Economy

Details of any new MFA program for Ukraine not worked out yet

 The amount and terms of macro-financial assistance (MFA) to be provided by the European Union to Ukraine as part of a possible new program have not yet been worked out and will be the subject of discussion between the parties and within the European Union, the EU Delegation to Ukraine has reported, in response to Interfax-Ukraine's request.

"[The EU] will assess the request expressed by Ukraine for further macro-financial assistance," the reply says.

The delegation noted that the European Commission would then make a proposal to that effect to the European Parliament and the European Council, which would need to adopt it in order for the operation to be implemented.

At the same time, if the new financial assistance program is approved, reform and policy conditions would be enshrined in a new memorandum of understanding agreed between the two parties.

"The specifics of those conditions would have to be discussed. But it would seem natural to see a continuation of key reform areas contained in the current program, taking into account economic and structural developments over the past two years," reads the reply.

The EU Delegation said that determining the final size of macro-financial assistance was a complex process, taking into account the economic situation and financing needs of the country concerned, as well as the reform process underway.

"The details of any possible new program – should the Ukrainian authorities make a request – would have to be worked out. That includes the amount, duration and number of instalments that could possibly be envisaged, as well as accompanying policy conditions," the delegation said.

As reported, Ukrainian President Petro Poroshenko said earlier that agreement had been reached on the program of the EU's macro-financial assistance to Ukraine for 2018-2019.

The press service of the Ukrainian Finance Ministry told Interfax-Ukraine, citing Finance Minister Oleksandr Danyliuk, that the ministry was beginning to work out a new possible program, the amount of which is estimated to be worth about EUR 1.6 billion.

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