Joint ex-post evaluation of Macro-Financial Assistance (MFA) operations to Georgia, Moldova and Ukraine (2017-2020)

The joint ex-post evaluation of three MFA operations (for respectively Moldova, Georgia and Ukraine) was undertaken in accordance with the corresponding stipulations in the underlying Decisions as adopted by co-legislators, the European Parliament and the Council.

The major objective of the evaluation, which was concluded in October 2024, is to learn lessons that could be applied to future MFA interventions. The Commission evaluation was supported by an external study carried out by ICF SA under a DG ECFIN framework contract.

The evaluation assesses the relevance, efficiency, effectiveness, coherence and EU added value of the three MFA operations. It also explores the social impact of the financial programmes and their effect on the countries’ respective public debt sustainability. Given regional similarities, overlapping implementation time frame and comparable conditionality, the joint evaluation also analyses key similarities and differences across the three operations, including their regional impact in the EU's Eastern Neighbourhood. The evaluation also tries to ensure transparency and accountability, in accordance with the Financial Regulation and the MFA decisions for the three countries.

Documents