EU to allocate one billion euro to Ukraine

Source : 112 Ukraine

The aid will be provided in the form of the loans for economy stabilization and reforms' holding
18:59, 29 May 2018

Open source

The Ambassadors of the EU countries on the behalf of the EU Council approved the agreement with the EU Parliament on the parcel of the macro-financial aid to Ukraine as its official website reported.

It is expected that the loan in the sum of one billion euro will cover the financial needs of Ukraine for the next two and a half years.

Related: USAID to allocate $125 million for development of Donbas economy

The loan is allocated for the stabilization of the economy and holding of the structural reforms as the addition to the IMF financing and other international donors.

'The further disbursements will be conditional on Ukraine respecting democratic mechanisms and the rule of law and guaranteeing respect for human rights. They will be subject to economic policy and financial conditions, focusing on structural reforms and sound public finances and including a timeframe for their fulfillment. The conditions will be laid down in a memorandum of understanding between Ukraine and the Commission', the Council noted.

Related: Belarus to send humanitarian aid to Ukraine in sum of $80, 000

The European Commission is appointed as the responsible for the allocations. It along with the European External Action Service will control the fulfillment of the loan's terms by Ukraine.

After each transferred allocation, the European Commission is obliged to provide the public report on the execution of the terms, particularly, the events on the fight against corruption.

Related: USAID provides Ukraine's Pension Fund with server system worth $1 million

As we reported the European Commission has decided to allocate another package of macro-financial assistance (MFA) worth up to €1 billion to Ukraine for the support of the country’s effort to implement structural reforms and stabilize its economy.

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