REUTERS
The European Parliament’s trade committee has decided to approve a European Commission proposal to extend EU macro-financial assistance to Ukraine worth a total of EUR 1.8 billion, according to a report from the Parliament on a meeting of the Committee on International Trade held on Thursday, March 19.
According to the report, published on the Web site of the European Parliament, the committee approved with 30 votes the proposal of the European Commission, without making any amendments.
"These additional funds could be an important part of the assistance to Ukraine within the framework of a new package of international support," Gabrielius Landsbergis, a Lithuanian MEP of the European People’s Party, said at a meeting, the press service reported.
"The economic downturn and the outflow of capital from Ukraine was more serious than it was expected as a result of a sharp devaluation of the national currency and the depletion of international reserves. In addition, Ukraine has lost access to the international capital market," Landsbergis said.
According to the report, the credits will be granted up to 15 years - if economic reforms take place in Ukraine.
As UNIAN reported earlier, on March 11 the key creditor of Ukraine, the International Monetary Fund, approved a medium-term program of financial assistance for Ukraine designed for four years under the Enhanced Extended Fund Facility (EFF) and worth a total of $17.5 billion.
The new program will stabilize the balance of payments and provide more funding under the best and most flexible terms for Ukraine.
In addition, according to IMF Managing Director Christine Lagarde, the reform program will open to Ukraine an access to a common package of financial assistance of up to $40 billion within the next four years.
In addition, the Ukrainian government will be able to consult on debt restructuring with its creditors – the holders of the sovereign bonds of the country. The amount of restructured debt could reach $15 billion.