16:54 11.12.2018

EU on Tuesday disburses EUR 500 mln of macrofinancial assistance to Ukraine

2 min read
EU on Tuesday disburses EUR 500 mln of macrofinancial assistance to Ukraine

The European Union (EU) will disburse a first tranche of the EU macrofinancial assistance in the amount of EUR 500 million to Ukraine, European Commission Vice-President for the Euro and Social Dialogue Valdis Dombrovskis has said.

"Today the EU disburses EUR 500 million of macro-financial assistance to Ukraine. The EU continues its strong engagement in Ukraine, and support for its people," he wrote in his Twitter microblog on Tuesday.

As reported, the European Commission on November 30, 2018 made a favorable decision on the provision of a first tranche of the fourth macrofinancial assistance of the EU to Ukraine in the amount of EUR 500 million.

According a report of the European Commission, Ukraine has fulfilled the policy commitments agreed with the EU for the release of the first payment under the programme.

These included important measures to step up the fight against corruption, improve transparency of company registers, enhance the predictability of the tax environment and strengthen the governance of state-owned enterprises. Ukraine has also agreed with the International Monetary Fund (IMF) on a new Stand-by Arrangement, which will replace its previous programme under the IMF's Extended Fund Facility, thus continuing the country's engagement with the IMF.

"The EU will continue working with the Ukrainian authorities on its reform agenda, including in those areas related to the next disbursement of the MFA programme. These include further measures in the fight against corruption, such as progress in making the High Anti-Corruption Court of Ukraine operational, public financial management, the continuation of reforms of the energy and banking sectors and reforms in the area of social policy," the commission said.

With this disbursement, the total macrofinancial assistance extended to Ukraine by the EU since 2014 will reach EUR 3.3 billion, the largest amount of such assistance directed at any non-EU country.

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