The EU Council approved macro-financial assistance to Ukraine

 

The Council of the European Union supported an agreement with the European Parliament on the fourth macro-financial assistance package for Ukraine in the amount of one billion euros.

This is stated in the message on the website of the Council.

“Assistance in the form of loans will cover funding needs of Ukraine for two and a half years. The loans will support the program of economic stabilization and structural reforms, complementing the resources provided by IMF and other donors,” the statement said.

The EU has allocated EUR 1.6 billion in macro-financial assistance to Kiev in 2014 and 1.8 billion euros in 2015, of which Ukraine has received 2.81 billion euros. A contribution of more than EUR 600 million was cancelled in January 2018 because of incomplete compliance with the set conditions.

“Further payments will depend on Ukraine’s compliance with democratic mechanisms and the rule of law and respect for human rights,” the statement reads.

The Commission will be responsible for the provision of macroeconomic assistance. The Commission and the European external action service will monitor compliance of these conditions.

According to the procedure, the final decision on granting Ukraine macro-financial assistance must be approved by the European Parliament at a plenary session.

It is expected that the vote could take place in June.

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