Parliament ratifies memorandum and loan agreement on EU’s macro-financial assistance

Parliament ratifies memorandum and loan agreement on EU’s macro-financial assistance

The Verkhovna Rada of Ukraine has passed a law on ratification of the Memorandum of Understanding between Ukraine and the European Union and the Loan Agreement between Ukraine and the EU on the provision of EUR 1.2 billion macro-financial assistance from the European Union.

As an Ukrinform correspondent reports, 248 lawmakers supported the decision to adopt the corresponding bill No. 0063.

"Due to the negative financial and economic consequences of the spread of COVID‑19 disease caused by severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2), the European Parliament and the Council made a final decision on 25 May 2020 to provide macro-financial (loan) assistance to the European Neighborhood Policy countries, in particular Ukraine, to support their efforts to overcome the consequences of the crisis caused by the spread of COVID-19," reads the explanatory note to the bill.

This decision opened a possibility for Ukraine to receive preferential loans worth EUR 1.2 billion within the framework of the new EU macro-financial assistance program (MFA). This assistance will be available to Ukraine after the parties sign the Memorandum of Understanding and the Loan Agreement and ratify the documents.


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