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Agreements on 2-bln-USD aid to Ukraine inked during Riga Summit

Xinhua, May 22, 2015 Adjust font size:

Representatives of the European Commission and Ukraine signed agreements on the European Union's new 1.8 billion euro (2.0 billion U.S. dollars) financial aid package for Ukraine during the Eastern Partnership Summit here on Friday.

Valdis Dombrovskis, the European Commission's Vice President for the Euro and Social Dialogue, Ukrainian Finance Minister Natalie Jaresko, and Governor of the National Bank of Ukraine Valeriya Gontareva inked a memorandum of understanding and an agreement on the EU's third macro-financial assistance program for Ukraine.

Ukrainian President Petro Poroshenko was also present at the signing ceremony.

The agreement sets conditions for the release of another 1.8 billion euros to Ukraine. The memorandum of understanding outlines sweeping economic and structural reforms Ukraine is expected to carry out in six areas: public finances and administration, transparency, business environment, energy, social security and the financial sector.

The third macro-financial assistance program worth 1.8 billion euros was approved by the European Parliament and the Council on April 15, 2015. The aid will be paid out in three instalments, each worth 600 million euros. In return, Ukraine is expected to carry out reforms and strengthen its public administration.

Dombrovskis said at the signing ceremony that one of Europe's most important tasks today was to help Ukraine "achieve peace and turn this country into a modern, stable and prosperous economy. Structural reforms are tough even if they have to be carried out in good times," noting that the first 600 million euros would be disbursed as soon as the memorandum takes effect after its adoption by the Ukrainian parliament. Endit