World Bank to provide Moldova with $159 mln in budget support

CHISINAU. June 3 (Interfax) - The World Bank's board of executive directors has approved providing Moldova with $159.24 million in budget support, the World Bank in Moldova said in a statement.

"Moldova has been beset by multiple shocks in recent years, from the Covid-19 pandemic to a severe drought that reduced agricultural production by 34% in 2020 and the European gas crisis that pushed gas prices up by around 400% in the second half of 2021," the statement said. Additionally, the situation in neighboring Ukraine is putting Moldova's economic prospects at risk, it said.

"This budget support will help the government respond to the country's immediate needs, while maintaining momentum in the long-term agenda of building resilience and enhancing competitiveness in Moldova," World Bank Country Manager for Moldova Inguna Dobraja said.

Moldova became a member of the World Bank in 1992. The country has been allocated over $1.3 billion for more than 60 projects over that time. The World Bank's portfolio currently includes 12 active projects for $638.1 million.