REUTERS
The program is designed for two and a half years with 15-year maturity period.
The decision by the European Union to provide Ukraine with EUR 1 billion in macro-financial assistance has come into force today, July 9.
The relevant decision on the entry into force was earlier published in the Official Journal of the European Union.
Following that, the Ukrainian government and the European Commission will have to conclude a memorandum specifying the conditions for receiving the assistance, after which it must be ratified by the Ukrainian parliament.
The program is designed for two and a half years with 15-year maturity period. The funds are expected to be provided within two tranches.
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As UNIAN reported earlier, on June 26, the EU Council approved the final decision to provide Ukraine with the third macro-financial assistance package totaling EUR 1 billion.
Assistance will be divided into tranches, each of which should be preceded by the fulfillment of certain conditions, in particular, respect for democratic mechanisms, the rule of law, and human rights, as well as the implementation of economic and financial reforms. The conditions will be set out in the Memorandum of Understanding between Ukraine and the European Commission.
Moreover, the macro-financial assistance will be allocated subject to progress in preventing corruption and implementing the IMF program.
Ukraine has received funding under the EU programs on macro-financial assistance since 2014. The first program in 2014 provided for the allocation of EUR 1.6 billion, while the second one in 2015 envisaged EUR 1.8 billion. In total, Ukraine received only EUR 2.81 billion, since the remaining EUR 600 million was not provided due to the government's unwillingness to lift the ban on timber exports.