Photo from president.gov.ua
The funds are to be channeled into the country's national budget.
Ukrainian President Petro Poroshenko has signed a bill into law on the ratification of the Memorandum of Understanding and a loan agreement between Ukraine and the European Union on EUR 1 billion in macro-financial assistance to Ukraine.
Both documents were signed in Kyiv on September 14, 2018 as a follow-up to agreements reached between the Ukrainian president and the leaders of the EU institutions at the Eastern Partnership Summit in Brussels on November 23, 2017 and the 20th EU-Ukraine Summit in Kyiv on July 9, 2018, the presidential press service said.
The implementation of the Memorandum of Understanding and the loan agreement will allow Ukraine to raise additional financial resources of the EU in the amount of up to EUR 1 billion for subsequent transfer to the state budget.
A number of conditions agreed by the parties regarding the implementation of tax and customs policies, the fight against corruption, the launch of small-sized privatization, management of state-owned enterprises, and corporate governance in state banks and banking supervision, further reforms in the fields of energy, health and social protection need to be met for each of the two tranches of the EU's macro-financial assistance in the amount of up to EUR 500 million to arrive in Ukraine, the press service said.
As UNIAN reported earlier, the Verkhovna Rada on November 8 ratified a Memorandum of Understanding and an agreement between Ukraine and the EU on EUR 1 billion in macro-financial assistance.
Under the agreement, the assistance will be provided in two tranches of EUR 500 million after compliance with the conditions of a cooperation program with the International Monetary Fund and a positive assessment by the European Commission of the progress made in relation to macroeconomic and structural reforms.