COMMISSION STAFF WORKING DOCUMENT Backgroud analysis per beneficiary country Accompanying the document REPORT FROM THE COMISSION TO THE EUROPEAN PARLIAENT AND THE COUNCIL on the implementation of macro-financial assistance to third countries in 2025
Date: 2026-06-23
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, 23.6.2026  SWD(2026) 160 final  COMMISSION STAFF WORKING DOCUMENT Backgroud analysis per beneficiary country Accompanying the document REPORT FROM THE COMISSION TO THE EUROPEAN PARLIAENT AND THE COUNCIL on the implementation of macro-financial assistance to third countries in 2025 {COM(2026) 294 final}  
 
 
LIST OF ABBREVIATIONS 

AML 

CFT 

ECF 

EFF 

EU 

EUR 

ERA 

Anti-money laundering 

Counter-financing terrorism 

Extended Credit Facility 

Extended Fund Facility 

European Union 

Euro 

Extraordinary revenue acceleration  

GANHRI 

Global alliance of national human rights institutions 

IMF 

MFA 

MFF 

MoU 

NABU 

NCHR 

OECD 

OJ 

PFM 

PLL 

PIM 

PPP 

SAPO 

SCPC 

SOE 

SWD 

TFEU 

ULCM 

International Monetary Fund 

Macro-financial assistance 

Multiannual financial framework  

Memorandum of understanding 

National Anti-Corruption Bureau of Ukraine 

National Council for Human Rights  

Organisation for Economic Cooperation and Development 

Official Journal of the European Union 

Public finance management 

Precautionary and Liquidity Line 

Public investment management 

Public-private partnership 

Specialised Anti-Corruption Prosecutor’s Office 

State Commission for Prevention of Corruption 

State-owned enterprise 

Staff working document 

Treaty on the Functioning of the European Union 

Ukraine Loan Cooperation Mechanism  

1 

 
 
 
 
 
Contents 

3. 

Introduction .................................................................................................................................................. 4 
Background analysis of beneficiaries of macro-financial assistance ........................................................ 5 
1.  Ukraine .................................................................................................................................................. 5 
1.1 Implementation of macro-financial assistance ................................................................................. 5 
1.1.1 Recent macro-financial assistance operations .............................................................................. 5 
Box 1. Summary of recent past MFA operations to Ukraine ................................................................. 6 
1.1.2 Policy conditionality ..................................................................................................................... 7 
2.  Egypt ................................................................................................................................................... 10 
2.1 Implementation of macro-financial assistance ............................................................................... 10 
2.1.1 Recent macro-financial assistance operations ............................................................................ 10 
Box 2. Summary of the previous MFA operation to Egypt ................................................................... 10 
2.1.2 Policy conditionality ................................................................................................................... 11 
2.1.3 Political precondition ................................................................................................................. 12 
Jordan ................................................................................................................................................. 15 
3.1 Implementation of macro-financial assistance ........................................................................... 15 
3.1.1  Recent macro-financial assistance operation ............................................................................ 15 
Box 3. Summary of past MFA operations in Jordan ............................................................................ 16 
3.1.2 Policy conditionality ................................................................................................................... 17 
4.  North Macedonia ................................................................................................................................ 18 
4.1 Implementation of macro-financial assistance ............................................................................... 18 
4.1.1 Recent macro-financial assistance operation ............................................................................. 18 
Box 4. Summary of recent past MFA operations to North Macedonia ................................................ 19 
4.1.2 Policy conditionality ................................................................................................................... 19 
Annex 1: MFA operations by date of decision, 1990-2025, amounts in million EUR ......................... 23 
Annex 2: Status of disbursements made by date of decision at the end of December 2025 ................. 24 
Annex 3: MFA amounts authorised  by year, 2008-2025 (EUR million)  ............................................ 29 
Annex 4: MFA amounts disbursed by year, 2008-2025 (EUR million) ............................................... 30 
Annex 5: MFA outstanding principal amounts at the end of December 2025, and year of first and last 
repayment, by country (EUR million) ...................................................................................... 31 

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 
partner countries in 20251. The report covers disbursing operations and MFAs newly adopted 
by the European Parliament and the Council up to the end of 2025. 

In 2025, the EU continued its substantial financial support to Ukraine with the objective to 
finance  the  country’s  immediate  financing  needs  arising  from  Russia’s  ongoing  and 
unjustified war of aggression and to support its economic resilience. In line with the pledge 
made by G7 leaders in mid-2024 to mobilise a further EUR 45 billion in financial support, 
the Commission, on behalf of the EU, provided EUR 18.1 billion through a new exceptional 
MFA  under  an  Extraordinary  Revenue  Acceleration  initiative  (ERA).  Disbursed  over  the 
course  of  2025,  this  support  was  linked  to  policy  conditions  aimed  at  strengthening  anti-
corruption efforts, the rule of law, macroeconomic stability, and other structural reforms set 
out in the Ukraine Plan. Against the backdrop of Russia’s ongoing acts of aggression and the 
resulting significant and persistent financing and defence needs faced by Ukraine, EU leaders 
agreed in December 2025 to provide a new limited-recourse support loan of EUR 90 billion 
for 2026-2027. Building on this political agreement, in January 2026 the Commission adopted 
a legislative package related to the new support framework, which consists of a combination 
of instruments, including MFA. 

In other partner countries, the EU approved in June 2025 an MFA operation for Egypt of EUR 
4  billion  in  loans  to  be  disbursed  in  three  instalments  with  the  objective  to  support  the 
country’s  economic  stabilisation  and  substantive  reform  agenda.  In  January  2026,  the 
Commission,  on  behalf  of  the  EU,  made  the  first  instalment  of  EUR  1  billion  under  the 
operation following the implementation of the economic reforms, progress in relation to the 
political precondition and the International Monetary Fund (IMF) programme remaining on 
track.  

In August 2025, the Commission disbursed the first instalment of EUR 250 million in loans 
from the EUR 500 million MFA for Jordan that was approved earlier in the year to promote 
the country’s economic stability, sustainable growth, resilience, and reforms. In January 2026, 
the  Commission  adopted  a  proposal  for  a  new  EUR  500  million  MFA  operation  to  ease 
external financing pressures, reinforce fiscal discipline, and keep momentum behind Jordan’s 
structural reform agenda.  

There was no further progress with the EUR 100 million MFA operation for North Macedonia 
in 2025. After the disbursement of the first instalment of EUR 50 million in 2024, there was 
no request for the remaining EUR 50 million. At this stage, the authorities do not meet the 
conditions  for the disbursement.  They do not  have a disbursing programme with  the IMF. 
Furthermore, some of the policy conditions specified in the Memorandum of Understanding 
(MoU) related to the MFA are not fulfilled. The operation is set to expire in August 2026. 

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 the disbursements of MFA operations since 1990, 
by date of adoption of the decisions; (ii) tables on MFA commitment and payment amounts 

1 This document is based on information available up to April 2026. 

3 

 
 
from 2006 to 2025, by year and by region; and (iii) a table indicating outstanding principal 
amounts at the end of 2025 and the years of first and last repayment by country2. 

BACKGROUND ANALYSIS OF BENEFICIARIES OF MACRO-FINANCIAL ASSISTANCE 

1.  UKRAINE 

1.1 Implementation of macro-financial assistance  

1.1.1 Recent macro-financial assistance operations 

Russia’s prolonged war of aggression continued to put pressure on Ukraine’s financing needs. 
In this context, in their communication of 14 June 2024, the G7 leaders announced the launch 
of  the  Extraordinary  Revenue  Acceleration  (ERA)  loans  for  Ukraine  initiative  to  make 
available  approximately  EUR 45 billion  of  additional  funding,  to  be  repaid  by  the 
extraordinary  revenues  from  Russia’s  immobilised  sovereign  assets.  To  this  end,  on 
24 October  2024  the  European  Parliament  and  the  Council  adopted  Regulation  (EU) 
2024/2773 (the Ukraine Loan Cooperation Mechanism (ULCM) Regulation), which entered 
into force on 29 October 20243, establishing, among other things, an exceptional MFA for 
Ukraine.  

The ERA MFA is the EU’s contribution to the G7 ERA loan initiative for an amount of EUR 
18.1 billion. The MFA was fully disbursed during 2025, with the last disbursement of EUR 
4.1 billion taking place on 13 November 2025.  

The political precondition continued to be assessed positively throughout the year, based on 
ongoing evaluations by the Commission and the European External Action Service. However, 
developments  affecting  the  institutional  framework  governing  the  independence  of  anti-
corruption bodies – notably the National Anti-Corruption Bureau of Ukraine (NABU) and the 
Specialised  Anti-Corruption  Prosecutor’s  Office  (SAPO)  –  raised  concerns,  as  they  were 
perceived as a potential step backward in safeguarding the autonomy of key anti-corruption 
institutions. The Commission engaged closely with the Ukrainian authorities to reverse the 
situation,  restore  the  independence  of  NABU  and  SAPO,  and  ensure  that  any  risks  to 
institutional independence were adequately addressed ahead of any disbursement under the 
MFA (with the payment being withheld until the situation was resolved). 

In  parallel,  Ukraine  successfully  completed  eight  reviews  under  the  IMF  programme, 
underscoring  its  continued  commitment  to  advancing  reforms  despite  the  country’s 
exceptionally challenging circumstances.  

This ERA MFA featured highly concessional terms that reflect the exceptional circumstances. 
While Ukraine remains formally liable to repay the MFA loan, 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),  with  the  first 
repayment having already taken place on 25 August 2025. 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 period of maturity 

2 The document and  its 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 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). 

4 

 
  
 
and a 10-year grace period before principal repayments fall due provide ample room to ensure 
the stabilisation of Ukraine’s macroeconomic and fiscal situation.  

This MFA (in the same way as the MFA+ instrument and the loan support under the Ukraine 
Facility) is backed by a guarantee from the EU budget’s headroom (the gap between the own 
resources ceiling and the funds required to cover the expenses provided for by 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. Moreover, it does not require 
changes to the size of the EU’s multiannual financial framework (MFF) or its ceilings. The 
availability of coverage by the budgetary headroom for financial assistance available in 2024 
under Council Regulation (EU, Euratom) 2020/2093 (the MFF Regulation) 4 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 precedent for any future MFA operations. These will continue to be guided 
by the principles set out 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. 

Going forward, and  against  the backdrop of Russia’s continued war of aggression and the 
resulting significant and persistent financing and defence needs faced by Ukraine, EU leaders 
agreed  on  18  December  2025  to  provide  a  new  limited-recourse  support  loan  of  EUR  90 
billion for 2026-2027, financed through EU borrowing on capital markets. The loan is to be 
repaid by Ukraine only in the event that it receives reparations, while the mobilisation of the 
EU budget  guarantee under enhanced cooperation ensures that the  financial obligations of 
certain  Member  States  that  opt  out  of  the  arrangement  are  not  affected.  Building  on  this 
political  agreement,  on  14  January  2026,  the  Commission  adopted  a  legislative  package 
comprising a proposal establishing the Ukraine Support Loan, together with amendments to 
the MFF Regulation and the Ukraine Facility Regulation. The Ukraine Support Loan entered 
into  force  on  27  February,  together  with  the  amended  Ukraine  Facility  Regulation.  The 
amendment  to  the  MFF  Regulation,  authorising  the  use  of  the  headroom  to  guarantee  the 
Ukraine  Support  Loan,  was  adopted  on  23  April,  together  with  the Council  Implementing 
Decision approving assistance to Ukraine in implementing the Ukrainian Financing Strategy. 
Work is now ongoing to ensure timely disbursements in line with Ukraine’s financing and 
defence  needs.  The  new  support  framework  is  expected  to  provide  substantial  budgetary 
assistance  to  Ukraine,  combining  different  instruments,  including  MFA  and  support 
channelled through the Ukraine Facility. 

Box 1. Summary of recent past MFA operations to Ukraine 

Since the start of Russia’s full-scale war of aggression, overall support from the EU and 
the Member States to Ukraine, and to cater for the needs of Ukrainians fleeing the war, 
has  reached  EUR 200.6  billion  as  of  April  20265.  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 have 
been fully disbursed. To protect the EU as a borrower in the capital markets, the two 
exceptional MFA loans benefited from 70% coverage, composed of paid-in provisioning 

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

5 

 
 
 
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 subsidy to 
cover the cost  of interest on 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 in 2023 (MFA+)6. On 14 December 2022, the European Parliament and the 
Council adopted Regulation (EU) 2022/2463, which entered into force on 17 December 
20227. 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 during 2023, with the last payment taking 
place in  December 2023. The Regulation  also  allowed for an interest  rate subsidy  at 
Ukraine’s request. The loan was backed by the EU budget’s headroom. 

Aside from MFA support, Regulation (EU) 2024/792 of the European Parliament and 
of the Council established the  Ukraine Facility on 29 February 2024. Between  2024 
and 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 38.3 billion in direct budgetary 
support by 2027, of which EUR 26.8 billion has already been disbursed.  

1.1.2 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 served as interim objectives towards 
their  implementation  and  reinforced  the  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 decision to release the sole instalment of the MFA. The ERA MFA’s policy conditionality 
therefore focused on a limited set of conditions that were closely aligned with the Ukraine 
Plan  and  reflected  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. 

6  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. 
7 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. 

6 

 
 
 
 
On  macro-financial  stability,  Ukraine  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 the 
quality of assets 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  took  important  steps  to  enhance  corporate 
governance and transparency. The government approved a list of key SOEs, identifying those 
where independent  supervisory boards  would  be established in  line with  international  best 
practices.  Additionally,  the  selection  process  for  the  supervisory  board  of  National  Power 
Company Ukrenergo was successfully completed, ensuring that the company’s governance 
complied  with  OECD  standards.  To  further  improve  SOE  management,  Ukraine  also 
submitted a draft plan for the corporatisation of selected key enterprises, paving the way for 
their transition  to joint-stock or limited liability companies. These conditions  strengthened 
oversight,  reduced  state  interference  and  improved  the  operational  efficiency  of  Ukraine’s 
SOEs. 

Efforts to improve public administration focused on enhancing fiscal governance and civil 
service reform.  The Ukrainian parliament approved the 2025 State Budget  Law in  its  first 
reading.  This  included  a  reform  of  civil  service  remuneration  that  introduced  a  more 
predictable  and 
is 
commensurate with responsibilities. Additionally, Ukraine prepared a draft methodology for 
calculating the baseline in the framework of medium-term budgeting. This was a crucial step 
towards implementing spending reviews to 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. 

transparent  salary  structure,  ensuring  fairer  compensation 

that 

In the energy sector, Ukraine took steps to align its regulatory framework with EU standards, 
advancing market integration and taxation reforms. A working group was established under 
the Ministry of Energy to prepare the legislative changes necessary for implementing energy-
related  EU  regulations,  including  adjustments  to  taxation  to  facilitate  the  cross-border 
electricity trade. Furthermore, the Ministry of Energy 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  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  the  Disciplinary 
Inspectors  Service,  ensuring  its  operational  capacity  to  address  disciplinary  cases  in  the 
judiciary. The Ukrainian parliament 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  developed  a  roadmap  for  the 
digitalisation  of  the  judicial  system,  following  an  IT  audit  and  extensive  stakeholder 
consultations. This initiative aimed at modernising court operations and improving access to 
justice.  Lastly,  a  roadmap  for  the  development  of  the  next  anti-corruption  strategy  (2026-
2030) was submitted to the Commission. This contained a structured plan to enhance anti-
corruption efforts beyond 2025. 

For the defence industry, Ukraine committed itself to closer cooperation with the EU on the 
recovery, reconstruction and modernisation of its defence sector. In particular, Ukraine 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 

7 

 
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.’ 

In  December  2024,  the  Commission  concluded  that  Ukraine  met  all  the  policy  conditions 
agreed in the MoU. 

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 

Loan amount 
(EUR million) 

Sole instalment 

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. First disbursement on 
10 January 2025 for an amount of EUR 3 000 million, 
following by monthly disbursements of EUR 1 billion from March 2025 until 
including September 2025. Last two disbursements took place in October 
2025 (EUR 4 billion) and November (EUR 4.1 billion)   

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 
National Power Company 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 reform of civil service 
remuneration. 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 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 25 additional 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 

8 

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

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 

Defence industry 

2.  EGYPT  

2.1 Implementation of macro-financial assistance 

2.1.1 Recent macro-financial assistance operations 

In 2025, the second MFA operation of EUR 4 billion for Egypt was approved as part of the 
EUR 5 billion MFA package underpinning the Strategic and Comprehensive Partnership with 
this country. It was adopted by the European Parliament and the Council in June 2025. The 
MoU, which was subject to the opinion of the Member States committee, was signed in July 
2025. Following a positive assessment of the implementation of the 13 policy measures linked 
to the first instalment of this MFA, progress on the implementation by Egypt of the concrete 
and  credible  steps  required  by  the  political  precondition,  and  with  the  IMF’s  programme 
remaining on track, the first instalment of EUR 1 billion was disbursed in January 2026. The 
second and third instalments from the MFA operation, amounting to EUR 1.5 billion each, 
are  planned  to  be  disbursed  in  mid-2026  and  at  the  end  of  2026/early  2027  respectively, 
subject to a positive assessment should all the conditions be in place. 

Egypt is implementing a four-year Extended Fund Facility (EFF) with the IMF, adopted in 
December  2022  and  valid  until  December  2026.  The  initial  amount  of  the  EFF  was 
USD 3 billion, later increased to USD 8 billion. In March 2025, the IMF Board also approved 
a loan of USD 1.2 billion under the Resilience and Sustainability Facility (RSF), lifting the 
total  envelope of  IMF support  to  Egypt to  USD 9.2 billion.  Following some delays  in  the 
implementation of key policy measures, the combined fifth and sixth review under the EFF 
and the first review under the RSF was concluded by a staff-level agreement in December 
2025.  This  agreement  was  approved  by  the  IMF  Board  in  February  2026,  enabling  the 
disbursement of around USD 2.3 billion, and bringing total IMF disbursements under the EFF 
and RSF to approximately USD 5.2 billion.  

Box 2. Summary of the previous MFA operation to Egypt 

The EU and Egypt have agreed to deepen their relationship and develop a strategic and 
comprehensive partnership  for shared  prosperity, stability  and security,  which  covers 
specific areas of cooperation. Underpinning the partnership is a financial package of up 
to EUR 7.4 billion, consisting of short- and long-term support for the implementation of 
Egypt’s macro-fiscal  and socioeconomic reform agenda.  In the past  years, Egypt  has 
faced  significant  economic  challenges,  including  high  inflation,  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 have undermined Egypt’s economic stability, 
put  pressure  on  its  external  and  fiscal  positions  and  increased  the  country’s  overall 

9 

 
 
 
 
vulnerability  to  external  shocks.  In  this  context,  the  Egyptian  authorities  requested 
support through MFA from the EU in 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  in 
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) and a proposal for a regular MFA operation of up to EUR 4 billion 
(based on Article 212 TFEU). The use of Article 213 TFEU allowed full disbursement 
in  a  single  instalment  already  in  2024  and  was  necessary  in  view  of  Egypt’s  urgent 
financing needs and the European Parliament’s recess due to the elections in June 2024. 
The Council adopted the short-term MFA decision in April 2024.  The short-term MFA 
was underpinned by an MoU, which set out 16 economic policy measures. 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. Following a positive assessment of the implementation of these 
measures and with the IMF’s programme remaining on track, the single instalment was 
fully disbursed in December 2024. 

2.1.2  Policy conditionality 

The economic policy measures agreed in the MoU underpinning the EUR 4 billion MFA aim 
to address key weaknesses in the Egyptian economy, and to mitigate the economic and social 
impacts  stemming  from  the  regional  conflicts.  They  are  building  on  reforms  under  the 
previous  MFA  operation,  the  findings  of  the  2024  Operational  Assessment,  and  close 
engagement  with  partners  including  the  IMF,  OECD  and  the  World  Bank.  They  include 
reforms  structured  along  three  main  pillars:  (i) macroeconomic  stability  and  resilience; 
(ii) competitiveness and the business environment; and (iii) the green transition. The policy 
measures were selected on the basis of their relevance and feasibility. The comprehensive set 
of  reforms  includes  62  measures  in  the  MoU  focusing  on  the  following  areas.  They  are 
devised  in  full  complementarity  with  actions  implemented  in  the  context  of  the 
Neighbourhood,  Development  and  International  Cooperation  Instrument.  For  instance,  the 
EU is supporting the implementation of reforms  underpinning the MFA operation through 
targeted bilateral actions to help improve public finance management and to mitigate potential 
impacts of reforms on vulnerable populations, including those arising from subsidy reforms. 

Pillar 1 of the policy conditionality covers reforms of the public finance and social sectors, 
under the headline of macroeconomic stability and resilience. On revenues, the authorities 
will prepare amendments to the income law,  enhance the use of electronic payroll tax and 
reform  real  estate  taxation.  In  the  area  of  public  financial  management,  the  Ministry  of 
Finance will prepare a new methodology for the compilation of general government data and 
prepare  reports  on  this  basis.  The  authorities  will  enhance  programme  and  performance 
budgeting  and strengthen  the Ministry of Finance’s  fiscal  risk  management, especially  the 
quantification and authorisation of sovereign guarantees. Implementation of the medium-term 
budget  will  also  be  advanced,  in  particular  by  preparing  a  fiscal  strategy  paper  with  key 
macro-fiscal projections over the multiannual horizon, and through improved coordination of 
a common macroeconomic framework. Further actions under this pillar  include improving 
public debt management, strengthening fiscal transparency by improving publicly available 
information on public debt and budget statistics, as well as strengthening the internal audit 

10 

 
 
 
 
 
 
function  in  the  Ministry  of  Finance.  Building  on  OECD  and  IMF  Public  Investment 
Management  Assessment  recommendations,  follow-up  actions  to  strengthen  public 
investment  management  will  be  carried  out.  The  Central  Bank  of  Egypt  will  provide 
information on exchange rate flexibility and foreign exchange market efficiency. 

On  social  protection,  the  authorities  will  enhance  the  scope  of  their  cash  transfer  and 
microcredit  programmes  and  will  conduct  a  new  household  survey  including  a  poverty 
estimate.  On  employment,  the  new  national  employment  strategy  will  be  prepared,  and  a 
comprehensive labour market IT platform for jobseekers, employers and institutions will be 
launched. In the area of health, a review of universal healthcare insurance will be carried out 
to improve access for women and informal workers.  

Under  Pillar 2,  Egypt  will  advance  reforms  to  enhance  competitiveness  and  the  business 
environment.  One  of  the  priorities  is  to  facilitate  investment  and  FDI  in  the  country,  with 
measures  including  the  creation  of  an  online  platform  that  simplifies  the  licensing  and 
approval procedure for investments, publishing a negative list of FDI restrictions, and regular 
updating  of  a  list  of  regulations  impacting  foreign  investment.  The  authorities  will  also 
introduce  competitive  bidding  in  the  process  of  allocation  and  sale  of  industrial  land.  As 
regards  governance  of  SOEs,  the  authorities  will  conclude  a  review  process  of  60  major 
enterprises  and  establish  a  SOE  database  with  their  financial  data.  To  enhance  the 
independence of the Egyptian Competition Authority, the relevant law will be amended and 
executive regulations will be issued. Further measures under this pillar aim at cutting customs 
clearance times, improving the transparency of export and import procedures, and advancing 
public procurement reform.  

Pillar  3  includes  reforms  related  to  the  green  transition.  One  of  priorities  is  improved 
management of scarce water resources, which includes the adoption of the National Water 
Strategy, adopting some by-laws related to water management, introducing a fee for water 
extracted  from  wells  for  non-agricultural  uses,  and  approving  guidelines  for  licensing 
groundwater  well  drilling.  In  the  area  of  energy,  the  authorities  will  approve  the  National 
Energy Efficiency Action Plan, improve energy efficiency planning and revise the tariff paid 
to  investors  in  waste-to-energy  projects  (waste  treatment  that  creates  electricity  or  heat). 
Another important measure will be preparing a roadmap to gradually open up the electricity 
market.  The  authorities  will  also  prepare  a  comprehensive  climate-compatible  trade 
competitiveness study. Finally, the Red Sea marine ecosystem will become a protected area.  

2.1.3 

 Political precondition8  

Decision EU 2025/1267 of the European Parliament and of the Council of 24 June 2025 on 
the provision of EUR 4 billion of MFA to Egypt requires Egypt to ‘continue to make concrete 
and credible steps towards respecting effective democratic mechanisms, including a multi-
party parliamentary system and the rule of law, and guaranteeing respect for human rights’ 
(Article 2).  

The Egyptian authorities have continued to demonstrate increased openness in engaging with 
the EU, and a continuing commitment to discussing developments in the areas of democracy, 
rule of law and human rights, within established bilateral frameworks and dialogues (notably 
in  the  context  of  the  Political  Subcommittee  in  May  2025,  the  Association  Committee  in 
September  2025,  and  the  Leaders’  Summit  in  October  2025).  Furthermore,  the  Egyptian 
authorities  have  engaged  in  dialogues  with  the  European  Parliament  both  in  Cairo  and  in 

8 This assessment was prepared by the European External Action Service.  

11 

 
 
 
 
 
  
 
Brussels  over  numerous  visits.  In  addition,  the  EU  has  welcomed  Egypt’s  consistent  and 
regular  engagement  with  the  EU  Special  Representative  for  Human  Rights.  The  Egyptian 
authorities have also continued to engage with the United Nations.  

In 2025, Egypt continued to implement its political reform agenda underpinned by a range of 
commitments,  including  those  in  the  country’s  National  Human  Rights  Strategy,  and  the 
national  dialogue  outcomes  and  recommendations  in  the  context  of  the  2025  Universal 
Periodic Review.  

Domestically, several legislative reforms were undertaken. The Presidency returned the draft 
Code  of  Criminal  Procedures  to  parliament  for  review  in  light  of  local  and  international 
demands  to  reconsider  some  provisions,  leading  to  its  adoption  on  16  October  2025  and 
presidential assent on 12 November 2025. Consultations on the by-laws of the Asylum law, 
adopted in December 2024, also advanced, including through the National Council for Human 
Rights (NCHR). Deliberations on a new Personal Status law for Christians have commenced. 
The development of the executive regulations for the May 2025 Labour Law is also ongoing, 
improving  alignment  with  international  labour  rights  standards  (International  Labour 
Organization  conventions).  In  addition,  several  announcements  were  made  concerning  the 
release of criminal and political detainees (estimated at 13 463 in total), including some in 
pre-trial  detention  (approximately  6 000).  Most  notably,  on  22 September 2025  the 
Presidency granted pardons and released prisoners as recommended by the NCHR. Finally, 
the  authorities  submitted  the  fourth  annual  implementation  report  of  the  National  Human 
Rights Strategy (2021-2026) on 30 September, covering the period September 2024 - August 
2025, thereby continuing the reporting cycle under the strategy.  

At the institutional level, the NCHR maintained its ‘A status’ given by the Global Alliance of 
National  Human  Rights  Institutions  (GANHRI),  backed  by  the  authorities’  commitment 
towards reinforcing its capacity and independence in line with GANHRI recommendations 
and with the standards promoted under EU cooperation. The NCHR has made increasing use 
of its mandate to address national authorities, notably regarding individual cases, and to issue 
direct appeals to the Presidency for the exercise of presidential clemency, as well as to issue 
recommendations to state authorities.  

At international level, Egypt has engaged with various regional and international human rights 
mechanisms,  including  Geneva-based  UN  agencies.  It  underwent  its  fourth  cycle  of  the 
Universal Periodic Review in 2025 and submitted its report on 13 June 2025, supporting 82% 
of the recommendations from  UN Member States, a significant  improvement  compared to 
previous years. Egypt has complied with its reporting requirements to the UN agencies in line 
with the international treaties it has acceded to, with the last report to the Committee on the 
Elimination of Racial Discrimination submitted on 12 June 2025. In addition, the election of 
Egypt  to  the  Human  Rights  Council  for  the  2026-2028  term  provides  an  opportunity  for 
renewed engagement at the multilateral level.  

Despite  these  notable  advancements  and  renewed  commitments,  Egypt  continued  to  face 
challenges in the areas of democracy, rule of law and respect for human rights with persisting 
restrictions on civic space, freedom of expression, peaceful assembly and association as well 
as media freedom. These challenges underscore the need for continued commitment, dialogue 
and cooperation with Egypt on human rights, democracy and rule of law and – in the spirit of 
partnership – the need to continue working with Egypt on its path to achieving its national 
commitments in these areas in the period 2025-2027.  

12 

 
  
  
  
  
  
  
In conclusion, the overall trend continued to remain positive and was conducive to permitting 
the disbursement of the first instalment of the MFA support, as concrete and credible steps in 
line with Article 2.1 of Decision (EU) 2025/1267 had been taken. 

MFA FOR EGYPT 
(Entry into force 1 December 2025 - end of availability period 1 June 2028) 

Council Decision 
(EU) 2025/1267 

Three instalments 

Amount  

EUR 4 000 million (loan)  

Implementation 

Disbursement of the first instalment on 15 January 2026 

Policy conditions 

13 (first instalment) 

Pillar 1: Macroeconomic stability and resilience 

Exchange rate 
flexibility and 
foreign exchange 
market efficiency 

Share of relevant indicators to monitor exchange rate flexibility and foreign 
exchange market efficiency. 
Fulfilled 

Revenue 
mobilisation 

Abolish Deemed basis tax returns. 
Broadly fulfilled  

Public finance 
management 

Medium-term 
budgetary 
framework  

Develop a guide on the methodology for procedures for the preparation and 
compilation of general government data, including transmission of financial 
information between the economic authorities and the Ministry of Finance.  
Fulfilled 

a)  Prepare  an  assessment  report  on  the  initial  stage  of  the  medium-term 
budgetary framework,  
b) Publish a fiscal strategy paper with key macro-fiscal projections over the 
multiannual horizon,  
c)  Operationalise  of  a  task  force  to  ensure  the  consistency  of  a  common 
macroeconomic framework. 
Fulfilled 

Programme and 
performance 
budgeting 

Advance the implementation of programme and performance budgeting by 
developing a roadmap for its implementation.  
Fulfilled 

Fiscal risk 
management 

Public 
investment 
management 

Enhance fiscal risk management by issuing a ministerial decree to organise 
the Fiscal Risk Management Department.  
Fulfilled 

Strengthening public investment management by conducting a stocktaking 
of  the  OECD  and  IMF  (Public  Investment  Management  Assessment) 
recommendations to identify and prioritise relevant follow-up actions. 
Fulfilled 

Pillar 2: Competitiveness and business environment 

13 

 
 
 
Competitive 
bidding for 
industrial land 
allocation  

Online 
investment 
licensing 
platform 

Apply competitive bidding on pricing for the allocation and sale of industrial 
land.  
Broadly fulfilled 

Launch an online investment licensing platform and setting up a roadmap for 
the gradual expansion of this platform towards obtaining and paying most 
licences, permits, and related services.  
Fulfilled 

Pillar 3: Green transition 

Management of 
water resources  

a) Issue a decree specifying a fee in exchange for every cubic meter of water 
extracted from wells for non-agricultural uses,  
b)  Approve  of  guidelines  and  procedures  for  licensing  groundwater  well 
drilling and operations. 
Fulfilled 

Feed-in tariff for 
waste-to-energy  

Approve of a revised feed-in tariff for waste-to-energy projects. 
Broadly fulfilled 

National Energy 
Efficiency Plan 

Expand  the  mandate  of  the  Cabinet’s  Energy  Planning  Unit  to  include 
strategic energy efficiency planning. 
Fulfilled 

Safeguarding the 
Red Sea’s natural 
capital 

Declare  the  Red  Sea  marine  ecosystem  a  protected  area  in  view  of  its 
importance to ensuring a sustainable tourism industry. 
Broadly fulfilled 

3.  JORDAN 

3.1 Implementation of macro-financial assistance 

3.1.1   Recent macro-financial assistance operation 

In 2025, the Jordan MFA IV was adopted by the co-legislators and started to be disbursed 
against  a  backdrop  of  financing  pressures  and  compounding  regional  shocks.  The  request 
from the Jordanian authorities for MFA IV operation came in October 2023, reflecting the 
country's continued and sizeable financing needs and the persistent challenges weighing on 
Jordan’s economy. These stemmed from a prolonged sequence of external shocks, including 
the war in neighbouring Syria and the influx of refugees that followed, alongside Russia’s 
full-scale war of aggression against Ukraine, which were heightened by the outbreak of the 
war in Gaza in October 2023. This has heightened uncertainty across the region, weighing on 
consumer  sentiment  and  the  tourism  sector  in  Jordan.  At  the  same  time,  sustained  Houthi 
attacks on cargo and energy vessels in the Red Sea significantly disrupted shipping routes to 
Asia, affecting Jordan's trade flows. Following Jordan’s request, the Commission tabled its 
proposal on 8 April 2024 (COM/2024/159) and the co-legislators adopted the programme on 
14 April 2025 (Decision (EU) 2025/793). Under MFA IV, the first disbursement of EUR 250 
million was made on 17 September 2025, after the relevant pre-requirements were assessed 
as  fulfilled,  notably:  (i)  fulfilment  of  the  political  precondition,  including  the  respect  of 
effective  democratic  mechanisms,  the  rule  of  law  and  human  rights,  which  was  positively 
assessed by the European External Action Service (EEAS); and (ii) a continuous satisfactory 
track  record  on  the  implementation  of  the  IMF  EFF  programme,  which  was  assessed 
positively  by  the  Commission  (three  positive  programme  reviews  at  the  time  of 
disbursement).  The  second  and  third  disbursements  are  planned  to  take  place  in  2026  and 

14 

 
2027, subject to fulfilment of the agreed policy measures as set out in the MFA IV MoU, in 
addition to the pre-conditions applicable to the first disbursement. 

Box 3. Summary of past MFA operations in Jordan  

Given the succession of external shocks to which Jordan has been exposed over the past 
decades,  and  its  role  as  a  cornerstone  of  regional  stability,  the  country  has  been  the 
recipient  of  substantial  and  multifaceted  support  from  international  partners,  notably 
through  MFA.  From  2014  to  2023,  Jordan  benefited  from  three  MFA  programmes 
(MFA I: EUR 180 million; MFA II: EUR 200 million; MFA III: EUR 500 million), with 
MFA  III  complemented  by  a  EUR 200 million  COVID-19  top-up  under  the  EU’s 
EUR 3 billion MFA  COVID-19  emergency  package  for  10  enlargement  and 
neighbourhood partners.  

All three MFA programmes were disbursed in tranches conditional on the satisfactory 
implementation of IMF-supported adjustment programmes and the fulfilment of specific 
policy conditions agreed with the Commission, covering areas such as public financial 
management,  governance  and  anti-corruption,  social  protection,  and  the  business 
environment.  Programme  implementation  was  broadly  satisfactory  across  all  three 
operations, with conditions largely met within agreed timeframes, though some delays 
occurred in the context of the COVID-19 pandemic and the associated disruptions to the 
momentum of reform. Overall, these operations have provided EUR 1.08 billion in loans 
to Jordan since 2014.  

Before the Commission proposal for MFA IV, Jordan made a second request, in January 2025 
for an additional  MFA  V.  The request  reflected Jordan's continued and pressing financing 
needs, against a backdrop of persistent fiscal pressures, an elevated level of public debt, and 
ongoing current account deficits. The prolonged impact of the Gaza war, including reduced 
tourism  receipts,  weakened trade flows due to  the Red Sea crisis,  and heightened security 
costs,  continued  to  strain  public  finances  and  limit  Jordan's  ability  to  meet  its  external 
financing requirements without additional international support. The Commission submitted 
its  proposal  on  5 August 2025  (COM(2025)  456)  and  the  co-legislators  adopted  the 
programme  on  20 January 2026  (Decision  (EU)  2026/188).  The  MoU  and  Loan  Facility 
Agreement are expected to be signed over the summer in 2026, with disbursements planned 
during  2026-2027.  MFA  IV  and  V  are  both  part  of  the  EU-Jordan  Strategic  and 
Comprehensive Partnership 2025-2027. 

Jordan is implementing the EFF arrangement with the IMF, which was approved in January 
2024 and amounts to USD 1.2 billion for the period 2024-2027. This programme replaced the 
previous four-year EFF, which had been set to expire in March 2024, but was ended early as 
most funds had already been disbursed. A new arrangement was deemed necessary to sustain 
the momentum of reform and address heightened regional and economic uncertainties. The 
ongoing  EFF  supports  continued  fiscal  consolidation  to  put  public  debt  on  a  downward 
trajectory to below 80% of GDP by 2028, while safeguarding monetary and financial stability 
and accelerating structural reforms to foster growth and job creation.  

On 12 December 2025, the IMF Executive Board completed the 4th review under the EFF 
and reported that the programme remains firmly on track. The decision provided immediate 
access  to  around  USD 130 million  and  brought  total  purchases  under  the  EFF  to 
SDR 535.238 million (around USD 733 million). In addition to the EFF programme, on 25 
June 2025, the IMF also made available around USD 700 million in loans to Jordan under the 

15 

 
 
RSF to support policy reforms that reduce macro-critical balance of payments risks associated 
with  climate  change  and  pandemic  preparedness.  At  the  same  board  meeting  on 
12 December 2025, the IMF also completed the 1st RSF review, allowing a disbursement of 
SDR 79.182 million (about USD 110 million). A staff-level agreement for the 5th review was 
made in April 2026. 

3.1.2 Policy conditionality 

Building on reforms under previous MFA operations, the findings of the 2024 Operational 
Assessment,  and  close  engagement  with  partners  including  the  IMF  and  the  World  Bank 
(among other stakeholders), the MoU of Jordan MFA IV sets out a sequenced reform agenda 
across five pillars. This reform agenda is complementary to the policy matrices underpinning 
budget  support  operations  by  the  European  Commission  in  Jordan  and  builds  on  related 
capacity development activities accordingly. Policy conditionality under MFA IV is linked 
exclusively to the second and third disbursements, expected in 2026 and 2027. At the time of 
drafting this report, the second and third disbursements have not yet been requested by Jordan. 

Under public finance management, the MFA IV MoU targets two bottlenecks weighing on 
fiscal  sustainability:  weak  domestic  revenue  mobilisation  and  uneven  accountability  for 
public  resources.  On  revenues,  the  Income  and  Sales  Tax  Department  will  institutionalise 
risk-based  compliance  by  creating  a  Risk  Management  Directorate  and  the  Ministry  of 
Finance  will  adopt  a  Medium-Term  Revenue  Strategy  (with  IMF  coordination)  (2nd 
disbursement), followed by the launch of the Integrated Tax Administration System upgrade 
to  enable  more  data-driven  compliance  (3rd  disbursement).  On  accountability,  the  Audit 
Bureau  will  roll  out  a  system  to  track  the  implementation  of  audit  recommendations  (2nd 
disbursement). Finally, for the third disbursement, procurement and audit transparency will 
be  strengthened  through  annual  procurement  reports  by  the  government  tender  and 
procurement departments (procurement and tender departments), the Audit Bureau’s phased 
withdrawal  from  ex  ante  controls,  and  expanded  coverage  and  follow-up  reporting  in  its 
annual report.  

Under  the  governance  pillar,  the  MoU  focuses  on  strengthening  prevention  and  the 
enforcement  of  anti-corruption/integrity  rules  by  renewing  the  strategic  framework  and 
making reporting channels  clearer and more usable.  In particular,  Jordan  will develop  and 
approve a new National Integrity and Anti-Corruption Strategy 2026-2030, developed with 
OECD  support  (2nd  disbursement).  In  parallel,  to  reduce  fragmentation  in  reporting  and 
improve trust in whistleblowing, the Jordan Integrity and Anti-Corruption Commission will 
review the existing reporting channels and issue an operational guideline clarifying mandates, 
while  boosting  the  visibility  of  Bekhedmetkom  (Jordan’s  government  e-services  portal) 
online platform as a primary external reporting channel (3rd disbursement). 

Under social and labour market policies, the MoU targets the primary constraints behind low 
participation in employment and persistent mismatches: a technical and vocational education 
and training system that is still insufficiently aligned with employers’ needs, and weak labour-
market diagnostics and enforcement. To address this, the authorities will develop and approve 
a new national vocational education strategy with structured private-sector involvement (2nd 
disbursement) and strengthen the evidence base by publishing more granular data on informal 
employment  through  an  upgraded  Labour  Force  Survey  module  (2nd  disbursement). 
Implementation capacity will be reinforced through measures to improve the electronic labour 
inspection  system  (2nd  and  3rd  disbursements)  and  to  operationalise  a  labour  market 
information  system  via  data-sharing  arrangements  and  a  validation  phase  (2nd  and  3rd 
disbursements). Finally, to broaden social security coverage and support the sustainability of 
the system, the authorities will advance social security reforms, including to extend coverage 

16 

 
to flexible/non-standard work, and will monitor implementation through regular and publicly 
available reporting on progress (2nd and 3rd disbursements). 

Under  the  energy  pillar,  the  MoU  targets  two  constraints  that  weigh  on  affordability  and 
resilience: still-high energy and resource consumption (especially in buildings and the public 
sector)  and  skills  and  institutional  gaps  that  slow  the  energy  transition.  To  strengthen 
governance  and  the  capacity  to  implement  policies,  the  Ministry  of  Energy  and  Mineral 
Resources  will  establish  an  Energy  Efficiency  and  Climate  Change  Department  to  drive 
forward  policies  and  programmes  to  rationalise  consumption  and  support  decarbonisation 
planning  (2nd  disbursement).  Implementation  will  be  reinforced  through  practical  and 
scalable  measures:  (i)  updating  and  mainstreaming  curricula  on  energy  efficiency,  solar 
energy and e-vehicle charging (via the Energy Academy, and shared with universities) (3rd 
disbursement);  (ii)  conducting  energy  audits  for  three  government  buildings  aligned  with 
internationally recognised Excellence in Design for Greater Efficiencies (EDGE) standards 
(3rd disbursement); and (iii) installing solar panels in 50% of Jordan’s municipalities by end-
2026 to reduce municipal electricity costs and strengthen energy security (3rd disbursement). 

Under the business environment, the MoU targets a key bottleneck to investment and new 
business entry: lengthy, fragmented and largely paper-based administrative procedures, which 
raise  costs,  create  delays,  and  discourage  new  projects.  To 
investment 
competitiveness  and  streamline  market  entry,  the  Ministry  of  Investment  will  digitise  all 
investor-facing services (98 services, including licensing, registration and investor permits) 
by end-2026, laying the operational foundation for a one-stop ‘investor journey’ portal (3rd 
disbursement). 

improve 

4.  NORTH MACEDONIA 

4.1 Implementation of macro-financial assistance 

4.1.1 Recent macro-financial assistance operation 

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, in February 2023 
the Commission adopted a proposal for an MFA decision of up to EUR 100 million in the 
form of loans, which was adopted by the European Parliament and the Council in July 20239. 
The  MFA  operation  aimed  to  address  North  Macedonia’s  short-term  balance  of  payments 
needs and fiscal vulnerabilities. Following an agreement with North Macedonia on the policy 
conditions to underpin the new MFA, the MoU entered into force in February 2024. 

The disbursement was expected to be made in two instalments of EUR 50 million each, 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 in implementing the IMF 
programme. The policy conditions aimed to address some of the most important economic 
weaknesses of North Macedonia. Following the completion of the agreed policy conditions, 
and  after  the  relevant  pre-requirements  were  assessed  as  fulfilled  (notably  the  political 
precondition and a satisfactory track record under the IMF programme), the first disbursement 
of EUR 50 million was made in May 2024.  

Progress in implementing the MFA conditions attached to the second and final instalment of 
EUR 50 million  has  stalled,  however,  although  the  country  made  some  progress  in 
implementing the respective measures. This included the adoption of several laws by North 

9 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. 

17 

 
 
Macedonia’s parliament. The authorities have not submitted a compliance statement as they 
have made no request for the second instalment and thus there has been no formal assessment 
by the European Commission. In addition, the IMF’s Precautionary and Liquidity Line (PLL) 
expired in  November 2024 without  the second review taking place, which means that one 
essential precondition for disbursements under the EU’s MFA operation is no longer fulfilled. 
Under  these  circumstances,  it  is  unlikely  that  the  Commission  will  disburse  the  second 
instalment. The availability period of the MFA operation ends in August 2026. 

Box 4. Summary of recent past MFA operations to North Macedonia  

In 2020-2021, North Macedonia benefited from MFA support under the EU’s EUR 3 billion 
package  to  ten  enlargement  and  neighbourhood  countries  (the  so-called  ‘COVID-19 
MFA’). Following a request from the authorities in April 2020, the Commission submitted 
a proposal for a decision providing MFA of up to EUR 160 million in loans. The European 
Parliament  and  the  Council  adopted  this  decision  in  May  202010.  The  assistance  was 
provided in two equal instalments of EUR 80 million, dependent on the fulfilment of nine 
policy conditions laid down in an MoU signed by the two sides, which 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, North Macedonia requested 
a  new  MFA  in  April  2022.  The  Commission  considered  North  Macedonia’s  relative 
economic resilience and assessed whether the country had alternative financing options. In 
October  2022,  the  authorities  renewed  their  request.  At  the  same  time,  the  government 
secured  a  24-month  PLL  with  the  IMF  of  up  to  EUR 530 million  that  was  officially 
approved  in  November  2022.  Upon  approval  of  the  PLL,  North  Macedonia  received 
approximately EUR 110 million. An additional EUR 155 million was disbursed following 
the completion of the first review in January 2024.  

4.1.2 Policy conditionality 

The policy conditions laid down in the MoU for the MFA operation build on the 2020 MFA 
and  contain  20  policy  measures  that  focus  on  reforms  addressing  fiscal  governance,  tax 
policy,  the  management  of  public  investments,  public-private  partnerships,  the  business 
environment,  education  and  the  labour  market,  renewable  energy  sources  and  energy 
efficiency, reform of the judiciary, and the fight against corruption.  

In the area of fiscal governance, in line with the conditions agreed under the MFA ahead of 
the first disbursement, the new Fiscal Council provided for in the 2022 Organic Budget Law 
was  established  in  2023.  The  North  Macedonian  parliament  appointed  the  Council’s  six 
members, and the Fiscal Council’s rulebook and statutes were approved. As required by the 
conditions for the second instalment, the Fiscal Council prepared an independent analysis of 
the 2025-2029 Fiscal Strategy. However, the Fiscal Council is facing substantial challenges 

10 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. 

18 

 
 
 
  
 
 
in  ensuring that it is fully staffed.  In  addition,  its  legal  position is  not  sufficiently  clear to 
guarantee its operational independence. 

As  also  required  for  the  first  instalment,  the  government  increased  the  staff  of  the  new 
Department  for  Public  Investment  Management  (PIM)  within  the  Ministry  of  Finance  to 
ensure centralised oversight of public sector investment (including by public enterprises) with 
the aim of improving the management of public investment. In line with the conditionality for 
the second instalment,  the Ministry of Finance incorporated  guidelines  on the appraisal of 
projects into the PIM Decree adopted in April 2025. IMF and World Bank recommendations 
have  been  included.  However,  implementation  of  the  PIM  Decree  critically  hinges  on  the 
setting up of an integrated financial management and information system, which is lagging. 
The  government  has  still  not  adopted  the  draft  law  on  public-private  partnerships  (PPP), 
which would provide for a better monitoring of fiscal risks arising from PPPs.  

Regarding the business environment, the new Small and Medium-sized Enterprise Strategy 
2025-2030,  based  on  the  Small  Business  Act,  was  adopted  in  July  2025.  The  Ministry  of 
Economy and Labour has started with the implementation of measures deriving from the new 
act.  

A key milestone in the government’s efforts to improve energy efficiency was the amendment 
of the Law on the Development Bank to enable the establishment of the Energy Efficiency 
Fund, as required in the MoU conditions for the first instalment. The Energy Efficiency Fund 
will support public sector investments  in  energy  efficiency through  a sustainable financial 
model,  thus  reducing  dependence  on  grants  and  promoting  cost-saving  mechanisms. 
However, while the rules of procedure of the Energy Efficiency Fund have been drafted, the 
corresponding  Energy  Efficiency  Committee  that  had  to  adopt  the  rules  has  not  yet  been 
established. In September 2025, the parliament adopted amendments to the Energy Efficiency 
Law, in compliance with the EU Energy Efficiency Directive 2018/2002 and in line with the 
opinion given by the Energy Community. Already in 2024, the government implemented the 
complete unbundling and certification of the gas transmission system operator NOMAGAS, 
as required by the third energy package. 

In the policy area of judiciary reform and anti-corruption measures, on 29 December 2025, 
the parliament adopted  a revised legal framework on the Judicial Council, the Law on the 
Judicial Council. It is deemed, however, not to be fully in line with the recommendations of 
the respective Peer Review Mission. The new framework is expected to further enhance the 
transparency  and  independence  of  the  Council,  including  its  members.  In  line  with  the 
requirements  for  the  first  disbursement,  the  government  had  adopted  a  new  strategy  on 
judicial reform (2023-2027) in 2024, which incorporated lessons from the previous strategy 
and  feedback  from  the  Commission.  This  strategic  framework  aims  to  strengthen  judicial 
independence, efficiency and compliance with EU standards, reinforcing the rule of law. 

Regarding the MoU’s condition on the State Commission for the Prevention of Corruption 
(SCPC), in February 2024 a new President and new members of the SCPC were appointed. 
In July 2025, the President of the SCPC resigned after being indicted for disclosing official 
secrets  and  falsifying  an  exam  to  obtain  a  security  certificate.  In  December  2025,  a  new 
President of the SCPC was appointed by parliament. In January 2025 a commissioner resigned 
following the opening of two cases against her for conflict of interests. These events have 
called into question the credibility of the SCPC. No new specialised staff has been recruited. 

Another  MoU  requirement  for  disbursement  of  the  second  instalment  has  not  been  met: 
strengthening the human and financial resources of the Office of the Basic Public Prosecutor 
for  Organised  Crime  and  Corruption  by  recruiting  at  least  five  public  prosecutors  and  ten 

19 

 
  
 
  
financial  experts,  creating  specialised  units,  and  increasing  the  number  of  proactive 
investigations. 

Furthermore, the MoU requires the government to adopt legislation to implement the new law 
on anti-money laundering and the fight against terrorism (AML/CFT law), including a by-
law  on  virtual  asset  service  providers.  Subordinate/implementing  acts  (by-laws,  decisions) 
have  been  in  effect  since  late  2024,  which  derive  from  the  AML/CFT  law.  The  National 
Bank’s implementing ‘Decision on the manner of implementing the measures for prevention 
of money laundering and financing of terrorism’ is one such act already in force. However, 
there is no clear evidence that a comprehensive, specific implementing regulation on virtual 
asset  service  providers  was  adopted  in  2025,  or  that  all  the  anticipated  regulatory  details 
(licensing,  technical  standards,  detailed  compliance  rules)  are  finalised  and  in  force.  The 
MONEYVAL follow-up report indicates progress, but also notes that some deficiencies in 
technical compliance remain, especially relating to the supervision and regulation of newer 
sectors  (e.g.  virtual  assets,  financial  sector  regulation).  The  fact  that  some  technical 
compliance gaps remain (per MONEYVAL) suggests that implementation is still evolving. 

Efforts to reduce the informal economy made progress with the adoption of the 2023-2027 
strategy and action plan in 2023, which focused on raising awareness, reducing administrative 
burdens and improving monitoring mechanisms. However, their implementation has stalled, 
and inspections have been scaled back. Additionally, as a requirement for the disbursement 
of the first instalment, the government adopted a smart specialisation strategy, which targets 
key sectors such as agriculture, ICT and sustainable materials, while fostering cooperation 
between academia and industry. 

Also  in  line  with  the  conditions  for  the  first  instalment,  in  the  area  of  education,  the 
government  adopted  new  laws  on  vocational  education,  secondary  education  and  adult 
education  with  the  aim  of  improving  alignment  with  the  needs  of  the  labour  market.  The 
reforms  emphasise  work-based  learning,  skills  development,  and  regional  vocational 
education and training centres to address labour market mismatches and enhance employment 
prospects. 

MFA FOR NORTH MACEDONIA 

(Entry into force 17 July 2023 - end of availability period 2 August 2026) 

Decision (EU) 
2020/701 

First instalment 

Amount (EUR million)  Up to EUR 50 million 

Implementation 

8 May 2024 

Policy conditions 

First instalment  

Public finance 

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

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

20 

 
 
 
 
 
 
 
 
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  tax 
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 

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 

The parliament is 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 

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

Education  and 
labour market 

the 

Energy 

Judiciary, 
good 
governance,  and  the 
fight 
against 
corruption 

21 

 
 
 
 
 
Annex11 1: MFA operations by date of decision, 1990-2025, amounts in million EUR 

11 The data presented in the Annex tables and graphs cover the reporting period ending on 31 December 2025, with a cut-off date of 31 March 2026. In January 2026, the 
European Parliament and the Council adopted a new Macro-Financial Assistance operation for Jordan, of a maximum amount of EUR 500 million.  

22 

Country199019911992199319941995199619971998199920002001200220032004200520062007200820092010201120122013201420152016201720182019202020212022202320242025TotalNumber of operationsBulgaria2901102501007504Czech & Slovak Fed. Rep.3753751Estonia40401Hungary87018010502Latvia80801Lithuania1001001Romania375801252007804Slovakia1301301Algeria4002006002Egypt1000400050002Israel187.5187.51Jordan18020070050015804Lebanon80801Tunisia30050060014003Armenia581001582Belarus55551Albania703520251803305Bosnia & Herzegovina60601002504704Kosovo (UNSCR 1244)3530501002154North Macedonia 4080181601003985Montenegro2060802Serbia2002001Serbia & Montenegro345130705453Georgia17533.5464645150495.56Moldova45151515459010010015014572010Ukraine85200150110500100018001000120025200181164936111Tajikistan95951Kyrgyz Republic30301Amount approved87018084800620255155231504601653933157025083.5125044659000256130018007001001045035000253502451911645006530565305No. of operations approved16606214154341102204200321212010052228787Accession and Pre-AccessionNeighbourhood EastCurrent Member States*Neighbourhood SouthOther 
 
 
 
Annex 2: Status of disbursements made by date of decision at the end of December 2025 

23 

Status of effective disbursements as of end-December 2025 (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:    Estonia(40)Mar. 199320(20)(20)    Latvia(80)Mar. 199340(40)(40)    Lithuania(100)July 199350(75)(25)Aug. 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) 
 
 
 
 
 
  
 
  
 
 
 
 
24 

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 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
25 

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 
 
 
 
 
 
 
 
 
26 

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 
 
 
 
27 

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 202450Moldova14.06.232023/1165/EU 145.0Oct 202372.5 145.0 145.0(Loan and Grant)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)Ukraine28.02.20222022/313/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 116.0Jan 2025300018 116.0Mar 20251000Apr 20251000May 20251000Jun 20251000Jul 20251000Aug 20251000Sep 20251000(Loan)Oct 20254000Nov 20254116Jordan14.04.20252025/793/EU 500.0Sept. 2025250 250.0(Loan)Egypt24.06.20252025/1267/EU4 000.0---4 000.0(Loan) 
 
 
Annex 3: MFA amounts authorised 12 by year, 2008-2025 (EUR million) 13 

MFA amounts authorised by year, 2008-2025 (EUR million) 

MFA amounts authorised by region, 2008-2025 (%) 

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

28 

200820092010201120122013201420152016201720182019202020212022202320242025TotalBy regionAccession and Pre-Accession  346.0  590.0  46.0 1 000.0 1 800.0  100.0 1 045.0 2 200.0 25 350.0  245.0 18 116.0 50 838.0Neighbourhood East  100.0  100.0Neighbourhood South  180.0  300.0  700.0 1 300.0 1 000.0 4 500.0 7 980.0Other  30.0  30.0Total amounts authorised   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 4 500.0 58 948.0Loans  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 4 500.0 58 614.0Grants  0.0  81.0  90.0  38.0  40.0  10.0  0.0  30.0  45.0  334.0 
 
 
 
 
 
 
 
 
 
 
Annex 4: MFA amounts disbursed by year, 2008-2025 (EUR million) 

MFA amounts disbursed by year, 2008-2025 (EUR million) 

MFA amounts disbursed by region, 2008-2025 (%) 

29 

200820092010201120122013201420152016201720182019202020212022202320242025TotalBy regionAccession and Pre-Accession  25.0  15.3  100.7  120.0  30.0  100.0 1 360.0  873.0  623.0  520.0  30.0 1 440.0 1 115.0 7 250.0 18 122.5  172.5 18 115.7 50 012.7Neighbourhood East  61.0  39.0  100.0Neighbourhood South  15.0  25.0  380.0  400.0  400.0  250.0  550.0  300.0  200.0 1 000.0  250.0 3 770.0Other  15.0  15.0  30.0Total amounts disbursed  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 18 365.7 53 912.7Loans  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 7 535.018290.01145.0250.0 34 908.0Grants  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  0.0  384.0 
 
 
 
 
 
 
 
 
 
 
Annex 5: MFA outstanding principal amounts at the end of December 2025, and year of 
first and last repayment, by country (EUR million) 

30 

CountryOutstanding principal amount (EUR million), end of 2025Year of first repayment Year of last repaymentAlbania 180.020352036Armenia 65.020262026Bosnia and Herzegovina 125.02036-Egypt 1 000.020362060Georgia133.020262035Jordan 1 310.020252060Kyrgyzstan15.020292031Moldova360.020342039Montenegro 60.020352036N. Macedonia 210.020352038Tunisia 1 400.020272037Kosovo100.020352036Ukraine47 125.720262071   -UA MFA before 202311 010.020262053   -MFA+18 000.020342054   -ERA MFA18 115.720372071