15:13 23.07.2020

Ukraine signs memorandum with EU on receiving macrofinancial aid of EUR 1.2 bln

1 min read
Ukraine signs memorandum with EU on receiving macrofinancial aid of EUR 1.2 bln

Ukraine signed a memorandum with the European Union of understanding and a loan agreement between Ukraine, the National Bank of Ukraine (NBU) and the EU on the country's receipt of macrofinancial assistance in the amount of EUR 1.2 billion.

On the Ukrainian side, the documents were signed by Finance Minister Serhiy Marchenko and NBU Governor Kyrylo Shevchenko.

According to Prime Minister Denys Shmyhal, the memorandum on the fifth macrofinancial assistance program provides for a 12-month period. The loan itself is issued for 15 years (until 2035), the interest for the use of funds is 0.125% per annum.

According to the prime minister, macrofinancial assistance will be spent in two areas: support for macrofinancial stability in Ukraine, continuation of structural reforms.

The first tranche of EUR600 million will be received by Ukraine immediately after the ratification of the memorandum by the parliament.

As for the conditions that Ukraine must fulfill in order to receive the second tranche, they are divided into four blocks.

The first one is public finance management. The second block is public administration and the rule of law. The third block is improving the business climate. The fourth block is sectoral reforms and state enterprises.

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