Extraordinary macro-financial assistance of 1.2 billion euros in the form of loans to strengthen stability in Ukraine was approved today by the EU Council.
EU countries approved the Commission proposal within 21 days, the Council said in a statement. “The EU has moved rapidly to this financial aid to Ukraine, as the current geopolitical tensions are having a negative impact on Ukraine’s economic and financial stability. Persistent security threats have already caused a significant outflow of funds. Ukraine is losing access to international “due to increased geopolitical uncertainty and its impact on the economic situation,” the statement said.
French Finance Minister Bruno Lemerre said: “The EU has acted swiftly and decisively to help Ukraine. In 21 days we have completed the necessary work, which means that € 1.2 billion in macro-financial assistance can now reach Ukraine. ”
The financial assistance to Ukraine will last 12 months and will consist of two disbursements:
The release of the first tranche, subject to the political condition and the satisfactory implementation of the IMF program, will take place immediately after the approval of this proposal, with the entry into force of the Memorandum of Understanding (MoU) for specific structural policy measures and will be agreed between of the European Commission on behalf of the EU and Ukraine.
The disbursement of the second tranche will be linked to the continued satisfactory implementation of both an IMF program and the policy measures agreed in the Memorandum. The Memorandum of Understanding, which supports this urgent macro-financial assistance operation, is likely to focus on a limited number of feasible, short-term policy actions in the most urgent priority areas, such as strengthening financial resilience and stability; energy.
SOURCE: AMPE
Source: Capital
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