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EU assigns 1 bln euros for Ukraine

The financial aid is supposed to support reforms in Ukraine
09:31, 9 July 2018

Open source

The European Union's decision on assigning one billion euros in financial aid for Ukraine took effect on July 9. This is mentioned in the message published in the EU Official Journal.

The respective document says that the assistance is supposed to support reforms in Ukraine. The bill is yet to be ratified by the Ukrainian Parliament.

The Ukrainian government and the European Commission will have to sign the agreement memorandum about the conditions of allocation of loans of macro-financial aid. The assistance will be divided into tranches, with each one to be completed after Ukraine fulfills certain conditions.

Related: EP President signs resolution to provide macro-financial assistance to Ukraine

'The economic policy and financial conditions of the Memorandum of Understanding to be agreed between the European Union and Ukraine shall include inter alia obligations to strengthen the governance, the administrative capacities and the institutional set-up in particular for the fight against corruption in Ukraine, notably regarding a verification system for asset declarations, the verification of companies' beneficial ownership data and a well-functioning specialised anti-corruption court in line with the recommendations of the Venice Commission. Conditions on combating money laundering and tax avoidance shall also be considered', reads the message on the EU Official Journal's website. 

The European Parliament, the Council and the Commission also reminded that a pre-condition for granting macro-financial assistance is 'that the beneficiary country respects effective democratic mechanisms – including a multi-party parliamentary system – and the rule of law, and guarantees respect for human rights'. 'The Commission and the European External Action Service shall monitor the fulfilment of this pre-condition throughout the life-cycle of the Union's macro-financial assistance', says the joint statement released on the occasion.

Related: European Parliament approves EUR 1 billion of macrofinancial assistance for Ukraine

Related: EU to allocate one billion euro to Ukraine

Related: Public debt of Ukraine reaches over $77 billion in Q1 2018

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