16:54 10.06.2020

Ukraine gets EUR 500 mln macro-financial assistance from EU

1 min read
Ukraine gets EUR 500 mln macro-financial assistance from EU

The European Commission, after the approval by the IMF Executive Board of a new Stand-By Arrangement for Ukraine on the night of June 10, has provided Kyiv with EUR 500 million in the framework of the fourth macro-financial assistance, Prime Minister of Ukraine Denys Shmyhal has said.

"We are grateful to the EU for the positive assessment of the process of implementing reforms in Ukraine. The funds received will strengthen the economy against the backdrop of the global crisis," he said on Twitter.

Earlier that day, Finance Minister Serhiy Marchenko noted that the availability of the new IMF program opens up opportunities for the government to receive funding from other partners.

"In particular, from the World Bank according to the formula $700 million plus $300 million, macro-financial assistance from the EU in the amount of EUR 1.7 billion (EUR 500 million plus EUR 1.2 billion)," the minister said.

After the allocation of the indicated EUR 500 million by the European Commission, the total EU assistance to Ukraine in the form of macro-financial assistance loans has reached EUR 3.8 billion since 2014. This is the largest amount of macro-financial assistance that the EU has allocated to any one partner country.

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