European Union allocates €1 billion of macro-financial support to Ukraine

The European Commission approved the proposal to provide new macro-financial assistance to Ukraine in the amount of €1 billion, said European Commission (EC) representative Alexander Winterstein at a press conference in Brussels.

"The European Commission approved the proposal for a new macro-financial support program for Ukraine in the volume of €1 billion to support reforms," he said.

As stated in the statement of the European Commission, this decision was followed by a corresponding request from the authorities of Ukraine, as well as direct negotiations between the head of the European Commission Jean-Claude Juncker and the President of Ukraine Pyotr Poroshenko. All tranches within the framework of the proposed program, including the first one, will be based on the conditions for the implementation of reforms, stresses the EC.

"As stated in the Memorandum of Understanding, they (conditions - ed.) will take into account the measures that remain unfulfilled in the previous macro-financial program, and will also include measures to strengthen the fight against corruption," the EC explains.

Brussels recognizes the significant efforts of Kiev in carrying out reforms in the country in recent years, but stresses that expects from Ukraine more progress in a number of areas. In particular, the EU requires great efforts in the fight against corruption, strengthening of citizens' trust and support for economic recovery and job creation in the country.

The decision of the European Commission to provide new macro-financial assistance to Ukraine should be approved by the EU Council and the European Parliament, after which the organization will be able to allocate Kiev the first tranche.

"Since the beginning of the crisis in 2014, the European Union has allocated €12.8 billion to support the reform process in Ukraine, including €2.8 billion through three macro-financial programs," the European Commission noted.

DONi News Agency