EU Provided Financial Aid to Ukraine

The European Commission on behalf of the EU has transferred €600 million macro-financial aid to Ukraine to ensure the country’s macro-financial stability under the coronavirus pandemic. The European Commission press service reports about this.

“Ukraine remains one of the main topics on the European agenda. It is a neighbouring country, and it belongs to Europe. We seek to offer political, financial and technical support, especially during the crisis in response to the COVID-19 pandemic and the social and economic consequences. This first tranche of €600 million of emergent macro-financial aid confirms the EU’s solidarity with Ukraine and our further close cooperation,” said Executive Vice President of the European Commission Valdis Dombrovskis.

It was noted that the tranche was provided after the Memorandum of Understanding approval this summer and its ratification in mid-September. Ukraine’s commitment resumption to continue cooperation under the IMF program during recent weeks also influenced this decision a lot. Besides, Ukraine’s adherence to a political program pre-agreed with the European Union has impacted it.

At the same time, the President of Ukraine Volodymyr Zelensky expressed great gratitude to the European Union for the aid.

“I am deeply grateful to our partners in the EU and personally to the President of the European Commission Ursula von der Leyen and the Executive Vice President Valdis Dombrovskis for their special contribution and support to our country in difficult times. This gesture of assistance is another manifestation of the European partners’ solidarity with Ukraine and support of our efforts to implement further reforms,” the President stressed.

It is noted that the Ukrainian government is determined to continue reforms to implement European standards in all the spheres of life, strengthen the economy and improve Ukrainians’ well-being.

Besides, on Thursday, 9 December, it became known that the Government of Ukraine has concluded loan agreements with the European Investment Bank (EIB), which amounted to 640 million euros in total for the implementation of priority projects in the infrastructure and transport field.

About this Prime Minister of Ukraine Denis Shmygal reported.

According to him, the funds are to be addressed to priority projects in the infrastructure and transport fields, in particular:

– € 340 Million to rebuild infrastructure and improve living and doing business in conflict-affected regions in eastern Ukraine;

– € 200 Million to improve the quality and reliability of public transport in almost 20 cities in Ukraine;

– € 100 Million for 183 km of road modernisation in the Luhansk region.

Bohdan Marusyak