The Council of the European Union has approved the issue of EUR1.8 billion macro-financial assistance loan to Ukraine for up to 15 years.

"The EU Council on March 31, 2015 made the decision, providing for the issue of up to EUR1.8 billion of further macro-financial assistance to Ukraine," reads a report issued by the EU Council.

According to the report, the funds have been granted as part of the EFF program of the International Monetary Fund to stabilize the economy, conduct reforms and to improve the balance of payments.

It is assumed that the loans will be allocated in three tranches over two and a half years as part of the loan agreement between the European Commission and Ukraine, which describes in detail the conditions for granting aid. In addition, the parties will agree a memorandum of understanding, which will clearly define economic policy and financial conditions, focusing on structural reforms and public finances.

The four-year EFF program worth $17.5 billion for Ukraine, approved by the IMF in early March, also provides for the issue by other international financial institutions and partner countries of $7.3 billion: $6.3 billion in 2015 and $1 billion - in 2016.