Today, the European Commission has announced its decision to grant Ukraine the first tranche of the 4th macro-financial aid program equal to EUR 500 million. This sum will be transferred to Ukraine in the middle of December.
To receive macro-financial aid, Ukraine must meet requirements set by the European Union. They include reforms in a number of sectors of the Ukrainian economy as well as reforms in public governance ranging from public finance management to the reform of the energy sector and the tax system.
“The European Union helps Ukraine implement reforms that are crucial for our further development and sustainable economic growth. The Ministry of Finance appreciates this support and today’s decision of the European Commission. It demonstrates that the progress Ukraine has made is visible to our international partners. Our task is to make the positive effect of reforms visible for every citizen of Ukraine”, said Minister of Finance of Ukraine Oksana Markarova.
The European Union provides macro-financial aid as loans. The exact interest rate for the trance will become known, after the European Commission has received the necessary amount on the international capital market, but it will not exceed 2%. The macro-financial aid will be transferred to the state budget of Ukraine.