EU Commission disburses a loan to Ukraine

Delegation Ukraine EU News

The European Commission, on behalf of the EU, today disbursed a loan of €250 million to Ukraine. This is the last disbursement under the first Macro-Financial Assistance (MFA) operation for Ukraine, which amounts to a total of €610 million.

The objective of the MFA programme is to address Ukraine's urgent financing needs, while supporting Ukraine's economic stabilisation and reform agenda. This MFA operation in Ukraine has supported in particular reforms in the areas of public finance management and anti-corruption, trade and taxation, the energy sector and the financial sector. MFA operations are part of the EU's wider engagement in
Eastern Europe and serve as an exceptional crisis-response instrument available to neighbouring countries.
Vice-President Valdis Dombrovskis, responsible for the Euro and Social Dialogue, said: "Europe stands together with Ukraine during these difficult times, both politically and financially. Ukraine is making great efforts to reform the country's economy and governance in order to strengthen its competitiveness and bring it closer to the EU's rules and values, while we support the country in its fight for independence and territorial integrity. The EU is also supporting Georgia through Macro-Financial Assistance to help the country develop its economy and strengthen its governance."
Pierre Moscovici, European Commissioner for Economic and Financial Affairs, Taxation and Customs said: "In these times of great political and economic challenges for Ukraine, Europe continues to stand by Ukraine with financial support. Our assistance helps to address Ukraine's urgent financing needs and will underpin its structural reform agenda. These reforms are essential in order to stabilise the Ukrainian economy and create the conditions for sustainable growth for all Ukrainians."
The European Commision raised the funding for today's disbursement on financial markets by a private placement on 14 April 2015. This was done through the issue of a €260 million amortising bond with a final maturity of 15 years, a 10-year grace period and a yield of 0.519%. Of these funds, €250 million have been lent on to Ukraine today on effectively the same terms, offering a long maturity at a very attractive interest rate.
The remaining €10 million have been used to finance an MFA loan to Georgia.

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