Moldova intends to finalize negotiations with EU to join single payment area in 2025 - president

CHISINAU. Dec 12 (Interfax) - Moldova has agreed with the European Union to expedite implementing the EU-supported economic growth program and to complete negotiations to join the Single Euro Payments Area (SEPA) with the EU in 2025, the press service of President Maia Sandu said following her talks in Brussels with Antonio Costa, the new President of the European Council.

"We have agreed to start implementing the EU-supported economic growth program as soon as possible, to complete negotiations to join the single payments area in 2025 so that Moldovans no longer pay taxes on transactions with EU banks, and to eliminate roaming charges completely [with the EU]," Sandu said in the press release.

During a visit to Chisinau in October, Ursula von der Leyen, President of the European Commission, announced that the EU would invest 1.8 billion euros in Moldova's economy over the next three years. She expressed confidence that the Moldovan economy would double in the next 10 years with EU support. The EU delegation noted that of the total 1.8 billion euros, 300 million euros are grants, and the rest are low-interest loans that could be covered by economic growth. Repaying the 1.5 billion euros in loans, as provided by the EU in 2025-2027 as part of Moldova's economic growth plan, will begin in 10 years, in 2034, with a repayment period of up to 40 years.