REUTERS
Under the MFA program, Ukraine has undertaken to fight against corruption, raise the quality of public administration and improve the tax system.
Ukraine's Finance Ministry says it has received the European Union's first tranche worth EUR 500 million under the fourth Macro-Financial Assistance (MFA) program and the funds will be transferred to the national budget to ensure the implementation of structural reforms.
The European Commission lent Ukraine the funds at an interest rate of 1.25% per annum, the loan is to be repaid in April 2033, the ministry said on its website.
Under the MFA program, Ukraine has undertaken to fight against corruption, raise the quality of public administration and improve the tax system, carry out reforms in the energy sector, social policy and corporate governance at state enterprises, and reform of the public financial management system, it said.
Read alsoUkraine, EU sign memorandum on EUR 1 bln in macro-financial assistance
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.