16:03 18.06.2015

Ukraine to get first EUR 600 mln tranche of EU micro-financial aid in few weeks – EU Commissioner Hahn

2 min read
Ukraine to get first EUR 600 mln tranche of EU micro-financial aid in few weeks – EU Commissioner Hahn

Commissioner for Enlargement and European Neighborhood Policy of the European Union Johannes Hahn believes that the EU will be able to provide Ukraine with the first tranche of EUR 600 million as part of the third macro-financial assistance package in a few weeks.

"There should also be support with the money, so that this difficult situation, in which the country (Ukraine) has found itself, could be resolved. That is why I am pleased that the Verkhovna Rada ratified the third package of macro-financial assistance to Ukraine which totals EUR1.8 billion. I'm pretty sure that in a few weeks we will be able to provide Ukraine with the first tranche of this package in the amount of EUR 600 million," he said at a joint press conference with the President of Ukraine Petro Poroshenko in Kyiv on Thursday.

As reported, Ukraine and the European Commission (EC) signed a memorandum of understanding on the new (third) package of macro-financial assistance from the EU worth EUR 1.8 billion in Riga on May 22. This MFA program was approved by the European Parliament and the European Council on April 15, 2015. The National Bank of Ukraine said at the time that the third package funds would be disbursed in three tranches: two tranches of EUR 600 million each this year, and another EUR 600 million next year.

Kyiv expects to receive the first tranche of this macro-financial aid from the EU in the latter half of June 2015, after the Ukrainian parliament ratifies the relevant agreement and the Board of Directors of the IMF approves the results of the first review of the IMF Extended Fund Facility (EFF) program. The Ukrainian parliament ratified the memorandum on June 18 and the decision of the IMF Board of Directors on the provision of the second tranche of $1.7 billion under the EFF is expected in July.

The first program of the EU macro-financial aid for Ukraine worth EUR 610 was approved in the spring of 2014 and was provided to Kyiv in three tranches in the period from May 2014 until April 2015.

The second MFA program for Ukraine, which totals EUR 1 billion, was also disbursed in 2014: a first disbursement of EUR 500 million took place on June 17, 2014, and the second tranche was paid on December 3, 2014.

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