The European Parliament’s (EP) Committee on International Trade Thursday voted to provide up to EUR 100 million (USD 107 million) in Macro-financial Assistance to North Macedonia.

A Committee statement said it endorsed the European Commission’s proposal to give the government of North Macedonia support to stabilise the country’s economic situation by 33 votes, none against, with 1 abstention.

However, the assistance is conditional on a satisfactory track record by North Macedonia to implement an International Monetary Fund (IMF) programme.

Following a partial recovery from the pandemic-induced recession, North Macedonia has been severely hit by the fallout from Russia’s war against Ukraine, it noted.

North Macedonia is an EU candidate country, which formally opened accession negotiations with the EU in July 2022.

The Financial Assistance is scheduled to be voted by the full European Parliament in June.

Source: Kuwait News Agency