"The EU's response in its readiness to support Ukraine by providing 1.2 billion euros in macro-financial assistance is unprecedentedly rapid. The first tranche will total 600 million euros. We hope to get it in late March or early April. Ukraine will receive the second tranche after short-term measures to implement structural reforms which are currently being worked on by the teams of the European Commission and the Ministry of Finance," Minister of Finance of Ukraine Serhiy Marchenko said during an hour of questions to the Government in the Verkhovna Rada, an Ukrinform correspondent reports.
On February 11, the Permanent Representatives Committee (COREPER) supported the European Commission's proposal to provide additional emergency macro-financial assistance to Ukraine to the tune of EUR 1.2 billion.
The EU provides new emergency macro-financial assistance to Ukraine in response to geopolitical tensions around the country which have had a detrimental effect on its economy and financial stability. Ongoing security threats posed by Russia have led to significant capital outflows and lost access to international capital markets.
The emergency macro-financial assistance is provided for a period of 12 months and will consist of two tranches.