Shmyhal thanks EU, Dombrovskis for EUR 500 mln in macro-financial assistance

Shmyhal thanks EU, Dombrovskis for EUR 500 mln in macro-financial assistance

Ukrainian Prime Minister Denys Shmyhal has thanked the European Union and Executive Vice-President of the European Commission Valdis Dombrovskis for the decision to provide Ukraine with a EUR 500 million loan under the fourth macro-financial assistance program.

Shmyhal wrote this on his Twitter account.

"I greatly appreciate EU support and European Commission Executive Vice-President Valdis Dombrovskis assistance in making a swift decision on the disbursement of EUR 500 mln as the 2nd tranche of the 4th Macro-Financial Assistance [program]. It will help in advancing reforms and Association Agreement implementation," Shmyhal wrote.

He added that was a strong signal of support for Ukraine's European integration reforms.

The European Union on May 29 announced the disbursement of a EUR 500 million loan to Ukraine as part of its fourth macro-financial assistance (MFA) program, under which the EU has now provided Ukraine with EUR 3.8 billion in MFA loans since 2014. The assistance is the largest amount of MFA the EU has disbursed to any single partner country, the statement said.

The disbursement of the second and last tranche of the MFA operation has become possible after Ukraine has implemented twelve policy actions agreed with the EU. They included important measures in the fields of fight against corruption and money laundering, public finance management, banking sector, energy, healthcare and social policies. Ukraine is also finalizing a new Stand-By Arrangement with the International Monetary Fund (IMF) and has implemented the associated prior actions.

MFA funds are made available in the form of low-interest, long-term loans. The first installment of EUR 500 million under the current program was released in December 2018, after the Ukrainian authorities fulfilled the associated policy conditions.

In March 2018, in response to Ukraine's request, the European Commission proposed a new MFA program for up to EUR 1 billion. This proposal was adopted by the European Parliament and the European Council in July 2018. The Memorandum of Understanding was signed by Ukraine and the European Commission, on behalf of the EU, in September 2018 and subsequently ratified by the Parliament of Ukraine.


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