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EU Commission disburses €600m assistance to Ukraine

EU Commission disburses €600m assistance to Ukraine

BRUSSELS: The European Commission, on behalf of the EU, today disbursed a loan of €600 million to Ukraine. This corresponds to the first instalment under the new Macro-Financial Assistance (MFA) programme for Ukraine, which amounts to a total of €1.8 billion.

Through this programme, the EU contributes to cover the urgent financing needs faced by Ukraine, while supporting the country’s economic stabilisation. In addition, the EU’s MFA package will assist the Ukrainian authorities in implementing important reforms in the areas of public finance management, governance and transparency, the energy sector, social safety nets, the business environment and the financial sector. By supporting the Ukrainian government’s reform agenda in those areas, the EU intends to help Ukraine lay the ground for a durable return to economic growth.

Valdis Dombrovskis, the European Commission Vice-Presidentresponsible for the Euro and Social Dialogue, stated: “Today’s disbursement reflects the EU’s unfailing determination to stand by Ukraine in these challenging times. Through this financial assistance, the EU is proud to support the courageous reform agenda pursued by the government. I am confident that the implementation of those ambitious reforms will help Ukraine exploit its many assets to the full, so as to foster strong and sustainable economic growth for the benefit of all Ukrainian citizens.”

Pierre Moscovici, European Commissioner for Economic and Financial Affairs, Taxation and Customs declared: “The €600 million in macro-financial assistance disbursed today adds to the €1.6 billion already provided by the EU since the beginning of the crisis in Ukraine. In addition, the Commission envisages disbursing another €1.2 billion in the coming months subject to successful implementation of the economic and structural reforms agreed between the EU and Ukraine. This is more than the assistance extended by any other bilateral partner of Ukraine. Through the scope and magnitude of our assistance to Ukraine, we want to assure all Ukrainian citizens that they can count on the full support from their European neighbours.”

Macrofinancial assistance (MFA) operations are part of the EU’s wider engagement with neighbouring countries and are designed as an exceptional EU crisis response instrument available to EU neighbouring countries experiencing severe balance of payments problems. In addition to macro-financial assistance, the EU supports Ukraine through trade preferences, humanitarian assistance development aid and budget support for reforms.