President of the European Parliament approves allocation of 1 billion euro for Ukraine
President of the European Parliament Antonio Tajani signed the decision to allocate one billion euro of macro-financial assistance for Ukraine. This was stated by the representative of Ukraine to the European Union, Mykola Tochytskyi.
"Decision of the EP and the Council providing the Macro-financial assistance to Ukraine amounting 1bn EUR has been signed today by President Tajani and Austrian Presidency on the eve of 20th UA-EU Summit. Thanks a lot for the support to all friends of Ukraine in the EU!!” he wrote on Twitter.
On May 29, the Committee of the Permanent Representatives of the Governments of the Member States to the European Union or COREPE supported the financial assistance to Ukraine. It was later supported by the European Parliament on June 13 and finally approved by the EU Council on June 26.
The European Union’s assistance package will be given in two payments within two and a half years if there is demonstrable success in combating corruption. The loan is intended to support economic stabilization and the program of structural reforms provided by the International Monetary Fund and other donors. The assistance hinges on progress in combating corruption, especially the establishment of the Anti-Corruption Court, and on the implementation of the IMF program.
The first 500-million-euro tranche will be possible in September if the IMF credit assistance program is resumed.