Ukraine received the second tranche of macro-financial assistance from the European Union in the amount of 600 million euros. The funds will be used to finance state budget expenditures and reduce the negative effects of the COVID-19 pandemic on the economy.
“Following the results of the 23rd Ukraine-EU summit, 600 million euros of macro-financial assistance were received from the European Union today” – Volodymyr Zelenskyy wrote on Twitter.
According to Prime Minister Denis Shmygal, the 600 million-euros tranche from the EU is an evidence of positive assessment of reforms in Ukraine.
“Our effective cooperation with the EU, the IMF, the World Bank and other international partners allows us to implement ambitious projects and continue large-scale modernization of Ukraine to grow the economy and support citizens” – said Denis Shmygal.
In order to receive macro-financial assistance, Ukraine has fulfilled its commitments to implement structural reforms, in particular in the area of public financial management; good governance and the rule of law; improving the business climate, etc.
A memorandum of understanding on the implementation of the “exclusive” fifth macro-financial assistance program of up to 1.2 billion euros was signed between Ukraine and the European Union in July 2020. Ukraine received the first tranche of 600 million euros in December last year.
To remind, on September 15, the European Commission approved the allocation of the second tranche of macro-financial assistance to Ukraine in the amount of 600 million euros.