EU and Ukraine make progress in talks on terms for tranche of €90 billion loan

Ukraine and the European Union are continuing talks on a Memorandum of Understanding on macro-financial assistance to Kyiv under a €90 billion loan and are discussing the economic and political conditions for the release of the funds.

Source: Balazs Ujvari, spokesperson for the European Commission, in response to a query from a European Pravda correspondent

Details: The EU and Ukraine are still discussing the conditions for a budget tranche of the EU's €90 billion loan.

Ujvari told European Pravda that three documents still need to be finalised, and the Memorandum of Understanding on macro-financial assistance for Ukraine is the most advanced. He added that the sides have yet to reach agreement but have made significant progress.

The spokesperson said the Memorandum of Understanding underpinning the macro-financial assistance programme is based on three pillars: an agreed-upon programme with the IMF, which Ukraine already has, economic reforms and certain political conditions.

The talks with Ukraine are going very well, Ujvari added.

He said the European Commission needs a little more time and hopes to give the final green light on the matter very soon.

Background:

• It was reported earlier that Ukraine must implement a number of reforms related to the rule of law and anti-corruption efforts in order to receive part of the budget support from the EU's €90 billion loan.
• European Pravda sources say these requirements will be based on elements of a plan known informally as the "10 points of Kachka-Kos", one of which provides for the adoption of an Anti-Corruption Strategy. The reforms concern the rule of law and anti-corruption measures, where Ukraine is currently not showing sufficient progress.

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