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14.09.2018 | 13:48

Ukraine and EU signed memorandum on macrofinancial aid

Ukraine and the European Commission signed memorandum of microfinancial aid at EUR 1 billion

On September 14, Valdis Dombrovskis, the European Commission’s Vice-President, Acting Finance Minister Oksana Markarova and NBU Governor Yakiv Smolii, signed a Memorandum of Understanding and a Loan Agreement for the fourth EU macro-financial assistance program at EUR 1 billion. The ceremony was attended by Ukraine’ President Petro Poroshenko and Prime Minister Volodymyr Groisman.

It was reported by the press service of the Ministry of Finance. 

Soon, the Ministry of Finance together with the Ministry of Foreign Affairs will provide the package of documents to President on the necessity to submit draft law on mentioned agreements ratification by the Parliament. 

"I'd like to express gratitude to the European party for operational efficiency and constructivity while implementing new program of macrofinancial aid from the EU to Ukraine," Acting Finance Minister Oksana Markarova said.

As to her, three preliminary programs of EUR 2.81 billion macrofinancial aid from the EU supported the financial system of the state and promoted reforms in Ukraine. The signing of Memorandum of Understanding and a Loan Agreement is the extremely important step to support macroeconomic stability. 

Tranches of macrofinancial aid will be uniformly distributed, per each EUR 500 million. 

The first tranche is expected in Ukraine in autumn after all internal official procedures will be finished. 

The second tranche shall be allocated to Ukraine in spring 2019. The tranche will be disbursed after assessment of measures taken by Ukraine to reform the respective sectors of the state policy. 

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