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Commission proposes ˆ500 million macro-financial assistance to Ukraine
2 November 2009
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The European Commission has proposed to the Council to provide macro-financial assistance to Ukraine, in the form of a loan of up to ˆ500 million. The assistance would support implementation of the adjustment programme agreed by the Ukrainian government with the International Monetary Fund to help the country through the global crisis.
The Commission adopted on 29 October a draft decision recommending to the Council to provide macro-financial assistance (MFA) in the form of a loan of ˆ500 million. The assistance is planned to be provided in two instalments, after policy conditions are respected. The assistance supports, and is conditional on the respect of the adjustment programme agreed between Ukraine and the IMF. It complements the latter's financial assistance to the country. The European Parliament is consulted.
The proposed financing will complement the financial resources provided by the EU, in the form of budget support programmes financed under the European Neighbourhood and Partnership Instrument.
The global economic crisis has affected Ukraine since the middle of 2008. As the country's economic activity and external situation started to deteriorate, Ukraine agreed a USD 16.5 billion Stand-By Arrangement programme with the IMF in November 2008.
Other international donors like the World Bank and the European Bank for Reconstruction and Development support Ukraine's economic adjustment effort.
MFA is an exceptional EU crisis response instrument available to EU neighbours. It is conditional and complements assistance by the IMF. The IMF capacity to help countries with financial difficulties is being considerably increased by EU Member States and other IMF members. The EU recently committed to provide ˆ125 billion to the IMF, which is 35% of the increase in the IMF's lending capacity from USD 250 billion to USD 750 billion.
MFA loans are financed through EU borrowing on the market. The money is lent with similar financial terms. MFA grants are financed under the European Union's budget
The Commission adopted on 29 October a draft decision recommending to the Council to provide macro-financial assistance (MFA) in the form of a loan of ˆ500 million. The assistance is planned to be provided in two instalments, after policy conditions are respected. The assistance supports, and is conditional on the respect of the adjustment programme agreed between Ukraine and the IMF. It complements the latter's financial assistance to the country. The European Parliament is consulted.
The proposed financing will complement the financial resources provided by the EU, in the form of budget support programmes financed under the European Neighbourhood and Partnership Instrument.
The global economic crisis has affected Ukraine since the middle of 2008. As the country's economic activity and external situation started to deteriorate, Ukraine agreed a USD 16.5 billion Stand-By Arrangement programme with the IMF in November 2008.
Other international donors like the World Bank and the European Bank for Reconstruction and Development support Ukraine's economic adjustment effort.
MFA is an exceptional EU crisis response instrument available to EU neighbours. It is conditional and complements assistance by the IMF. The IMF capacity to help countries with financial difficulties is being considerably increased by EU Member States and other IMF members. The EU recently committed to provide ˆ125 billion to the IMF, which is 35% of the increase in the IMF's lending capacity from USD 250 billion to USD 750 billion.
MFA loans are financed through EU borrowing on the market. The money is lent with similar financial terms. MFA grants are financed under the European Union's budget
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