Instrument for Macro-Financial Assistance (IMFA)

Macro-Financial Assistance (MFA) is a form of financial aid extended by the EU to partner countries experiencing a balance of payments crisis. Its objective is to restore a sustainable external financial situation, while encouraging economic adjustments and structural reforms. MFA is intended strictly as a complement to International Monetary Fund (IMF) financing. It takes the form of medium/long-term loans or grants, or a combination of these, and is only available to countries benefiting from a disbursing 14 International Monetary Fund programme.

As a rule, MFA funds are paid to beneficiary countries' central banks and in general can be used however the government sees fit, be it for reserves, foreign exchange market intervention or as direct budget support.