EU announced its readiness to provide €1.2 billion in aid to Ukraine

The European Union is ready to provide Ukraine with €1.2 billion in macro-financial assistance, but to do so it has to meet the requirements of the International Monetary Fund (IMF), said on Tuesday, September 22, the EU representative for foreign affairs Joseph Borrel.

“We are also ready to provide €1.2 billion of macrofinancial assistance to help solve the problems associated with the economic downturn caused by the coronavirus pandemic, but for this Ukraine needs to work constructively with the IMF, as well as to meet all those requirements relating to strengthening the rule of law in Ukraine,” Josep Borrel said.

It became known on July 23 that the EU is going to provide €1.2 billion in aid to Ukraine.

It was noted that the amount will be divided into two tranches, which will be sent to the state budget of Ukraine. The first €600 million Ukraine will receive without additional conditions, the next €600 million will be approved by the European side, if Ukraine meets a number of conditions – in public finance management, governance and rule of law, competition in the gas market, improving the business climate, as well as in the implementation of sectoral reforms.

In all, since 2014, the European Union has issued €3.8 billion in loans to Kiev, the largest amount ever disbursed by the EU to a partner country.