European Commission endorses proposal for new macro-financial assistance for Ukraine worth €1 bln

This was reported by the press service of the European Commission on March 9.

"The European Commission has adopted a proposal for a new Macro-Financial Assistance (MFA) programme for Ukraine worth up to €1 billion to support economic stabilisation and structural reforms," the report reads.

Noted that today's proposal was submitted at the request of the Ukrainian leadership and direct discussions between European Commission President Jean-Claude Juncker and Ukraine's President Petro Poroshenko.

The new programme seeks to build on the progress made in supporting economic stabilisation and structural reforms under the three previous MFA operations.

"Today's proposal on the fourth Macro-Financial Assistance programme of €1 billion shows the EU's commitment to stand with the people of Ukraine. This solidarity must go hand-in-hand with a continued commitment from the Ukrainian authorities to an ambitious reform agenda to ensure a stable and prosperous Ukraine. We are counting on the European Parliament and Member States for their support for this important programme," Vice-President for the Euro and Social Dialogue Valdis Dombrovskis said.

The EU has so far pledged €12.8 billion to support the reform process in Ukraine, including €2.8 billion through three MFA programmes, since the onset of the crisis in 2014.