European Commission denies final tranche of financial assistance to Kiev

The European Commission cannot provide Ukraine with the last tranche of the loan from the macro-financial assistance programme, but does not exclude the possibility of developing a new similar support programme, the European Commission said.

The macro-financial assistance programme of the European Union with funding of 1.8 billion euros was approved for Ukraine in 2015. Of this amount, the country has already issued 1.2 billion euros, the EC recalls. The funds are allocated in exchange for the country's fulfillment of certain requirements, including the implementation of reforms. The programme ends in early January 2018.

Ukraine has fulfilled a significant part of the commitments agreed with the European Union in order to get the third and final tranche from this programme. However, a number of measures remained unfulfilled.

"Therefore, the European Commission is not in a position to transfer the last tranche from the current macro-financial support programme," the EC said in a release.

At the same time, "the European Commission is ready to assess the appropriateness of the successor programme" and, if necessary, "to submit a proposal for a new operation on macro-financial support in early 2018," the release said.

President of Ukraine Pyotr Poroshenko said earlier that on Friday he expected the announcement of the European Commission about a new programme of financial assistance to the country worth of 1.8 billion euros.

DONi News Agency