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EU disburses €125 million in Macro-Financial Assistance to Bosnia and Herzegovina
The European Commission, on behalf of the EU, has disbursed €125 million in macro-financial assistance (MFA) to Bosnia and Herzegovina. This disbursement is part of the €3 billion emergency MFA package for ten enlargement and neighbourhood partners, which aims to help them respond to the economic impact of the COVID-19 pandemic. MFA support is provided through loans at very favourable rates. The programme is a concrete demonstration of the EU's solidarity with its partners to help respond to the economic impact of the COVID-19 pandemic.
Paolo Gentiloni, Commissioner for the Economy, said:
“This disbursement of €125 million in financial support represents an important act of solidarity with the people of Bosnia and Herzegovina. It is an important contribution towards repairing some of the economic and social damage inflicted by the COVID-19 pandemic. We look forward to working with the national authorities in the coming months to deliver the policy actions needed to further enhance the country's macroeconomic stability.”
The disbursement of this first instalment follows the agreement and ratification of a Memorandum of Understanding (MoU) between the Commission and Bosnia and Herzegovina. The MoU lays out the specific policy measures that Bosnia and Herzegovina will implement to improve economic governance, financial sector stability, transparency and fight against corruption and a better functioning of the labour market. The disbursement of the second and final instalment of €125 million will be conditional on the implementation of these policy measures. The implementation of these policy measures will require close cooperation among Bosnia and Herzegovina's authorities at all levels of government.
With this disbursement, the EU has successfully completed five out of the 10 MFA programmes in the €3 billion COVID-19 MFA package, and disbursed the first tranches to all partners.
The Commission continues to work closely with the rest of its MFA partners on the timely implementation of the agreed policy programmes.
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