The International Monetary Fund (IMF) will provide Moldova with financial assistance through the Resilience and Sustainability Facility. The loan is equal to 129.3 million Special Drawing Rights, the equivalent of about $160 million. The Parliament gave a first reading to a draft law to attract a foreign state loan from the IMF, IPN reports.

The money will be used to finance state budget needs. In order to receive this financial assistance, the Republic of Moldova is to implement 12 reform measures in order to mitigate the effects of climate change.

The loan will be granted to the Republic of Moldova for a period of 20 years.

The Resilience and Sustainability Facility program is to support Moldova’s efforts to increase resilience to climate shocks, implement reforms in the energy sector and ensure the mobilization of sustainable finance.

The draft law is to be examined by Parliament in the second reading as well.