
125 000 000 
50 000 000 
30 000 000 
80 000 000 
1 665 000 000 

420 000 000 

- 
- 
- 
25 000 000 
- 
25 000 000 

- 

-  
- 
- 
- 
- 
- 
75 000 000 
1 200 000 000 
1 275 000 000 

- 
- 
- 
- 
300 000 000 
- 
- 
- 
- 
- 
1 575 000 000 

11 The table does not take into account any proposal for new MFA operations after 1 June 2022. 
12  The third instalment of EUR 200 million is available until April 2023. 

16