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Ukraine, EU ratify agreement on 1 bn Euros loan for Ukraine

242 Ukrainian lawmakers supported the decision
18:21, 8 November 2018

Open source

The Verkhovna Rada of Ukraine has adopted the draft law #0203, which ratifies the Memorandum on mutual understanding between Ukraine and the European Union, and the Credit Agreement between Ukraine, the National Bank and the EU on the receiving of the macro-financial aid in the sum of one billion Euros. 242 MPs supported the decision as 112 Ukraine broadcasted.

This Memorandum was signed on September 14, 2018.

Related: EU financial aid to be spent for return of previous debts, not social obligations

The draft law is necessary, as the international agreements on the receiving of the credit will come into force for Ukraine.

According to the agreement, the macro-financial aid will be provided by two tranches, each worth 500 million Euros.

Related: Ukraine, EU agree terms of allocation of 1 billion euro of micro-financial aid

In the frameworks of these agreements, the tranches on macro-financial aid would be equally divided for 500 million euros in each part. At the same time, it is expected that the first part of the tranche would come to Ukraine this autumn, after the completion of inner procedures regarding the document coming into force and the fulfillment of the requirements by Ukraine.

The second tranche will be provided in spring 2019, as the EU assesses the fulfillment of the requirements to reform certain spheres of the state policy by Ukraine.

Related: UK to allocate $42.6 million to Ukraine for humanitarian aid, increase of defense capacity

As it was reported earlier, Ukraine’s National Bank expects another tranche from the International Monetary Fund within EFF program till the end of autumn. In early summer, Yakiv Smolii, the NBU Head predicted that Ukraine can receive the fifth tranche from the IMF till autumn.

 

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