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Sunday 28.05.2017 | Name days: Vilhelms, Vilis

EC provides Ukraine a loan of EUR 600 million

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUOn Wednesday, 22 July, European Commission provided Ukraine a loan of EUR 600 million on behalf of the European Union. This is the first payment in the new macro finance assistance programme that is set to provide a total of EUR 1.8 billion.

This programme is meant to provide Ukraine urgent financial assistance in order to stabilize the country’s economy. EU’s financial assistance will allow the Ukrainian government to carry out important reforms in areas like state finance supervision, administration and openness, energy sector, social security, business environment and financial sector. In support of the Ukrainian government’s plans to carry out reforms in the aforementioned areas, the EU wishes to help Ukraine make preparations in order for the country to return to stable economic growth, as reported by EC Latvian office.

«Today’s payment proves EU’s duty to assist Ukraine in these hard times. The EU is happy to assist brave reform plans with this payment. I am confident reforms will help Ukraine use its opportunities to achieve rapid and sustainable economic growth, which will surely benefit all Ukrainian residents,» – comments EU Commissioner for Euro and Social Dialogue Valdis Dombrovskis.

Macro finance assistance is part of EU’s efforts to cooperate with neighbours. This programme is meant to serve as an instrument for emergencies when neighbouring countries are faced with serious payment balance problems. EU also provides support to Ukraine in the form of more beneficial trade conditions, humanitarian aid, assistance with development and finances for reforms using the EU budget.

Since the beginning of the crisis in 2014, Ukraine has received a total of EUR 2.21 billion from the EU: EUR 610 million was paid as part of the first macro finance assistance programme and another billion – in the second programme. In addition to the latest loan, Ukraine will be able to receive another EUR 1.2 billion as part of the current programme if the country is successful with its reforms.

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