COMMISSION STAFF WORKING DOCUMENT Background Analysis per beneficiary country Accompanying the document REPORT FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT AND THE COUNCIL on the implementation of macro-financial assistance to third countries in 2024
Date: 2025-06-23
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, 23.6.2025  SWD(2025) 166 final  COMMISSION STAFF WORKING DOCUMENT Background Analysis per beneficiary country Accompanying the document REPORT FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT AND THE COUNCIL on the implementation of macro-financial assistance to third countries in 2024 {COM(2025) 330 final}  
 
 
LIST OF ABBREVIATIONS 

DCFTA 

Deep and comprehensive free trade area 

ECF 

EFF 

EU 

EUR 

ERA 

IMF 

MFA 

MFF 

MoU 

OJ 

PFM 

PPP 

SOE 

SWD 

ULCM 

Extended credit facility 

Extended fund facility 

European Union 

Euro 

Extraordinary revenue acceleration  

International Monetary Fund 

Macro-financial assistance 

Multiannual financial framework  

Memorandum of understanding 

Official Journal of the European Union 

Public finance management 

Public-private partnership 

State-owned enterprise 

Staff working document 

Ukraine loan cooperation mechanism  

1 

 
 
 
 
Contents 

Introduction ...................................................................................................................... 3 

Background analysis of beneficiaries of macro-financial assistance ........................... 4 

1.  Moldova ...................................................................................................................... 4 

1.1 Implementation of macro-financial assistance ................................................. 4 
1.1.1 Recent macro-financial assistance operations................................................... 4 
1.1.2 Policy conditionality .......................................................................................... 5 

2.  Ukraine ....................................................................................................................... 8 

2.1 Implementation of macro-financial assistance ...................................................... 8 
2.1.1 Recent macro-financial assistance operations................................................... 8 
2.1.2 Policy conditionality ........................................................................................ 10 

3.  Egypt  ........................................................................................................................ 15 

3.1 Implementation of macro-financial assistance .................................................... 15 
3.1.1 Recent macro-financial assistance operations................................................. 15 
3.1.2  Policy conditionality ...................................................................................... 16 

4.  North Macedonia ..................................................................................................... 19 

4.1 Implementation of macro-financial assistance .................................................... 19 
4.1.1 Recent macro-financial assistance operations................................................. 19 
4.1.2  Policy conditionality ...................................................................................... 20 
Annex 1: MFA operations by date of decision, 1990-2023 ...................................... 25 
Annex 2: Status of disbursements made by date of decision at end-December 2023 26 
Annex 3: MFA amounts authorised by year, 2006-2023 (EUR million) .................. 31 
Annex 4: MFA amounts disbursed by year, 2006-2023 (EUR million) ................... 32 

2 

 
 
 
 
 
 
 
INTRODUCTION 

This  staff  working  document  (SWD)  complements  the  Commission’s  report  to  the 
European  Parliament  and  the  Council  on  the  implementation  of  macro-financial 
assistance  (MFA)  to  third  countries  in  2024 1.  The  report  covers  disbursing  operations 
and MFAs newly adopted by the European Parliament and the Council up to the end of 
2024. 

In  2024,  the  EU  intensified  its  support  to  Ukraine.  Building  on  the  EUR 18 billion 
disbursed  in  2023  under  the  MFA+  programme,  the  Ukraine  Facility  provided  an 
additional  EUR 16.5 billion  of  budgetary  support.  However,  the  escalation  of  the  war 
continued  to  drive  up  Ukraine’s  financing  needs,  prompting  a  mid-2024  pledge  by  G7 
leaders  to  mobilise  a  further  EUR 45 billion  (including  new  exceptional  MFA  worth 
EUR 18.1 billion)  under  the  extraordinary  revenue  acceleration  (ERA)  loan  initiative, 
whereby the MFA is to be disbursed throughout 2025. 

In other partner countries, the EU concluded Moldova’s MFA with the disbursement of 
the  last  instalments  in  July  and  December  2024.  The  first  part  of  North  Macedonia’s 
MFA  was  disbursed  in  2024,  while  half  remains  undisbursed  due  to  lack  of 
implementation  of  the  conditions  attached  to  the  final  instalment.  To  support  Egypt’s 
stabilising role in the region, the Commission proposed a EUR 5 billion MFA in March, 
of  which  EUR 1 billion  –  subject  both  to  the  usual  economic  policy  reforms  and  to 
improvements on the human rights benchmarks – was disbursed in December 2024. The 
European  Parliament  and  the  Council  are  currently  examining  the  proposal  for  the 
remaining  EUR 4 billion  as  well  as  the  Commission’s  MFA  proposal  for  Jordan  (both 
proposals are expected to be adopted in Q2 2025).  

For  each  beneficiary  country,  the  report  provides  more  detailed  information  on:  (i) the 
implementation  of  the  corresponding  MFA  operations;  and  (ii) the  underlying  policy 
conditionality and progress regarding its implementation. 

The  annexes  include  (i) overview  tables  on  disbursements  of  MFA  operations  since 
1990,  by  date  of  adoption  of  the  decisions;  and  (ii) tables  on  MFA  commitment  and 
payment amounts in 2006-2024, by year and by region 2. 

1 This document is based on information available up to March 2025. 
2 The  document  and  the  annexes  distinguish  between  authorised  amounts  (the  amounts  made  available  to  the 
beneficiary  country  under  the  MFA  decision)  and  disbursed  amounts  (the  amounts  actually  paid  to  the  beneficiary 
country). 

3 

 
 
 
 
BACKGROUND ANALYSIS OF BENEFICIARIES OF MACRO-FINANCIAL ASSISTANCE 3 

1.  MOLDOVA 

1.1 Implementation of macro-financial assistance 

1.1.1 Recent macro-financial assistance operations 

Since  2014,  Moldova  has  received  assistance  under  three  MFA  operations.  A  total  of 
EUR 495 million has been made available under the corresponding MFA operations, of 
which  EUR 455 million  has  been  disbursed.  Overall,  progress  has  been  positive, 
although full implementation and disbursements under the 2017-2020 operation (covered 
by  Decision  (EU)  2017/1565)  were  hindered  by  the  challenging  political  situation  in 
Moldova  at  the  time.  This  resulted  in  the  third  and  final  instalment  being  cancelled, 
because  the  MFA’s  availability  period  ended  before  the  MoU  conditions  MoU  were 
fulfilled.  Following  the  outbreak  of  the  COVID-19  pandemic,  Moldova  also  received 
assistance  under  the  EU’s  EUR 3 billion  COVID-19  MFA  package  for  10  enlargement 
and  neighbourhood  countries.  Against  the  backdrop  of  the  challenging  geopolitical 
situation  and  risks  to  energy  security,  which  put  additional  pressure  on  Moldova’s 
macroeconomic  stability,  Moldova  benefited  until  the  end  of  2024  from  an  additional 
MFA that entered into force on 18 July 2022.  

indirectly.  The  Commission 

Russia’s  war  of  aggression  against  Ukraine  continued  to  hit  Moldova’s  economy  both 
directly  and 
therefore  adopted  a  proposal  on 
24 January 2023  to  increase  the  ongoing  MFA  to  Moldova  by  EUR 145 million  (the 
additional MFA), made up of EUR 100 million in loans and EUR 45 million in grants. In 
June  2023,  the  European  Parliament  and  the  Council  adopted  a  corresponding  decision 
covering  the  additional  assistance  (Decision  (EU)  2023/4597).  This  additional  financial 
assistance  under  the  MFA  was  part  of  a  larger  EU  support  package  to  Moldova 
announced  by  the  President  of  the  Commission  in  November  2022.  This  package  also 
contained EUR 105 million to be disbursed in 2023 and early 2024 via a budget support 
operation. 

The  support  under  these  MFA  operations  was  provided  in  conjunction  with  resources 
from  international  financial institutions and bilateral  donors, including  the International 
Monetary Fund (IMF). In May 2022, the IMF’s December 2021 programme for Moldova 
of  USD 558 million  under  the  Extended  Credit  Facility/Extended  Fund  Facility 
(ECF/EFF)  was  increased  by USD 260 million in  view of  the significant  impact  on the 
Moldovan  economy  of  Russia’s  war  of  aggression  against  Ukraine.  The  authorities’ 
strong ownership of, and firm commitment to, reforms was noted. In December 2023, the 
IMF Board approved a new arrangement under the Resilience and Sustainability Facility 
(RSF) of about USD 173 million to support Moldova’s efforts to strengthen its resilience 
against climate shocks, support energy sector reforms, enhance domestic financial sector 
preparedness  and  mobilise  sustainable  finance.  On  17 December  2024,  the  IMF 
completed  the  sixth  review  under  the  ECF/EFF  arrangements  and  the  second  review 
under  the  RSF,  thus  allowing  the  disbursement  of  about  USD 162.6 million.  The  IMF 
programme is expected to include two more reviews and runs until October 2025. 

3 This section quotes statistics supplied by national authorities and other relevant sources. 

4 

 
 
1.1.2 Policy conditionality 

In line with the broad objectives of the EU-Moldova cooperation under the Association 
Agreement and the Deep and Comprehensive Free Trade Area (DCFTA) Agreement, the 
latest  MFA  operation  (including  the  additional  MFA)  focused  on  several  key  areas  of 
reform.  These  included  the  fight  against  corruption;  the  rule  of  law;  public  finance 
management;  public  sector  and  financial  sector  governance;  strengthening  the  business 
climate;  and  (in  view  of  the  energy  crisis)  important  energy  sector  reforms.  The 
Moldovan authorities have fulfilled all the policy conditionalities of this MFA in full or 
at least broadly, thus enabling five successive MFA disbursements under this operation. 

Several conditions under the MFA called on the authorities to advance the fight against 
corruption.  This  involved  improving  the  institutional  structure  of  the  various  anti-
corruption  agencies  (including  a  clear  delimitation  of  competences  between  the  Anti-
Corruption  Prosecutor’s  Office  and 
the  National  Anti-Corruption  Agency)  and 
establishing task forces to fight high-level corruption and organised crime.  

The rule of law and justice sector reforms are long-standing priorities for EU-Moldova 
cooperation (e.g. under the EU-Moldova Association Agreement) and were supported by 
the MFA. In particular,  Moldova has been scoring poorly on judicial independence and 
transparency.  In  line  with  Venice  Commission  recommendations  and  best  international 
practices, the authorities have launched a comprehensive assessment of members of the 
self-governing  bodies  of  judges  and  prosecutors  (pre-vetting).  Significant  progress  has 
been made on the assessment of the Superior Council of the Magistracy (SCM) and the 
Superior Council of Prosecutors (SCP) throughout the programme. By the time of the last 
disbursement in December 2024, the SCM and the SCP were fully operational with pre-
vetted  members.  Pre-vetting  of  candidates  of  the  bodies/colleges  of  the  Councils  was 
expected  to  be  concluded  by  the  end  of  2024,  enabling  the  last  disbursement  of  the 
ongoing MFA in December 2024. 

Moldova  has  made  significant  progress  in  strengthening  public  finance  management 
(PFM). It has a new PFM strategy in place that is supported by extensive assessment, in 
close  cooperation  with  international  partners  and  followed  by  an  open  public 
consultation. To help address the chronic issue of budget under-execution, especially for 
capital  expenditure,  the  authorities  have  also  implemented  new  legislation  on  public 
investment  projects  that  is  intended  to  help  Moldova  improve  its  planning  of  capital 
budgets and increase execution of public investment.  

Several  actions  under  this  MFA  were  designed  to  strengthen  and  improve  Moldova’s 
business climate. Moldova has taken important steps to set priorities and actions in this 
area.  These  involve  adopting  the  digital  transformation  strategy  and  the  national 
programme  for  the  promotion  of  entrepreneurship  and  increasing  competitiveness, 
including improving access to finance for local businesses. In 2024, Moldova adopted an 
overarching  national  strategy  for  the  development  of  the  economy,  focusing  on  the 
internationalisation of local businesses and the promotion of foreign direct investment. 

Important  progress  has  also  been  made  in  improving  Moldova’s  medium-  to  long-term 
energy security and developing sustainable energy markets. The protracted energy crisis 
that began in October 2021 exposed several structural weaknesses in Moldova’s energy 
sector,  aggravated  by  Russia’s  weaponisation  of  energy.  Over  the  past  two  years, 
Moldova  has  substantially  strengthened  institutional  capacity  in  the  energy  sector,  in 
particular  by  setting  up  a  dedicated  ministry  and  by  reinforcing  staffing  and  expertise 
within  the  former  Energy  Efficiency  Agency,  the  Ministry  of  Energy  and  Energocom. 

5 

 
 
 
 
 
The  Moldovan  authorities  have  significantly  increased  Moldova’s  gas  storage  capacity, 
diversified  gas  supply  and  adopted  annual  plans  to  prepare  for  the  heating  seasons.  To 
support  market  development  and  support  the  country’s  integration  into  EU  energy 
markets, Moldova has almost completed the full transposition of the Energy Community 
acquis into its national laws. Moldova is also taking important steps to develop a market 
for  renewable  energy  (e.g. by  transposing  the  EU  Renewable  Energy  Directive  and 
adopting the National Energy and Climate Plan). 

In  line  with  the  DCFTA,  the  authorities  have  made  important  amendments  to  the  new 
Customs Code and adopted the implementing regulation. The Code entered into force on 
1 January 2024.  

Moldova  is  a  new  candidate  for  EU  membership,  so  progress  on  MFA  conditions  has 
helped  to  bring  it  closer  to  the  EU  and  support  not  only  its  economic  convergence  but 
also its alignment with the EU acquis. Progress on the relevant MFA conditionality has 
helped  Moldova  make  progress  in  implementing  the  recommendations  in  the  annual 
enlargement report and the economic reform programme. The MFA has also been in line 
with the government’s long-term objectives.  

MFA MOLDOVA 
(entry into force 18 July 2022 – end of availability period 18 January 2025) 

Decision (EU) 
2022/563 

Amount 
(EUR million) 

Implementation 

First instalment 

Second instalment 

Third instalment 

EUR 50 million 
(15 grants; 35 loans) 

EUR 50 million 
(10 grants; 40 loans) 

EUR 50 million 
(5 grants; 45 loans) 

Disbursement 
(8/2022) 

Disbursement (4/2023 
grants, 5/2023 loans)  

Disbursement 
(12/2024) 

Policy conditions 

3 

6 

6 

Rule of law and the 
fight against 
corruption 

Adoption of 
legislative 
amendments on asset 
recovery, especially 
on international 
cooperation: fulfilled. 

Appointment of 
vacant management 
positions in several 
anti-corruption 
institutions: fulfilled. 

Adoption of new asset 
recovery programme: 
fulfilled. 

Assessment of 
candidates for 
membership of 
judiciary and 
prosecution self-
administration bodies 
(pre-vetting): broadly 
fulfilled. 

Finalise the pre-
vetting of all 
candidates for 
membership of the 
Superior Council of 
Magistracy and the 
Superior Council of 
Prosecutors and the 
bodies/colleges of the 
Councils: broadly 
fulfilled. 

Delimitation of 
competences between 
the Anti-Corruption 
Prosecutor’s Office 
and the National Anti-
Corruption Centre 
(with clear division of 
tasks between high- 
level and petty 
corruption cases): 

6 

 
 
 
 
 
 
Adoption of 
legislative 
amendments 
concerning the 
electronic payment 
system: fulfilled. 

Initiation of the 
strategic gas reserve 
and creation of an 
institutional 
framework to create 
gas storage capacity: 
fulfilled. 

Financial sector 
governance 

Energy sector 

Public sector 
governance 

Business 
environment 

fulfilled. 

Increase of the 
capacity of the Energy 
Efficiency Agency 
and Energocom: 
fulfilled. 

Progress towards full 
transposition of the 
Energy Community 
acquis, especially on 
unbundling: fulfilled. 

Reform on amending 
the Law on Free 
Economic Zones: 
broadly fulfilled. 

Reform on adopting a 
new strategy for 
combating undeclared 
work: fulfilled 

Reform on legislation 
concerning public 
investment projects: 
fulfilled. 

Reform on adopting a 
new public finance 
management strategy: 
fulfilled. 

Reform on legislative 
amendments to the 
new Customs Code, 
its implementing 
Regulation and entry 
into force: broadly 
fulfilled. 

Remarks 

The political pre-condition1 for granting the EU’s MFA was met. A 
positive track record on the ongoing IMF programme was ensured 

MFA TOP-UP MOLDOVA 
(entry into force 5 September 2023 - end of availability period 18 January 2025) 

Decision (EU) 2023/4597 final  First instalment 

Amount (EUR million) 

Implementation 
Policy conditions 
Energy sector 

EUR 72.5 million 
(22.5 grants; 50 loans) 
Disbursement (10/2023)  
6 
Energy action plan for winter 
2023-2024: fulfilled. 

Second instalment 
EUR 72.5 million 
(22.5 grants; 50 loans) 
Pending  
6 
Law transposing the 
Renewable Energy Directive: 
fulfilled. 

7 

 
 
 
 
 
 
 
 
 
 
 
 
Rule of law 

Fight against corruption 

Business climate 

Public sector governance 

Remarks 

2.  UKRAINE 

New call for applicants for 
membership of the colleges of 
the Superior Council of 
Magistracy and of the Superior 
Council of Prosecutors: 
fulfilled.do 

Adoption of digital 
transformation strategy: 
broadly fulfilled. 

Adoption of national 
programme for the promotion 
of entrepreneurship and 
increasing competitiveness 
2023-2026: broadly fulfilled. 
Concept paper on reforming 
the National Employment 
Agency: fulfilled. 

Adoption of a new public 
procurement programme: 
fulfilled. 

Law on full vetting: fulfilled. 

Review and update the 
existing interinstitutional 
agreements between the 
different anti-corruption and 
law enforcement agencies: 
fulfilled. 
Entry into force of the 
Customs Code: fulfilled. 

Adoption of a national 
strategy for the development 
of the economy and of the 
national industrialisation 
programme: fulfilled. 

Delineation of duties between 
the Ministry of Economic 
Development and 
Digitalisation and the Public 
Property Agency: fulfilled. 

Adoption of a law on 
voluntary amalgamation and 
approval of the methodology: 
fulfilled. 

The  political  pre-condition2  for  granting  the  EU’s  MFA  was 
met.  A  positive  track  record  on  the  ongoing  IMF  programme 
was ensured 

2.1 Implementation of macro-financial assistance  

2.1.1 Recent macro-financial assistance operations 

Since the start of Russia’s full-scale war of aggression against Ukraine, overall support 
from the EU and the Member States to Ukraine and to cater for the needs of Ukrainians 
fleeing  the  war  has  reached  almost  EUR 135 billion 4.  In  2022  alone,  Ukraine  received 
EUR 7.2 billion  in  MFA from  the  EU. Emergency MFA loans of EUR 1.2 billion were 
disbursed in two tranches in March and May 2022, just weeks after the start of the full-
scale  war.  Also  in  2022,  the  EU  adopted  two  exceptional  MFA  operations  in  loans  for 
Ukraine of up to EUR 1 billion and an additional one of up to EUR 5 billion; these were 
fully  disbursed.  To  protect  the  EU  as  a  borrower  in  the  capital  markets,  the  two 
exceptional  MFA  loans  benefited  from  a  70%  coverage  composed  of  paid-in 
provisioning of 9% and callable guarantees from Member States of 61%. In addition, the 
legal  acts  governing  the  exceptional  MFA  operations  included  an  option  to  provide  a 

4 Factsheet: EU solidarity with Ukraine (europa.eu). 

8 

 
 
 
 
 
 
 
 
subsidy to cover the interest rate costs related to the loans. This would be upon request 
by  the  Ukrainian  authorities  and  would  make  the  loans  even  more  favourable.  Given 
Ukraine’s timely submission of such a request and the availability of budgetary resources 
under Regulation  (EU) 2021/947, the Commission confirmed to the Ukrainian Minister 
of Finance on 29 June 2023 that an interest rate subsidy would be granted for the charges 
due in  2023 and again  in  2024.  The necessary funds  have since been  provided through 
the Ukraine Facility. 

On 9 November 2022, the Commission made a formal proposal  for a  regulation of the 
European Parliament and of the Council establishing an instrument to provide support to 
Ukraine  for  2023  (MFA+) 5.  On  14 December  2022,  the  European  Parliament  and  the 
Council adopted Regulation (EU) 2022/2463, which entered into force on 17 December 
2022 6. The MFA+ instrument ensured more predictable, continuous, orderly and timely 
financing of EUR 18 billion in highly concessional loans to help Ukraine meet its short-
term  funding needs in  2023. Policy conditionality and stringent reporting requirements 
(as reflected in  the  MoU)  continued to  apply  to  the disbursements.  The full amount of 
EUR 18 billion  of  the  MFA+  was  disbursed  throughout  2023,  with  the  last  payment 
taking place on 21 December 2023. The Regulation also allows an interest rate subsidy 
at  Ukraine’s  request.  The  loan  was  backed  by  the  EU  budget’s  headroom  –  the  gap 
between the own resources ceiling and the funds actually required to cover the expenses 
provided for by the budget. 

Aside from MFA support, Regulation (EU) 2024/792 of the European Parliament and of 
the Council established the Ukraine Facility on 29 February 2024. Over 2024-2027, the 
Facility is expected to provide up to EUR 50 billion to support Ukraine’s financing needs 
and to contribute to its recovery, reconstruction and modernisation. Under its Pillar 1, the 
Facility  is  set  to  deliver  up  to  EUR 33 billion  in  direct  budgetary  support  by  2027 
(EUR 16.5 billion of this was disbursed in 2024). 

Russia’s  intensified  and  prolonged  war  of  aggression  has  significantly  increased 
Ukraine’s  financing  needs  in  the  short  to  medium  term.  So  much  so  that  that  they  are 
now  greater  than  the  amounts  initially  projected  when  the  Facility  was  conceived.  A 
residual  financing  gap  has  therefore  emerged,  particularly  for  2025.  Ukraine  could  not 
cover this gap with its own resources, so additional urgent financing was required. 

In  this  context,  in  their  communication  of  14 June 2024,  the  G7  leaders  announced  the 
launch  of  the  extraordinary  revenue  acceleration  loans  for  Ukraine  initiative  (the  ERA 
loans initiative) to make available approximately EUR 45 billion in additional funding by 
the end of 2024. The European Council reiterated this commitment in its conclusions of 
27 June  2024.  On  20 September,  the  Commission  therefore  adopted  a  proposal  for  a 
regulation of the European Parliament and of the Council establishing the Ukraine  loan 
cooperation  mechanism  and  providing  exceptional  MFA  to  Ukraine.  Following  its 
adoption  by  the  European  Parliament  and  the  Council  on  24 October  2024,  Regulation 
(EU)  2024/2773  (the  ULCM  Regulation)  entered  into  force  on  29 October  2024 7.  On 
25 October 2024, the G7 leaders announced an agreement on the operationalisation of the 
ERA  loan  initiative,  including  the  principles  and  key  features  of  the  loans.  The  G7 

5 The  Commission  package  of  9 November  2022  consisted  of  three  elements:  (i) a  regulation  that  establishes  the 
MFA+  instrument;  (ii) a  technical  amendment  to  the  Financial  Regulation,  to  allow  optimal  borrowing  for  Ukraine 
through the diversified funding strategy; and (iii) a technical amendment to the MFF Regulation, which extends the 
use of the headroom to guarantee the MFA+ loans to Ukraine. 
6 Regulation  (EU)  2022/2463  of  the  European  Parliament  and  of  the  Council  of  15 December  2022  establishing  an 
Instrument for providing support to Ukraine for 2023 (MFA+), OJ L 322, 16 December 2022, p. 1. 
7 Regulation  (EU)  2024/2773  of  the  European  Parliament  and  of  the  Council  of  24 October  2024  establishing  the 
Ukraine  Loan  Cooperation  Mechanism  and  providing  exceptional  MFA  to  Ukraine  (OJ L,  2024/2773,  28.10.2024, 
ELI: http://data.europa.eu/eli/reg/2024/2773/oj). 

9 

 
 
leaders  agreed  that  the  ERA  loans  will  be  fully  disbursed  to  Ukraine  by  31 December 
2027. 

The  exceptional  MFA  is  the  EU’s  contribution  to  the  G7  ERA  loan  initiative.  On  the 
basis of the confirmed contributions by G7 partners following the G7 Finance Ministers 
meeting of 25 October 2024 in  Washington  DC, the EU  was ready  to provide an  MFA 
loan of EUR 18.1 billion to Ukraine. This was released by the end of 2024 and is to be 
disbursed before the end of 2025 8. 

This MFA features highly concessional terms that  reflect  the exceptional  circumstances. 
While  Ukraine  remains  formally  liable  to  repay  the  MFA  loan,  but  the  repayments  are 
meant  to  be  financed  through  the  extraordinary  revenues  generated  from  immobilised 
Russian  assets  (covering  the  principal,  interest  and  any  other  related  costs  of  the  loan). 
Ukraine  is  therefore  not  expected  to  use  its  own  resources  to  directly  repay  the  loan; 
repayments  will  instead  be  managed  via  the  ULCM  so  that  Ukraine  can  frontload  the 
benefits  of  these  extraordinary  revenues  while  minimising  the  impact  on  its  public 
finances. Furthermore, if the extraordinary revenues prove to be insufficient to repay the 
MFA  loan,  the  highly  concessional  45-year  maturity  and  a  10-year  grace  period  before 
principal repayments fall due provide ample room to ensure the stabilisation of Ukraine’s 
macro-fiscal  situation.  This  financing  arrangement  not  only  reduces  the  immediate 
pressure on Ukraine’s public finances but also ensures that debt service flows will remain 
manageable  when  they  begin  in  the  2030s,  thus  significantly  mitigating  the  risks  to 
financial  stability  during  the  recovery  period.  The  new  MFA  (in  the  same  way  as  the 
MFA+  instrument  and  the  loan  support  under  the  Ukraine  Facility)  is  backed  by  (i) a 
guarantee  from  the  EU  budget  headroom;  and  (ii) the  difference  between  the  own 
resources  ceiling  (i.e.  the  maximum  amount  of  resources  that  the  Commission  can  ask 
Member States to contribute in a given year) and the funds that it actually needs to cover 
the  expenses  provided  for  in  the  budget.  This  provides  a  high  degree  of  protection  and 
reassurance to investors and avoids the need to make provisions for loans or to establish 
national  guarantees  but  does  not  require  changes  to  the  MFF’s  size  or  ceilings.  The 
availability of the coverage of the budgetary headroom for financial assistance available in 
2024 under Council Regulation (EU, Euratom) 2020/2093 (the MFF Regulation) 9 meant 
that the decision on the release of the new MFA loan had to be taken before the end of 
2024. The unique characteristics of the new ERA MFA are due to the exceptional need 
to  provide  unprecedented  amounts  of  loans  to  a  war-torn  country.  In  this  respect,  the 
ERA  MFA  does  not  constitute  a  generally  applicable  precedent  for  future  MFA 
operations.  These  will  continue  be  guided  by  the  principles  in  the  2013  Joint 
Declaration, a legally non-binding declaration in which the European Parliament and the 
Council set out guiding principles for MFA operations. 

2.1.2 Policy conditionality 

Considering  the  exceptional  circumstances,  ERA  MFA  conditionality  was  structured 
differently  from  standard  MFA  operations.  Pursuant  to  Article 12(2)  of  the  ULCM 
Regulation, the policy conditions negotiated in the MoU were closely linked to the steps 
in  the  Ukraine  Plan  –  Ukraine’s  medium-term  agenda.  They  serve  as  stepping  stones 

8 Pursuant  to  Article 10(1)  of  Regulation  (EU)  2024/2773  and  considering  the  principal  amount  of  eligible  bilateral 
loans already approved by the Commission in accordance with Article 6 of Regulation (EU) 2024/2773 and the stated 
intentions of third countries communicated to the Commission under the auspices of the G7 ‘Extraordinary Revenue 
Acceleration Loans for Ukraine’ initiative, the amount of the MFA to be made available to Ukraine has been adjusted 
to EUR 18 115 696 101. The expected contributions by other G7 partners to the ERA initiative are as follows: (i) US – 
USD 20 billion  (approx.  EUR 17.93 billion);  Canada  –  CAD  5 billion  (approx.  EUR 3.31 billion;  Japan  –  JPY 
471.9 billion (approx. EUR 2.96 billion); UK – GBP 2.258 billion (approx. EUR 2.72 billion). 
9 Council  Regulation  (EU,  Euratom)  2020/2093  of  17 December 2020  laying  down  the  multiannual  financial 
framework for the years 2021 to 2027 (OJ L 433I, 22.12.2020, p. 11). 

10 

 
 
towards their implementation and reinforce incentives for their timely execution. These 
steps were designed to be achievable within the short implementation timeframe between 
the Regulation’s entry into force and the end of 2024, which was the final deadline for 
adopting  the  release  decision  of  the  sole  MFA  instalment.  The  ERA  MFA  policy 
conditionality  therefore  focused  on  a  limited  set  of  conditions  that  are  closely  aligned 
with  the  Ukraine  Plan  and  reflect  the  policy  areas  of  the  previous  MFA+  instrument: 
macro-financial  stability,  state-owned  enterprises,  public  administration  and  the  rule  of 
law, and  energy.  Each policy condition  was tied to  a specific step in  the Ukraine Plan, 
constituting  a  relevant  action  towards  its  fulfilment.  Additionally,  a  condition  was 
introduced  to  foster  cooperation  and  investment  between  Ukraine  and  the  EU  in  the 
defence sector. 

On macro-financial stability, Ukraine has made progress in strengthening the resilience 
of its financial sector. The National Bank of Ukraine approved the concept for the 2025 
resilience assessment of the banking system, marking a return to standard procedures for 
assessing asset quality and conducting stress tests. Additionally, the Ukrainian parliament 
endorsed in  first  reading  the draft  law on the  sale of state-owned banks, thereby laying 
the groundwork for a structured divestment framework aimed at reducing fiscal risks and 
fostering competition in the banking sector by reducing state ownership.  

On  state-owned  enterprises  (SOEs),  Ukraine  has  taken  important  steps  to  enhance 
corporate governance and transparency. The Cabinet of Ministers approved a list of top 
key SOEs, identifying those where independent supervisory boards will be established in 
line  with  international  best  practices.  Additionally,  the  selection  process  for  the 
supervisory  board  of  NEC  Ukrenergo  was  successfully  completed,  ensuring  that  the 
company’s  governance  complies  with  OECD  standards.  To  further  improve  SOE 
management, Ukraine also submitted a draft plan for the corporatisation of selected key 
SOEs,  paving  the  way  for  their  transition  to  joint-stock  or  limited  liability  companies. 
These  conditions  strengthen  oversight,  reduce  state  interference  and  improve  the 
operational efficiency of Ukraine’s largest SOEs. 

Efforts  to  improve  public  administration  have  focused  on  enhancing  fiscal  governance 
and civil service reform. The Ukrainian parliament approved the 2025 State Budget Law 
in  the first  reading. This included  a  civil  service remuneration reform that introduces a 
more  predictable  and  transparent  salary  structure,  ensuring  fairer  compensation  that  is 
commensurate with responsibilities. Additionally, Ukraine prepared a draft methodology 
for calculating the baseline in the framework of medium-term budgeting. This is a crucial 
step  towards  implementing  spending  reviews  that  will  enhance  fiscal  discipline  and 
efficiency  in  public  expenditure.  This  methodology,  which  has  been  developed  in 
collaboration  with  the  IMF,  will  guide  future  budget  declarations  and  provide  a  solid 
foundation for expenditure planning. 

In the energy sector, Ukraine has taken steps to align its regulatory framework with EU 
standards, advancing market integration and taxation reforms. A working group has been 
established  under  the  Ministry  of  Energy  to  prepare  legislative  changes  necessary  for 
implementing  energy-related  EU  regulations,  including  adjustments  to  taxation  to 
facilitate  cross-border  electricity  trade.  Furthermore,  the  Ministry  of  Energy  has  shared 
with the Commission the draft law transposing the electricity integration package, a key 
milestone  in  Ukraine’s  efforts  to  harmonise  its  energy  legislation  with  the  EU 
framework. These  conditions  support Ukraine’s energy security and gradual  integration 
into the EU energy system. 

On  rule  of  law  and  the  fight  against  corruption,  Ukraine  has  advanced  reforms  to 
strengthen  judicial  independence,  anti-corruption  institutions  and  digitalisation  in  the 
judiciary. The High Council of Justice appointed a majority of disciplinary inspectors to 

11 

 
the  Disciplinary  Inspectors  Service,  ensuring  its  operational  capacity  to  address 
disciplinary  cases  in  the  judiciary.  The  Ukrainian  parliament  has  also  adopted  a  law 
extending  the  mandate  of  the  Public  Council  of  International  Experts  so  that  it  can 
continue  to  oversee  the  selection  of  judges  for  the  High  Anti-Corruption  Court. 
Additionally,  Ukraine  has  developed  a  roadmap  for  the  digitalisation  of  the  judicial 
system, following an IT audit and extensive stakeholder consultations. This initiative will 
modernise  court  operations  and  improve  access  to  justice.  Lastly,  a  roadmap  for  the 
development  of  the  next  anti-corruption  strategy  (2026-2030)  was  submitted  to  the 
Commission.  This  contains  a  structured  plan  to  enhance  anti-corruption  efforts  beyond 
2025. 

For the defence industry, Ukraine has committed itself to closer cooperation with the EU 
on  the  recovery,  reconstruction  and  modernisation  of  its  defence  sector.  In  particular, 
under this condition, Ukraine has made a commitment to: ‘promote cooperation with the 
Union on the recovery, reconstruction and modernisation of Ukraine’s defence industry, 
in line with the objectives of Union programmes aiming at the recovery, reconstruction 
and modernisation of the Ukraine Defence Technological and Industrial Base and other 
relevant  Union programmes, and commit  to  take steps towards integration into the EU 
Single  Market,  notably  through  cooperation  with  the  European  Defence  Industry 
Programme once established.’ 

Ukraine has fully met all the policy conditions agreed in the MoU. 

12 

 
 
ERA MFA to Ukraine 
(Entry into force 28 October 2024 – end of availability period 31 December 2024, with disbursements possible until 31 December 2025) 

Regulation (EU) 2024/2773 

Sole instalment 

Loan amount (EUR million) 

EUR 18 115 million 

Implementation 

Macro-financial stability 

State-owned enterprises 

Public administration 

Energy 

Rule of law and fight against 
corruption 

Sole instalment released on 18 December 2024. Disbursements ongoing, with the first disbursement on 10 January 2025 for 
an amount of EUR 3 000 million. [Next disbursement is expected in March 2025, for an amount of EUR 1 000 million] 

Action 1: Approval of the concept for the 2025 resilience assessment of the banking system. Fulfilled 
Action 2: Endorsement by the Ukrainian parliament in first reading of the draft law on the sale of state-owned banks. 
Fulfilled 
Action 3: Sharing with the Commission the list of SOEs (from among those identified as top key SOEs by the Cabinet of 
Ministers of Ukraine) for which supervisory boards with a majority of independent members will be appointed, as submitted 
to the Cabinet of Ministers. Fulfilled 
Action 4: Selection by the nomination committee of the supervisory board of NEC Ukrenergo. Fulfilled 
Action 5: Submission to the Cabinet of Ministers of Ukraine of a draft plan for corporatising SOEs from the list of top key 
SOEs. Fulfilled 
Action 6: Endorsement by the Ukrainian parliament in first reading of the State Budget Law for 2025, which enacts the civil 
service remuneration reform. Fulfilled 
Action 7: Preparation and sharing with the Commission of the draft methodology for the calculation of the baseline in the 
framework of medium-term budgeting which will be used during the spending reviews. Fulfilled 
Action 8: Creation of a working group to develop the legislative changes to implement the relevant EU legislation regarding 
the energy sector, including on energy-related taxation. Fulfilled 
Action 9: Sharing with the Commission the draft law transposing the electricity integration package. Fulfilled 
Action 10: Appointment of at least 50% (or a majority) of disciplinary inspectors of the Disciplinary Inspectors Service by the 
High Council of Justice. Fulfilled 
Action 11: Adoption of a law extending the mandate of the Public Council of International Experts to ensure its effective 
participation in the ongoing selection of additional 25 judges for the High Anti-Corruption Court. Fulfilled 
Action 12: Preparation of a roadmap for the development of IT solutions in the judicial system, following inclusive 
consultations with stakeholders and the public, and completion of an IT audit. Fulfilled 

13 

 
Action 13: Sharing with the Commission a plan/roadmap for the development of the new anti-corruption strategy. Fulfilled 

Defence industry 

Action 14: Issuing a declaration that commits the Ukrainian authorities to promoting cooperation with the EU on the 
recovery, reconstruction and modernisation of Ukraine’s defence industry, in line with the objectives of EU programmes 
aiming at the recovery, reconstruction and modernisation of the Ukraine Defence Technological and Industrial Base and other 
relevant EU programmes; and making a commitment to take steps towards integration into the EU’s single market, notably 
through cooperation with the European defence industry programme (once it has been established). Fulfilled 

14 

 
3.  EGYPT  

3.1 Implementation of macro-financial assistance 

3.1.1 Recent macro-financial assistance operations 

The EU and Egypt have agreed to deepen their relationship and develop a strategic and 
comprehensive partnership for shared prosperity, stability and security, covering specific 
areas  of  cooperation.  Underpinning  the  partnership  is  a  financial  package  of  up  to 
EUR 7.4 billion  consisting  of  short-  and  longer-term  support  for  the  necessary  macro-
fiscal  and  socio-economic  reform  agenda.  Egypt  has  continued  to  face  very  significant 
challenges, including high inflation, inefficiencies originating from the state’s entrenched 
economic  footprint,  vulnerabilities  in  the  foreign  exchange  market,  and  spillovers  from 
the  conflict  in  the  Gaza  Strip  (particularly  through  lower  Suez  Canal  revenues  due  to 
continued Houthi attacks on Red Sea maritime transport). These developments weakened 
Egypt’s economic stability, put pressure on its external and fiscal position and increased 
its  overall  vulnerability  to  external  shocks.  In  this  context,  the  Egyptian  authorities 
requested support through MFA from the EU on 12 March 2024.  

Given  Egypt’s  critical  economic  and  financial  situation  and  its  role  as  an  important 
stabilising  factor  in  an  increasingly  volatile  region,  the  Commission  proposed  on 
15 March 2024  to  support  Egypt  with  an  MFA  of  up  to  EUR 5 billion  in  highly 
concessional long-term loans as a key component of the financial package underpinning 
the  Strategic  and  Comprehensive  Partnership.  The  MFA  package  was  divided  into  a 
proposal  for  a  short-term  MFA  operation  of  EUR 1 billion  (exceptionally  based  on 
Article 213 TFEU) that would allow full disbursement in a single instalment as soon as 
2024 in view of Egypt’s urgent financing needs and in view of the European Parliament’s 
recess due to the elections in June 2024; and a proposal for a regular MFA operation of 
up  to  EUR 4 billion  (based  on  Article 212  TFEU).  The  Council  adopted  the  short-term 
MFA  decision  on  12 April 2024 10.  The  European  Parliament  and  the  Council  are 
currently considering the proposal for the regular MFA operation. 

The  MFA  package  was  proposed  in  conjunction  with  an  IMF  programme,  based  on  a 
staff-level agreement reached on 6 March 2024 and adopted by the IMF Executive Board 
on  29 March 2024.  The  IMF  and  Egypt  reached  staff-level  agreement  on  the  fourth 
review  on  24 December  2024.  Further  multilateral  support  is  provided  by  the  World 
Bank,  which  launched  a  three-year  USD 6 billion  country  programme  for  Egypt  on 
18 March 2024 and announced a USD 700 million development policy financing loan on 
24 June 2024. 

The short-term MFA was underpinned by a MoU. The MoU stipulates the disbursement 
of the support in a single instalment and sets out a set of agreed economic policy reforms. 
In line with the Council Decision and the MoU, the disbursement of the support was also 
subject to the implementation of concrete and credible steps towards respecting effective 
democratic  mechanisms.  These  include  a  multi-party  parliamentary  system,  the  rule  of 
law  and  respect  for  human  rights.  The  MFA  Release  Decision  was  adopted  on 
18 December 2024, and the single instalment was fully disbursed on 27 December 2024. 

10  OJ L, 2024/1144, 15.4.2024, ELI: http://data.europa.eu/eli/dec/2024/1144/oj 

15 

 
 
 
 
3.1.2  Policy conditionality 

The  economic  policy  actions  contained  in  Annex  I  of  the  MoU  aim  to  address  key 
weaknesses  of  the  Egyptian  economy,  as  well  as  to  mitigate  the  economic  and  social 
impact stemming from the regional conflicts. They include reforms structured along three 
main  pillars:  (i) to  ensure  macroeconomic  stability  and  resilience;  (ii) to  improve 
competitiveness and the business environment; and (iii) to advance the green transition. 
They were selected on the basis of their relevance as well as their feasibility within the 
MFA  operation’s  short  horizon,  and  also  as  preparatory  steps  towards  possible  more 
comprehensive reform action over the medium term. 

Egypt  has  implemented  the  reforms  to  support  macroeconomic  stability  and  resilience 
(Pillar 1).  The  Central  Bank  of  Egypt  submitted  the  data  requested  to  demonstrate 
exchange  rate  flexibility  and  foreign  exchange  market  efficiency.  To  enhance  revenue 
mobilisation  through  the  digitalisation  of  otherwise  incomplete  tax  collection,  Egypt 
successfully included all public sector wages and  27% of private sector companies into 
its newly launched electronic payroll system, surpassing the MoU’s 15% benchmark for 
private  sector  wages.  The  public  finance  management  law  was  operationalised  by 
establishing a dedicated monitoring unit at the Ministry of Finance and issuing guidance 
from  the  Prime  Minister  to  set  up  accounting  units  in  all  59  economic  authorities. 
Moreover, the government issued guidelines for the medium-term budgetary framework 
and  a  draft  procedural  manual  for  programme  and  performance  budgeting.  In 
implementing the 2022 planning law, Egypt prepared guidance to specify criteria for the 
evaluation  of  public  investment  projects.  To  strengthen  social  protection,  Egypt  added 
almost 300 000 beneficiary households to the Takaful and Karama cash transfer schemes, 
although  a  multiannual  recertification  exercise  removed  around  360 000  households 
which were no longer eligible. The number of micro-finance projects aimed at boosting 
graduation  from  social  protection  programmes  was  raised  by  around  20 000.  The 
authorities  also  published  a  social  protection  observatory  report  that  covers  housing, 
health,  disabilities,  children  and  the  older  people.  Finally,  as  part  of  the  government’s 
efforts  to  incentivise  the  transition  from  the  informal  to  the  formal  labour  market,  the 
Mehny 2030 platform was launched and made operational. 

Under Pillar 2, Egypt has advanced reforms to enhance competitiveness and the business 
environment. Egypt increased transparency on the state’s involvement in the economy by 
publishing reports on its  state asset sale programme  and a report on different  measures 
concerning  its  state  ownership  policy.  Egypt  has  begun  to  set  up  a  database  on  its 
sizeable  SOE  portfolio,  because  there  was  no  such  centralised  repository  of  the  state’s 
ownership  of  companies.  To  improve  businesses’  understanding  of  the  application  of 
Egyptian  competition  law,  the  Egyptian  competition  authority  has  issued  three  sets  of 
guidelines.  The  Minister  of  Finance  has  issued  a  circular  requesting  all  ministries  to 
provide  the  status  of  all  legislation  that  grants  exemptions  from  taxes  and  fees,  with  a 
view  to  subsequently  abolishing  these  exemptions.  Egypt  has  further  provided  the 
Commission with a list containing an overview of all existing product categories that are 
subject to import licensing, including responsible ministries/agencies and the legal basis. 
The  largest  area  of  action  in  Pillar 2  addresses  improving  Egypt  as  an  investment 
destination. Egypt has agreed to increase transparency on foreign investment restrictions 
through  the  publication  of  a  list  of  all  such  restrictions  and  to  prepare  to  set  up  an  e-
procurement  portal.  It  has  made  a  commitment  to  centralise  all  information  in  a  single 
and accessible online source and to review the tax incentives for investment as part of a 
new medium-term tax strategy document which will cover the period until 2030. Finally, 
the  MoU  includes  a  commitment  to  launch  an  online  platform  for  automatising 

16 

 
investment  licensing,  a  previously  laborious  and  opaque  process  that  required  the 
obtaining of many licences in person. 

Progress  has  also  been  made  in  strengthening  the  green  transition  (Pillar 3).  Egypt  has 
approved the update of the integrated sustainable energy strategy up to 2040, including 
the  key  target  of  achieving  65%  of  electricity  generation  from  renewable  sources. 
Furthermore, the authorities have issued regulations on certifying the origin of energy to 
support  the  framework  for  private-to-private  business.  Their  aim  is  to  facilitate  an 
increase  in  the  private  sector’s  modest  participation  in  the  production  of  renewable 
energy.  

With  regard  to  the  political  precondition,  the  Egyptian  authorities  have  made  a 
commitment  to  demonstrate  that  they  are  taking  concrete  and  credible  steps  towards 
respecting  effective  democratic  mechanisms,  the  rule  of  law  and  human  rights.  As 
concrete and credible steps in line with the Council Decision approving this MFA have 
been  taken,  the  overall  trend  was  found  to  be  satisfactory  in  order  to  permit  the  full 
implementation of this short-term MFA programme. 

SHORT-TERM MFA FOR EGYPT 

(ENTRY INTO FORCE: 15/12/2024 - END OF AVAILABILITY PERIOD 15/09/2025) 

Council Decision 
(EU) 2024/1144 

Single instalment 

Amount  

EUR 1 000 million (loan)  

Implementation 

Disbursement on 27 December 2024 

Policy conditions 

16 

Pillar 1: Macroeconomic stability and resilience 

Exchange rate 
flexibility and 
foreign exchange 
market efficiency 

Revenue 
mobilisation 

Sharing relevant indicators to monitor exchange rate flexibility and foreign 
exchange market efficiency. 

Fulfilled 

Advancing the implementation of the electronic payroll tax system. 

Fulfilled  

Establishing  a  dedicated  unit  in  the  Ministry  of  Finance  to  monitor 
economic  authorities  and  issuing  PM  guidance  for  the  establishment  of 
accounting units in all economic authorities.  

Public finance 
management 

Issuing guidelines for the medium-term budgetary framework. 

Preparing  a  draft  procedural  manual  for  programme  and  performance 
budgeting.  

Public 
investment 
management 

Fulfilled 

Preparing  a  guidance  document  to  specify  criteria  for  the  evaluation  of 
public investment projects. 

Fulfilled 

17 

 
 
Increasing  the  number  of  beneficiary  households  of  cash  transfer 
programmes and micro-finance projects. 

Social protection 

Launching and publishing the social protection observatory report. 

Broadly fulfilled 

Informal 
employment 

Launching  the  ‘Mehny  2030’  electronic  platform  and  preparing  a 
communication and awareness strategy. 

Fulfilled 

Pillar 2: Competitiveness and business environment 

Level playing 
field 

Issuing a cabinet instruction on tax exemptions for SOEs and preparing an 
initial draft list of exemptions.  

Broadly fulfilled 

Setting up a unified database for SOEs.  

State footprint in 
the economy 

Increasing transparency on progress with reforms and conditions related to 
the state ownership policy. 

Increasing transparency on progress with divesture deals related to the state 
ownership policy.  

Competitive 
neutrality 

Import licensing 

Broadly fulfilled 

Issuing three guidelines on competitive neutrality.  

Fulfilled 

Sharing  an  overview  of  all  sectors  and  areas  in  which  Egypt  requires 
licences, prior registration or approval for imports. 

Fulfilled 

Submitting an action plan on the setting up of an e-procurement system 

E-procurement 

Fulfilled 

Foreign 
investment 
transparency 

Investment / 
business licence 
automation 

Publishing a consolidated negative list of restrictions to foreign investment 
in the covered sectors. 

Centralising information for investors on a single investment website. 

Broadly fulfilled 

Implementing a system for investment licence automation. 

Fulfilled 

18 

 
Tax incentives 
for investment 

Publishing  a  medium-term  tax  strategy  providing  guidelines  about  pillars 
of  tax  policy  and  administrative  reforms,  and  carrying  out  consultations 
with private sector representatives.  

Broadly fulfilled 

Pillar 3: Green transition 

Egyptian 
sustainable 
energy strategy 

Private sector 
participation 

Adopting the updated sustainable energy strategy. 

Fulfilled 

Issuing  regulations  on  certification  of  the  origin  of  energy  to  support  the 
framework for private-to-private. 

Fulfilled 

Political precondition and IMF programme 

Political 
precondition 

Egypt  has  taken  concrete  and  credible  steps  in  line  with  Article 2.1  of 
Council  Decision  (EU)  2024/1144.  The  overall  trend  is  therefore 
conducive  to  permitting  the  full  implementation  of  the  short-term  MFA 
programme.  

IMF programme 

The  disbursing  IMF  programme  has  had  a  consistently  positive  track 
record. 

4.  NORTH MACEDONIA 

4.1 Implementation of macro-financial assistance 

4.1.1 Recent macro-financial assistance operations 

In  2020-2021,  North  Macedonia  benefited  from  MFA  support  under  the  EU’s 
EUR 3 billion  package  to  10  enlargement  and  neighbourhood  countries  under  the 
COVID-19  MFA.  Following  an  official  request  from  North  Macedonia 11  on 
15 April 2020,  the  Commission  submitted  a  proposal  for  a  decision  providing  North 
Macedonia  with  MFA  of  up  to  EUR 160 million.  The  European  Parliament  and  the 
Council  adopted  this  decision  on  25 May 2020 12.  In  accordance  with  the  MoU,  the 
assistance  was  provided  in  two  equal  instalments  of  EUR 80 million  each.  These  were 
dependent on the fulfilment of nine policy conditions laid down in the MoU and aimed at 
mitigating  key  weaknesses  of  the  economy  of  North  Macedonia  and  the  economic  and 
social  impact  of  the  COVID-19  pandemic.  The  policy  conditions  focused  on  the 
following 
thematic  areas:  public  finance  management,  financial  stability,  good 
governance and the fight against corruption, the business environment and social policy.  

Against a backdrop of tighter global financial conditions, higher energy prices and higher 
than  expected  losses  by  the  state-owned  electricity  producer,  the  government  of  North 
Macedonia  requested  a  new  MFA  on  19 April 2022.  The  Commission  took  part  in 
discussions  with  North  Macedonia  to  assess  the  potential  benefits  of  the  new  financial 
support. This evaluation considered North Macedonia’s relative economic resilience and 
assessed whether it had alternative options to meet its external financing needs in 2022. 
The authorities renewed their request on 18 October 2022. In April 2022, the government 

11 Letter of 15 April 2020 from Finance Minister Nina Angelovska to Commissioner Paolo Gentiloni. 
12 Decision  (EU)  2020/701  of  the  European  Parliament  and  of  the  Council  of  25 May  2020  on  providing  macro-
financial assistance to enlargement and neighbourhood partners in the context of the COVID-19 pandemic. OJ L167, 
27.5.2020, p. 31. 

19 

 
 
secured  staff-level  agreement  with  the  IMF  for  a  24-month  precautionary  and  liquidity 
line  (PLL)  of  up  to  EUR 530 million,  which  was  officially  approved  by  the  IMF 
Executive  Board  on  22 November 2022.  Upon  approval  of  the  PLL  in  2022,  North 
Macedonia  received  approximately  EUR 110 million.  An  additional  EUR 155 million 
was disbursed following the completion of the first review in January 2024.  

In  response  to  North  Macedonia’s  high  gross  external  financing  needs  in  2023  and 
uncertainties  as  to  the  availability  and  costs  of  external  market  financing,  on 
3 February 2023  the  Commission  adopted  a  proposal  for  a  decision  providing  MFA  to 
North  Macedonia  of  up  to  EUR 100 million  in  the  form  of  a  loan.  This  decision  was 
based on Article 212 TFEU. Decision (EU) 2023/1461 of The European Parliament and 
of the Council adopted decision on 12 July 2023 13. Following subsequent discussion and 
an agreement with North Macedonia on the policy conditions to underpin the new MFA 
operation, the MoU entered into force on 2 February 2024. 

The operation aims to address North Macedonia’s short-term balance-of-payments needs 
and  fiscal  vulnerabilities  and  to  demonstrate  the  EU’s  support  for  it  in  addressing  this 
challenging situation. Its design and implementation take account of the policy guidance 
agreed in the joint conclusions of the economic  and financial dialogue between the EU 
and the Western Balkans and Türkiye of 24 May 2022 14. 

The disbursement was expected to take place in two instalments with the release of each 
instalment  conditional  on:  (i)  North  Macedonia  making  progress  on  implementing  a 
number  of  policy  conditions  agreed  between  the  Commission  and  the  authorities  and 
listed in an MoU; and (ii) a satisfactory track record implementing the IMF programme. 
The  policy  conditions  aim  to  address  some  of  the  most  important  weaknesses  of  the 
economy of North Macedonia and its economic governance. Following the completion of 
the agreed policy conditions and a successful first review under the IMF programme, the 
first disbursement took place on 8 May 2024.  

Progress in implementing the MFA conditions attached to the second and final instalment 
of  EUR 50 million  has  stalled,  including  the  adoption  of  several  laws  in  North 
Macedonia’s parliament. In addition, the IMF’s PLL expired in November 2023 without 
the second review taking place, which means that one essential precondition for MFA is 
no  longer  fulfilled.  Under  these  circumstances,  the  disbursement  of  the  MFA  second 
tranche is rather unlikely. The availability period of the MFA ends in August 2026. 

4.1.2  Policy conditionality 

The policy conditions laid down in the MoU are in line with the policy guidance jointly 
adopted  at  the  economic  and  financial  dialogue  in  May.  The  MoU  builds  on  previous 
MFA  and  contains  20  policy  conditions  that  focus  on  policy  reforms  addressing  fiscal 
governance, 
investment,  public-private 
the  management  of  public 
partnerships,  the  business  environment,  education  and  the  labour  market,  renewable 
energy sources and energy efficiency, judiciary reform, and the fight against corruption.  

tax  policy, 

In  line  with  the  conditions  agreed  under  the  MFA  ahead  of  the  first  disbursement,  the 
new  Fiscal  Council  provided  for  under  the  2022  Organic  Budget  Law  has  been 
established. The North Macedonian Parliament has appointed six members of the Fiscal 
Council,  which  has  since  its  rulebook  and  statutes.  The  government  set  up  the  new 
Department for Public Investment Management within the Ministry of Finance to ensure 

13 Decision (EU) 2023/1461 of the European Parliament and of the Council of 12 July 2023 providing macro-financial 
assistance to the Republic of North Macedonia, OJ L 180, 17.7.2023, p. 1. 
14 https://www.consilium.europa.eu/media/56385/st09459-en22.pdf. 

20 

 
 
centralised oversight of public sector investment (including  public enterprises) with  the 
aim of improving the management of public investment. North Macedonia’s parliament 
has also  adopted  revenue-enhancing  amendments  to  the laws  on corporate taxation and 
on VAT and adopted the new one-off solidarity tax 15.  

Efforts to formalise the informal economy have made progress with the adoption of the 
2023-2027  strategy  and  action  plan,  which  focuses  on  raising  awareness,  reducing 
administrative  burdens  and  improving  monitoring  mechanisms.  Additionally,  the 
government has adopted the smart specialisation strategy, which targets key sectors such 
as  smart  agriculture,  ICT  and  sustainable  materials,  while  also  fostering  collaboration 
between academia and industry. 

On the education sector, the government has adopted new laws on vocational education, 
secondary  education  and  adult  education  with  the  aim  of  improving  alignment  with 
labour  market  needs.  The  reforms  emphasise  work-based  learning,  skills  development, 
and  regional  vocational  education  and  training  (VET)  centres  to  address  labour  market 
mismatches and enhance employment prospects. 

A  key  milestone  in  energy  efficiency  was  the  amendment  of  the  Law  on  the 
Development  Bank  to  enable  the  establishment  of  the  Energy  Efficiency  Fund  (EEF). 
The  EEF  will  support  public  sector  investments  in  energy  efficiency  through  a 
sustainable  financial  model,  thus  reducing  dependence  on  grants  and  promoting  cost-
saving mechanisms. 

The  government  has  adopted  a  new  strategy  on  judicial  reform  (2023-2027),  which 
incorporates lessons from the previous strategy and feedback from the Commission. This 
strategic framework aims to strengthen judicial independence, efficiency and adherence 
to EU standards, reinforcing the rule of law. 

MFA FOR NORTH MACEDONIA 

Decision (EU) 
2020/701 

First instalment 

Second instalment 

Amount (EUR million)  Up to EUR 50 million 

Up to EUR 50 million 

Implementation 

8 May 2024 

Policy conditions 

First instalment  

The 

the 
place 

until 
of 
took 

Currently  not  expected,  but 
2026. 
available 
first 
Disbursement 
on 
instalment 
second 
8 May 2024. 
instalment  is  unlikely  to  take 
place,  because 
it  would  be 
subject  to  a  continuing  positive 
IMF 
track 
to 
programme, 
political 
fulfilment 
precondition  and 
the  policy 
conditions. 
Second instalment 

the 
addition 

record  with 

the 

of 

in 

15 The  solidarity  tax  was  a  one-off  tax  levied  on  excess  corporate  profits  in  2022.  It  was  not  included  in  the  2023 
budget. Revenue from this tax amounted to 0.5% of GDP (EUR 76 million) in 2023. 

21 

 
 
 
Public finance 

Make  the  Fiscal  Council  fully 
operational  by  appointing  all  its 
its 
members  and  by  adopting 
statutes and rulebook, fully taking 
into  account  the  Commission’s 
comments. Recruit at least 50% of 
the  Council’s  secretariat  staff: 
fulfilled. 

Strengthen  the  newly  established 
Public  Investment  Department  in 
the  Ministry  of  Finance  by 
recruiting at least 50% of the staff 
(7 staff): fulfilled. 

The  parliament  is  to  adopt  the 
solidarity  tax  law  as  well  as 
amendments  to  the  VAT  law  and 
the  profit  tax  law  with  a  view  to 
reducing 
exemptions: 
fulfilled. 
Business environment  The government is to adopt a new 
strategy  on  the  formalisation  of 
the informal economy 2023-2027, 
along  with  an  action  plan  for 
2023-2025: fulfilled. 

tax 

Education  and 
labour market 

the 

Energy 

The  government  is  to  adopt  the 
smart specialisation strategy and a 
related action plan: fulfilled. 
The  government  is  to  adopt  the 
new  law  on  vocational  education 
and training, the law on secondary 
education  and  the  law  on  adult 
education; and submit them to the 
parliament: fulfilled. 

is 

The  parliament 
to  adopt 
amendments  to  the  Law  on  the 
Development  Bank  to  set  up  the 
Energy  Efficiency  Fund  aimed  at 
investments  in  the  public  sector: 
fulfilled. 

22 

The  Fiscal  Council  is  to  prepare 
an  independent  analysis  of  the 
strategy 
medium-term 
2025-2029. 

fiscal 

is 

The  government 
to  adopt 
guidelines  for  the  appraisal  of 
projects, 
the 
recommendations of the IMF and 
the World Bank, on the proposal 
of the Ministry of Finance. 

line  with 

in 

Parliament  is  to  adopt  the  draft 
public-private 
laws 
and  on 
partnerships 
concessions. 

(PPPs) 

on 

The  government  is  to  adopt  the 
new  SME  strategy  (2024-2030), 
including  Small  Business  Act 
(SBA) recommendations. 

The  government  is  to  adopt  the 
following  secondary  legislation 
relating  to  the  energy  efficiency 
law: 

a)  a decree that regulates in 
energy 
contracts 
the 
of 
Energy 

detail 
performance 
(Article 27(7) 
National 
Efficiency Law) 

b)  a rulebook regulating the 
content  and  form  of  the 
efficiency 
energy 
programmes 
be 
to 
adopted  by  the  units  of 

 
 
 
 
 
 
 
 
 
self-government  

The Development Bank of North 
Macedonia  is  to  adopt  the  rules 
the  Energy 
of  procedure  of 
Efficiency 
start 
and 
Fund 
developing a project pipeline. 

is 
to  adopt 
The  parliament 
amendments 
the  Energy 
to 
Efficiency  Law  in  line  with  the 
Energy  Efficiency  Directive 
(2018/2002)  and 
the  Energy 
Community opinion. 

and 
unbundling 
Complete 
of 
gas 
the 
certification 
transmission 
system  operator 
NOMAGAS,  as  required  by  the 
third energy package. 

and 

Parliament  is  to  adopt  a  newly 
revised  legal  framework  for  the 
Judicial Council, in line with EU 
the  Venice 
standards 
Commission 
recommendations, 
the 
further 
to 
transparency  and  independence 
of the Judicial Council (including 
its members). 

enhance 

the 

continued 
Ensure 
independence 
the  State 
of 
Commission  for  the  Prevention 
of  Corruption  (SCPC),  including 
by  electing the new  Commission 
and  its  president  in  a  timely  and 
transparent  manner,  on  a  merit 
basis  and  in  accordance  with  the 
Law.  In  line  with  the  GRECO 
recommendations,  strengthen  the 
SCPC’s  oversight  competences 
for 
of 
statements  of  interest  and  asset 
declarations, 
by: 
(i) making  fully  operational  the 
already  developed  software  on 
collecting  data  on  property 
status;  and  (ii) increasing  by  at 
of 
the 
five 
least 
and 
specialised 
strengthening 
of 
existing  staff  in  line  with  the 
SCPC’s competencies. 

staff 
capacities 

in-depth 

scrutiny 

number 

notably 

Strengthen 
and 
financial  resources  of  the  Office 

human 

the 

Judiciary, 
good 
governance,  and  the 
fight 
against 
corruption 

The  government  is  to  adopt  the 
new  strategy  on  judicial  reform 
(2023-2027),  taking  into  account 
the 
from 
lessons 
implementing 
2017-2022 
the 
in 
strategy, 
Commission comments: fulfilled. 

the 
line  with 

drawn 

23 

 
 
 
 
 
 
 
of the Basic Public Prosecutor for 
Organised  Crime  and  Corruption 
(OCCPPO), notably by recruiting 
at  least  5  public  prosecutors  and 
10  financial  experts,  creating 
specialised  units  and  increasing 
proactive 
number 
the 
investigations. 

of 

is 

law 

The  government 
to  adopt 
implementing  legislation  for  the 
new 
anti-money 
on 
laundering  (AML)  and  the  fight 
against  terrorism,  including  on 
virtual asset service providers. 

24 

 
 
 
 
 
Annex 1: MFA operations by date of decision, 1990-2024 

25 

MFA Operations 1990 - 2024 by Date of Decision (amounts in million EUR)Country19901991199219931994199519961997199819992000200120022003200420052006200720082009201020112012201320142015201620172018201920202021202220232024TotalNumber of operationsBulgaria2901102501007504Czech & Slovak Fed. Rep.3753751Estonia40401Hungary87018010502Latvia80801Lithuania1001001Romania375801252007804Slovakia1301301Algeria4002006002Egypt100010001Israel188187.51Jordan18020070010803Lebanon80801Tunisia30050060014003Armenia581001582Belarus55551Georgia17533.5464645150495.56Moldova45151515459010010015014572010Ukraine85200150110500100018001000120025200181164936111Albania703520251803305Bosnia & Herzegovina60601002504704Kosovo (UNSCR 1244)3530501002154North Macedonia 4080181601003985Montenegro2060802Serbia2002001Serbia & Montenegro345130705453Tajikistan95951Kyrgyz Republic30301Amount approved87018084800620255155231504601653933157025083.512504465900025613001800700100104503500025350245191166080560805No. of operations approved1660621415434110220420032121201002228282Western BalkansCurrent Member StatesNeighbourhood SouthNeighbourhood EastOther 
 
 
Annex 2: Status of disbursements made by date of decision at the end of December 2024 

26 

Status of effective disbursements as of end-December 2024 (in millions of €) AuthorisationsDisbursementsCountry Date ofReference ofMaximumDates ofAmounts ofTotalsUndisbursedDecisionDecisionamountdisbursementsdisbursementsdisbursedHungary22.02.9090/83/EC870Apr. 1990350610260(Loan)Feb. 1991260Czech and 25.02.9191/106/EC375Mar. 1991185375Slovak Federal RepublicMar. 1992190Hungary24.06.9191/310/EC180Aug. 1991100180(Loan)Jan. 199380Bulgaria24.06.9191/311/EC290Aug. 1991150290(Loan)Mar. 1992140Romania22.07.9191/384/EC375Jan. 1992190375(Loan)Apr. 1992185Israel22.07.9191/408/EC187.5Mar. 1992187.5187.5(Loan)Algeria23.09.9191/510/EC400Jan. 1992250400(Loan)Aug. 1994150Albania28.09.9292/482/EC70Dec. 19923570(Grant)Aug. 199335Bulgaria19.10.9292/511/EC110Dec. 199470110(Loan)Aug .199640Baltics23.11.9292/542/EC22013585(Loans); of which:Estonia40Mar. 1993202020Latvia80Mar. 1993404040Lithuania100July 1993507525Aug. 199525Romania27.11.9292/551/EC80Feb. 19938080(Loan)Moldova13.06.9494/346/EC45Dec. 19942545(Loan)Aug. 199520Romania20.06.9494/369/EC125Nov. 199555125(Loan)Sep. 199740Dec. 199730Albania28.11.9494/773/EC35June 19951535(Grant)Oct. 199620Algeria22.12.9494/938/EC200Nov. 1995100100100(Loan) 
 
 
 
 
  
 
  
 
 
 
 
27 

Slovakia22.12.9494/939/EC130July 1996130(Loan)Ukraine22.12.9494/940/EC85Dec. 19958585(Loan)Belarus10.04.9595/132/EC55Dec. 1995303025(Loan)Ukraine23.10.9595/442/EC200Aug. 199650200(Loan)Oct. 199650Sep. 1997100Moldova25.03.9696/242/EC15Dec. 19961515(Loan)Former Yugoslav 22.07.9797/471/EC40Sep. 19972540Republic of MacedoniaFeb. 199815(Loan)Bulgaria22.07.9797/472/EC250Feb. 1998125250( Loan)Dec. 1998125Armenia, Georgia 17.11.9797/787/EC375294.5and Tajikistanamended by(Loans and Grants)28.3.0000/244/EC Agreed amounts with the recipent countires:328294.533.5Armenia58Dec. 1998 (Loan)2858(Loan and Grant)Dec. 1998 (Grant)8Dec.  1999 (Grant)4Feb. 2002 (Grant)5.5Dec. 2002 (Grant)5.5June 2004 (Grant)5.5Dec. 2005 (Grant)1.5Georgia175Jul. 1998 (Loan)110141.5 33.5(Loan and Grant)Aug. 1998 (Grant)10Sep. 1999 (Grant)9Dec. 2001 (Grant)6Dec. 2004 (Grant)6.5Tajikistan95Mar. 2001 (Loan)6095(Loan and Grant)Mar. 2001 (Grant)7Dec. 2001 (Grant)7Feb. 2003 (Grant)7May. 2005 (Grant)7Oct. 2007 (Grant)7Ukraine15.10.9898/592/EC150July 1999585892(Loan)12.07.0202/639/EC 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
28 

Albania22.04.9999/282/EC2020( Loan)Bosnia10.05.9999/325/EC60Dec. 1999 (Grant)1560(Loan and Grant)amended byDec. 1999 (Loan)1010.12.0101/899/ECDec. 2000 (Grant)10Dec. 2000 (Loan)10Dec. 2001 (Grant)15Bulgaria08.11.9999/731/EC100Dec. 199940100(Loan)Sep. 200060Former Yugoslav 08.11.9999/733/EC80Dec. 2000 (Grant)2098Republic of18Dec. 2000 (Loan)10Macedonia10.12.0101/900/ECDec. 2001 (Loan)12(Loan and Grant)Dec. 2001 (Grant)10May 2003 (Grant)10June 2003 (Loan)10Dec. 2003 (Loan)18Dec. 2003 (Grant)8Romania08.11.9999/732/EC200June 200010015050(Loan)July 200350Kosovo19.02.0000/140/EC35Mar. 20002035(Grant )Aug. 200015Montenegro22.05.0000/355/EC20Aug. 2000720(Grant )Dec. 200013Moldova10.07.0000/452/EC1515(Loan)19.12.0202/1006/ECKosovo27.06.0101/511/EC30Sep. 20011530(Grant) Dec. 200215Serbia and 16.07.0101/549/EC345Oct. 2001 (Loan)225345MontenegroOct. 2001 (Grant)35(ex FRY)10.12.0101/901/ECJan. 2002 (Grant)40(Loan and Grant)Aug. 2002 (Grant)45Ukraine12.07.0202/639/EC110May. 2014 100110(Loan) Amendment of Decision Nov. 2014 1098/592/ECSerbia and 05.11.0202/882/EC130Dec. 2002 (Grant)3010525MontenegroFeb. 2003 (Loan)10(ex FRY)Aug. 2003 (Grant)35(Loan and Grant)Aug. 2003 (Loan)30Bosnia05.11.0202/883/EC60Feb. 2003 (Grant)1525 the rest was (Loan and Grant)Dec. 2003 (Grant)10paid under04/861/ECMoldova19.12.0202/1006/EC1515(Grant)Serbia and 25.11.0303/825/EC70Dec. 2004 101020Montenegro the rest was (ex FRY)paid underAmendment of Decision 02/882/EC (Grant)04/862/ECAlbania29.04.0404/580/EC25Nov. 2005 (Grant)325(Loan and Grant)Mar. 2006 (Loan)9July 2006 (Grant)13amended byamended by 
 
 
 
 
 
 
 
 
 
29 

Bosnia07.12.200404/861/ECthe balance ofDec. 2004 (Loan)1035Amendment of Decision 02/883/ECJune 2005 (Grant)1502/883/EC (Loan and Grant)Feb. 2006 (Loan)10Serbia and 07.12.200404/862/ECthe balance ofApr. 2005 (Loan)1540Montenegro03/825/ECDec. 2005 (Grant)25(ex FRY)Amendment of Decision 02/882/EC (Loan and Grant)Georgia        24.01.0606/41/EC33.5Aug. 2006 112211.5(Grant)Dec. 2006 11Kosovo 30.11.0606/880/EC50Sep. 2010 303020(Grant)Moldova16.04.0707/259/EC45Oct. 2007 2045(Grant)Jun. 200810Dec. 2008 15Lebanon10.12.0707/860/EC80Dec. 2008 (Grant) 154040(Loan and Grant)June 2009 (Loan)25Georgia30.11.0909/889/EC46Dec. 2009 15.346(Grant)Jan. 2010 7.7Aug. 2010 23Armenia30.11.0909/890/EC100June 2011 (Grant)14100(Loan and Grant)July 2011 (Loan)26 Dec. 2011 (Grant)21Feb. 2012 (Loan)39Bosnia and 30.11.0909/891/EC100Feb. 2013 50100Herzegovina (Loan)Oct. 2013 50Serbia 30.11.0909/892/EC200July 2011100100100(Loan)Ukraine 29.06.10646/2010/EU500Nov. 2014 250500(Loan)Apr. 2015250Moldova20.10.10938/2010/EU90Dec. 2010 4090(Grant)Sep. 2011 20Apr. 2012 30Georgia12.08.13778/2013/EU46Jan. 2015 (Grant)1346(Loan and Grant)Apr. 2015 (Loan)10 May 2017 (Grant)10May 2017 (Loan)13Kyrgyz Republic 22.10.131025/2013/EU30Jun. 2015 (Grant)1030(Loan and Grant)Oct. 2015 (Loan)5Feb. 2016 (Grant)5Apr. 2016 (Loan)10Jordan11.12.131351/2013/EU180Feb. 2015100180(Loan)Oct. 201580Tunisia15.5.14534/2014/EU300May 2015100300(Loan)Dec. 2015100July 2017100Ukraine14.04.142014/215/EU1 000.0June 20145001 000.0(Loan)Dec. 2014500Ukraine15.04.152015/601/EU 1 800.0July 20156001 200.0 600.0(Loan)Apr. 2017600Tunisia06.07.162016/1112/EU 500.0Oct. 2017200 500.0(Loan)June 2019150Oct. 2019150Jordan14.12.162016/2371/EU  200.0Oct. 2017100 200.0(Loan)July 2019100Moldova13.09.172017/1565/EU 100.0Oct. 201930 60.0 40.0(Loan and Grant)July 202030 
 
 
 
 
30 

Georgia18.04.20182018/598/EU 45.0Dec. 201820 45.0(Loan and Grant)Nov. 202025Ukraine 04.07.20182018/947/EU1 000.0Dec. 2018 5001 000.0(Loan) May. 2020500Jordan17.01.20202020/33/EU 500.0Nov. 2020100 500.0(Loan)Jul. 2021200May 2023200Jordan25.05.20202020/701/EU 200.0Nov. 2020150 200.0(Loan)Jul. 202150Tunisia25.05.20202020/701/EU 600.0Ju. 2021300 600.0(Loan)May 2022300Georgia25.05.20202020/701/EU 150.0Nov. 202075 75.0 75.0(Loan)(cancelled)Moldova25.05.20202020/701/EU 100.0Nov. 202050 100.0(Loan)Oct. 202150Ukraine25.05.20202020/701/EU1 200.0Dec. 20206001 200.0(Loan)Oct. 2021600Albania25.05.20202020/701/EU 180.0Mar. 202190 180.0(Loan)Nov. 202190Bosnia and Herzegovina25.05.20202020/701/EU 250.0Oct. 2021125 125.0 125.0(Loan) (cancelled)Kosovo25.05.20202020/701/EU 100.0Oct. 202050 100.0(Loan)Jun. 202150Montenegro25.05.20202020/701/EU 60.0Oct. 202030 60.0(Loan)Jun. 202130North Macedonia25.05.20202020/701/EU 160.0Oct. 202080 160.0(Loan) Jun. 202180Moldova06.04.222022/563/EU 150.0Aug 202250 150.0(Loan and Grant)May 202350Dec 20245014.06.232023/1165/EU 145.0Oct 202372.5 145.0(Amendment of 2022/563/EU)Jul 202472.5North Macedonia12.07.232023/1461/EU 100.0May 202450 50.0 50.0(Loan)Egypt12.04.242024/1144/EU1 000.0Dec 202410001 000.0(Loan)Focus: Ukraine new MFAsUkraine28.02.20222022/313/EU1 200.0Mar. 20226001 200.0(Loan)May 2022600Ukraine 12.07.20222022/1201/EU1 000.0Aug. 2022 10001 000.0(Loan) Ukraine20.09.20222022/1628/EU5 000.0Oct. 202220005 000.0(Loan)Nov. 20222500Dec. 2022500Ukraine 14.12.20222022/2463/EU18 000.0Jan 2023300018 000.0(Loan) Mar 20231500Apr 20231500May 20231500Jun 20231500Jul 20231500Aug 20231500Sep 20231500Oct 20231500Nov 20231500Dec 20231500Ukraine28.10.242024/2733/EU18 116.018 116.0(Loan) 
 
Annex 3: MFA amounts authorised 16 by year, 2007-2024 (EUR million) 17 

Chart 3A: MFA amounts authorised by year, 2016-2024 (EUR million) 

16 Authorised  amounts  refer  to  the  amounts  agreed  to  in  the  MFA  Decisions,  which  may  differ  from  the  disbursed 
amounts (Annex 4). 
17 MFA+ is included for 2022. 

31 

200720082009201020112012201320142015201620172018201920202021202220232024TotalBy regionWestern Balkans  300.0  750.0  100.0 1 150.0Neighbourhood East  45.0  146.0  590.0  46.0 1 000.0 1 800.0  100.0 1 045.0 1 450.0 25 350.0  145.0 18 116.0 49 833.0Neighbourhood South  80.0  180.0  300.0  700.0 1 300.0 1 000.0 3 560.0Other  30.0  30.0Total amounts authorised   125.0  0.0  446.0  590.0  0.0  0.0  256.0 1 300.0 1 800.0  700.0  100.0 1 045.0  0.0 3 500.0  0.0 25 350.0  245.0 19 116.0 54 573.0Loans  50.0  0.0  365.0  500.0  218.0 1 300.0 1 800.0  700.0  60.0 1 035.0 3 500.0 25 320.0  200.0 19 116.0 54 164.0Grants  75.0  0.0  81.0  90.0  38.0  40.0  10.0  0.0  30.0  45.0  409.0 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Chart 3B: MFA amounts authorised by region, 2007-2024 (%) 

Annex 4: MFA amounts disbursed by year, 2007-2024 (EUR million) 

Chart 4A: MFA amounts disbursed by year, 2015-2024 (EUR million) 

32 

200720082009201020112012201320142015201620172018201920202021202220232024TotalBy regionWestern Balkans  30.0  100.0  100.0  160.0  465.0  50.0  905.0Neighbourhood East  20.0  25.0  15.3  70.7  81.0  69.0 1 360.0  873.0  623.0  520.0  30.0 1 280.0  650.0 7 250.0 18 122.5  122.5 31 112.0Neighbourhood South  15.0  25.0  380.0  400.0  400.0  250.0  550.0  300.0  200.0 1 000.0 3 520.0Other  15.0  15.0  30.0Total amounts disbursed  20.0  40.0  40.3  100.7  181.0  69.0  100.0 1 360.0 1 268.0  15.0 1 023.0  520.0  430.0 1 690.0 1 665.0 7 550.0 18 322.5 1 172.5 35 567.0Loans  0.0  0.0  25.0  0.0  126.0  39.0  100.0 1 360.0 1 245.0  10.0 1 013.0  515.0  420.0 1 170.0 1 665.0 7 535.0 18 290.0 1 145.0 34 658.0Grants  20.0  40.0  15.3  100.7  55.0  30.0  23.0  5.0  10.0  5.0  10.0  15.0  0.0  15.0  32.5  27.5  404.0 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Chart 4B: MFA amounts disbursed by region, 2007-2024 (%) 

33