Ambassadors of member countries of the European Union have endorsed an agreement with the European Parliament on a new package of macro-financial assistance for Ukraine worth EUR 1 billion. The press service of the Council of the European Union announced this in a statement, the Ukrainian News Agency reports. "On 29 May 2018, EU ambassadors endorsed, on behalf of the Council, an agreement with the European Parliament on a new package of macro-financial assistance for Ukraine. A further EUR 1 billion in loans will cover Ukraine's financing needs over a period of two and a half years," the statement said. According to the statement, the loans will support economic stabilization and a program of structural reforms, supplementing resources provided by the IMF and other donors. The IMF has identified a USD 4.5 billion financing gap for 2018 and 2019, going over and above funding committed so far by the international community, the statement said According to the statement, macro-financial assistance is an exceptional form of financial aid that the EU extends to partner countries with balance-of-payments difficulties. "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 statement said According to the statement, the European Commission will be responsible for disbursing the macro-economic assistance. The Commission and the European External Action Service will monitor the fulfillment of the conditions. In addition, according to the statement, further macro-financial assistance will be conditional on progress in the prevention of corruption, as well as on the progress of the IMF program. The memorandum of understanding will include obligations to strengthen governance, administrative capabilities, and the institutional set-up for preventing corruption, the statement said. "Upon each disbursement, the Commission will report publicly on the fulfillment of the conditions, in particular those concerning the prevention of corruption," the statement said. Subsequently, the European Parliament and the Council will be called upon to adopt the decision without further discussion. As Ukrainian News Agency earlier reported, the European Commission proposed in March that the Council of the European Union approve disbursement of EUR 1 billion to Ukraine as the fourth tranche of the European Commission's macro-financial assistance to the country. The European Union's Delegation to Ukraine announced earlier that a new macro-financial assistance program for Ukraine was impossible before resumption lending to Ukraine by the International Monetary Fund.