12:28 01.03.2018

EC approves new program of macro-financial aid to Ukraine

1 min read
EC approves new program of macro-financial aid to Ukraine

The European Commission (EC) has approved a new program of macro-financial assistance to Ukraine, Ukrainian Finance Minister Oleksandr Danyliuk has said.

"I welcome the decision by the European Commission to approve a new program of macro-financial assistance to Ukraine. This is an important step for supporting reform in the country and ensuring financial stability," he wrote on his Facebook page on Wednesday, February 28.

A source familiar with Ukraine's negotiations with the EU told the Interfax-Ukraine news agency that the volume of the new program was EUR 1 billion.

As reported, Ukrainian President Petro Poroshenko said in November 2017 that agreement had been reached on a new program of macro-financial assistance from the EU to Ukraine for 2018-2019.

Earlier, the Finance Ministry estimated the volume of the new program at EUR 1.8 billion. This corresponds to the volume of macro-financial assistance of the EU approved in 2015, which expired in January 2018.

As part of the old program, Ukraine received two tranches for a total of EUR 1.2 billion out of the planned EUR 1.8 billion. The EC refused to grant a third tranche, as the country's authorities fulfilled only 17 of 21 preliminary conditions.

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