Skopje, 6 February 2023 (MIA) — The European Union will grant EUR 100 million to North Macedonia to deal with the consequences of the energy crisis, according to the Ministry of Finance in a press release following Monday’s proposal of the European Commission to secure these funds through the macrofinancial assistance package established for the coronavirus crisis.

According to the release, the assistance should support the country’s fiscal sustainability during 2023 and 2024 amid its structural reforms in areas including fiscal management, tax policy, public investment management, public-private partnerships, business climate, state aid transparency, energy efficiency, the judiciary, and the fight against corruption.

“This is EU support to the country on the way to EU membership, support for reforms, and most importantly support for policies in times of crisis,” Finance Minister Fatmir Besimi is cited as saying the release.

The grant will be paid in two tranches. It will supplement a previously approved prudential and liquidity instrument from the International Monetary Fund. The funds will be available after the proposal is adopted by the European Parliament and the Council of the EU, the release adds.

In 2020 and 2021, North Macedonia used EUR 160 million of macrofinancial assistance from the EU to deal with the economic consequences of the coronavirus pandemic. mr/