October 3, the Parties completed the signing of the Memorandum of Understanding and the Credit Agreement between Ukraine and the European Union regarding our state’s receipt of exceptional EU Macro-Financial Assistance in the amount of EUR 5 billion.
From the Ukrainian side, the mentioned agreements were signed by the Minister of Finance of Ukraine Sergii Marchenko and the Governor of the National Bank of Ukraine Kyrylo Shevchenko, and from the EU – by the Executive Vice President of the European Commission Valdis Dombrovskis.
Based on the signed contracts, Ukraine will be able to receive the first part of the loan in mid-October, and the next two parts – later, by the end of 2022.
Funds received in the form of a concessional long-term EU loan will be used to finance the priority needs of the state budget.
“We highly value the cooperation with the European Union and the unconditional and sincere support for the Ukrainian people in this difficult period. EUR 5 billion of EU Macro-Financial Assistance will help support economic stability in the country and to a large extent ensure the financing of priority budget expenditures,” said Minister of Finance of Ukraine Sergii Marchenko.
On September 7, 2022, the European Commission announced the decision to allocate additional financial support resources to Ukraine by introducing a new (eighth) EU Macro-Financial Assistance program to the tune of EUR 5 billion. Subsequently, the European Parliament and the Council of the European Union supported this decision.