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Economy 2018-09-15T04:11:11+03:00
Ukrainian news
European Parliament: EU's Macro-Financial Assistance Worth EUR 1 Billion Will Be Provided In Two Tranches Duri

European Parliament: EU's Macro-Financial Assistance Worth EUR 1 Billion Will Be Provided In Two Tranches During 2.5 Years If Ukraine Succeeds In Combating Corruption

The macro-financial assistance worth EUR 1 billion expected by Ukraine from the European Union after final approval by the Council of the European Union will be provided in two tranches during the forthcoming 2.5 years if Ukraine succeeds in fighting corruption.

This is said in a statement posted on the official website of the European Parliament, Ukrainian News Agency reports.

"Trade Committee MEPs endorsed the EU Commission’s proposal for the financial package of €1 billion in loans to help Ukraine cover part of its external financing needs in 2018-2019 on 17 May. The Trade Committee emphasized that the aid is conditional on Ukraine respecting effective democratic mechanisms, the rule of law, and human rights. They also insisted that the loans were contingent on Ukraine’s progress in the fight against corruption, including the setting up of a specialised anti-corruption court. The EU’s macro-financial assistance is an exceptional emergency instrument aimed at addressing severe financial difficulties in non-EU countries. Since the onset of the 2014 crisis in Ukraine, this has been the fourth such programme offered to the country. The International Monetary Fund (IMF) has identified a $4.5 billion (€3.6 billion) gap in Ukraine’s financing needs in 2018 and early 2019," the statement says.

As Ukrainian News Agency earlier reported, the Council of the European Union will consider allocation of EUR 1 billion in macro-financial assistance by the EU to Ukraine on June 26.


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