Despite Ukraine Not Fulfilling the Requirements, The EU Is Ready to Hand Over Another €1 Billion Loan

Translated by Ollie Richardson

14:46:39
01/03/2018

newsmir.info

The European Commission is ready to offer Ukraine a new package of macro-financial aid to the sum of €1 billion, despite Ukraine’s incomplete implementation of the requirements of the previous program.

This was stated by the Vice President of the European Commission Valdis Dombrovskis, reports Radio Svoboda.

According to him, the European Commission is ready to finally coordinate an aid package for Ukraine next week.

According to him, this issue was already discussed by the European Commission last year when the previous program ended.

“We couldn’t give the last tranche of €600 million, since all the conditions weren’t satisfied. Therefore, we prepared one more program of macro-financial aid to the sum of €1 billion – two tranches, €500 million each,” said Dombrovskis.

He noted that now the European Commission has started all the necessary procedures and is ready to finally coordinate an aid package with Ukraine next week. Dombrovskis predicts the beginning of the financial help in the early autumn of 2018.

He also added that, according to the European Commission, in order to receive the first tranche Ukraine must satisfy the conditions that haven’t yet been satisfied within the framework of the previous program.

It should be noted that earlier the Minister of Finance Aleksandr Danilyuk announced new macro-financial aid from the EU.

As a reminder, in March 16, 2017, the European Commission approved the allocation of €600 million of macro-financial aid to Ukraine. Brussels, in particular, expected that Kiev would immediately adopt a Law on the cancellation of the ban on the export of wood.

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In December the European Commission refused to give €600 million of macro-financial aid to Ukraine, since the latter didn’t satisfy a number of indispensable conditions: the removal of the ban on the export of round-wood timber, launching the automatic verification of electronic declarations, adopting the Law on credit register of the National Bank and the verification of information on beneficiaries of owners of companies.

On December 13th of last year Ukraine submitted a new application for receiving new macro-financial aid from the EU.

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