The European Union is in no rush to allocate 1.2 billion euros to Ukraine

The EU promised macro-financial assistance to Ukraine in May, but the money has not been delivered so far. Waiting for IMF actions.

The European Union is ready to grant Ukraine a loan of 1.2 billion euros, but only after Kiev fulfills the conditions of cooperation with the IMF. This was announced on Tuesday, September 22, during a joint briefing with the Minister of Foreign Affairs of Ukraine, Dmytro Kuleba, in charge of the EU diplomat, Josep Borrell.

He recalled that the EU allocated 200 million euros in aid to Ukraine to fight the pandemic.

“We are also ready to provide $ 1.2 billion in macro-financial assistance to help address the economic recession that was caused by the coronavirus pandemic,” Borrell said.

At the same time, he clarified that for this Ukraine needs to “interact constructively with the International Monetary Fund and also comply with all those requirements related to strengthening the rule of law in Ukraine.”

We recall, Ukraine and the EU signed a memorandum on a new macro-financial assistance program amounting to 1.2 billion euros on 23 July. The program is designed for 12 months.

At the same time, the European Union finally approved the program for Ukraine on May 20. Then it was also noted that Kiev will receive this money only in cooperation with the IMF.

Note that the Ukrainian authorities expect the second tranche from the IMF by the end of the year, presumably in December.

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