On 30 November, the European Commission, on behalf of the EU, approved the disbursement of the first €500 million of the new Macro-Financial Assistance (MFA) programme to Ukraine.
With this disbursement, the total MFA extended to Ukraine by the EU since 2014 will reach €3.3 billion, the largest amount of such assistance directed at any non-EU country.
Valdis Dombrovskis, Commission Vice-President responsible for the Euro and Social Dialogue who is also in charge of Financial Stability, Financial Services and Capital Markets Union, said: “The European Union has shown constant political and financial support to Ukraine. Today's European Commission decision on disbursement comes at a crucial moment when Ukraine and its people face a new aggression from Russia and need to see solidarity from international partners. Such aggressive behaviour is not acceptable in today's Europe.”
Pierre Moscovici, Commissioner in charge of Economic and Financial Affairs, Taxation and Customs, added: “Ukraine has fulfilled the policy commitments agreed with the EU for the release of the first payment under the Macro-Financial Assistance programme. This is an important and encouraging signal that Ukraine continues to deliver on reforms despite the current security environment and the upcoming electoral cycle.”
Under the new MFA programme approved by the European Parliament and the Council in July 2018, up to €1 billion is available to Ukraine. The programme helps Ukraine cover its financing needs and supports the implementation of a wide-ranging structural reform agenda. The MFA funds are available in the form of low-interest long-term loans, conditional on the implementation of specific policy measures agreed in the Memorandum of Understanding.
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