Business news from Ukraine

EC PAYS UKRAINE SECOND TRANCHE OF MACRO-FINANCIAL ASSISTANCE IN AMOUNT OF EUR600 MLN

The European Commission has sent Ukraine the second tranche of macro-financial assistance in the amount of EUR600 million under the emergency assistance program, said EC President Ursula von der Leyen.
“Today we paid Ukraine a new tranche of macro-financial assistance in the amount of EUR600 million,” she wrote on Twitter on Friday.
“We have also offered an additional loan of EUR9 billion for Ukraine in 2022,” added von der Läen.
She also noted that the EU will work on a platform for the renewal of Ukraine.
The EU Council was reported to have expeditiously approved a € 1.2 billion macro-financial assistance package in February this year, with two disbursements of the first tranche of € 300 million in March.

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PRESIDENT OF EUROPEAN COMMISSION ANNOUNCES INTENTION TO ALLOCATE NEW MACRO-FINANCIAL ASSISTANCE TO UKRAINE IN AMOUNT OF UP TO 9 BLN EUROS

President of the European Commission Ursula von der Leyen announces her intention to allocate new macro-financial assistance to Ukraine in 2022 in the amount of up to 9 billion euros.
“We offer Ukraine a new exceptional macro-financial assistance of up to 9 billion euros in 2022,” she said on Wednesday in Brussels.
According to the president of the European Commission, these funds will be allocated for the short term for “existing needs, to support the government, the state budget.”

FIRST TRANCHE OF EUROPEAN MACRO-FINANCIAL ASSISTANCE TO ARRIVE THIS YEAR – FM

A first tranche of the macro-financial assistance of the European Union (EU) will arrive in Ukraine this year, Ukrainian Foreign Minister Pavlo Klimkin has said. “Of course, we are speaking about this year,” the minister said in Kyiv on Wednesday, asked about the terms of the first disbursement of the EU’s macro-financial assistance. He recalled that in coming days a memorandum of understanding under the programme, foreseeing in particular the conditions for the provision of a loan, will be signed. Klimkin declined to specify the details.
As reported, Vice President of the European Commission in charge of the Euro, Social Dialogue, Financial Stability, Financial Services and Capital Markets Union Valdis Dombrovskis on September 13-14 will visit Ukraine, where he will take part in signing a memorandum of understanding, in which the terms of the fourth EU macro-financial assistance programme for Ukraine (MFA IV) for EUR1 billion will be fixed.
According to materials published by the EU early July 2018, the proposed MFA would be made available for two and a half years, starting from the first day after the entry into force of the memorandum of understanding. In addition, the planned size of the two tranches is to be outlined in the document.
Since May 2014 Ukraine has received EUR 2.81 billion of macro-financial assistance from the EU. The third tranche of EUR 600 million under the MFA was annulled on January 18, 2018, as the country failed to meet the conditions.
Following its technical mission of November 2017, the International Monetary Fund (IMF) revised its estimates of Ukraine’s external financing needs, identifying an additional gap of $4.5 billion for 2018 and 2019.

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