Ukraine signed deals with the European Union (EU) to secure up to 35 billion euros (about 36.7 billion U.S. dollars) in Macro-Financial Assistance (MFA), the Ukrainian Finance Ministry announced Wednesday.

The Memorandum of Understanding and a Loan Agreement were inked by Ukraine's National Bank chairman Andriy Pyshnyy, Finance Minister Sergii Marchenko, and European Commission Vice-President Valdis Dombrovskis.

Under the agreements, the funds will be provided as loans under the Group of Seven's Extraordinary Revenue Acceleration Loans for Ukraine, backed by the future revenues from frozen Russian sovereign assets in the EU.

The ministry emphasized that Ukraine will not use domestic resources to repay the loan.

"It is expected that all MFA funds for Ukraine will be on a non-repayable basis," the ministry said in a statement.

To obtain the funds, Ukraine must meet 14 conditions, including reforms in macro-financial stability, state-owned enterprises, public administration, energy, rule of law, anti-corruption, and defense industry.

Since the start of the full-scale conflict with Russia, Ukraine has received around 40.5 billion dollars in budgetary support from the EU.

Related

Go to Forum >>0 Comment(s)