Greece’s new reform proposal, needed to secure a third bailout package from its international creditors, was received just hours before the deadline for submission was due to expire on Thursday.
"Greek reforms program could constitute the basis of an agreement for a new [financial] aid plan," Moscovici said on Twitter.
Later in the day, the eurozone finance ministers will meet in Brussels to discuss whether the proposals on economic reforms made by Athens are sufficient to start talks on further financial assistance for the debt-ridden country.
Tsipras said Saturday, that the new reform program compiled after the referendum falls short of the promises made to the Greek people, but is an improvement on the rejected lender-proposed package.
Without additional financial assistance, Greece will not be able to pay back the immense debt accumulated by previous governments.
Greece’s next payment of $3.9 billion is due July 20 to the European Central Bank. The country's overall debt stands at about $350 billion.