15:55 09.03.2018

European Commission approves new EUR 1 bln assistance program for Ukraine

European Commission approves new EUR 1 bln assistance program for Ukraine

The European Commission has adopted a proposal for a new macro-financial assistance (MFA) program for Ukraine worth up to EUR 1 billion to support economic stabilization and structural reforms.

According to the website of the European Commission, this will be the fourth macro-financial assistance program for Ukraine, which is subject to approval by the European Parliament and the Council of the European Union.

"Today's proposal follows a request from the Ukrainian authorities and direct discussions between Commission President Jean-Claude Juncker and Ukraine's President Petro Poroshenko. The new program seeks to build on the progress made in supporting economic stabilization and structural reforms under the three previous MFA operations," the European Commission said in a report posted on Friday.

European Commission Vice-President Valdis Dombrovskis said that Friday's proposal on the fourth Macro-Financial Assistance program shows the EU's commitment to stand with the people of Ukraine.

He also said the Commission is counting on the European Parliament and Member States for their support for this program.

The Commission said that the disbursements under this program would depend on the implementation of reforms in Ukraine.

"All disbursements under the proposed program, including the first, would be conditional on the implementation of reform measures designed to address vulnerabilities identified in the Ukrainian economy. Established in a Memorandum of Understanding, they would take into account measures that remain outstanding from the previous MFA program and include steps to intensify the fight against corruption," the European Commission said.

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