The Verkhovna Rada on May 20 ratified a memorandum of understanding between Ukraine as a borrower and the European Union as a lender about Ukraine's getting the EU macro-financial assistance of one billion euros.
According to an Interfax-Ukraine correspondent, some 229 lawmakers, with the quorum being 226 votes, supported the relevant law.
According to the memorandum, Ukraine, which resumed work under a new
Stand-By Arrangement with the International Monetary Fund (IMF), could
receive the first tranche of the aid worth 500 million euros in the near
future.
“Given the substantial budgetary need for funding the country is
facing, proceeds from the loan could be used to finance the budget of
Ukraine,” reads the document.
The second tranche of 500 million euros could be issued not earlier than
three months under the condition of successful cooperation with the IMF
under the Stand-By Arrangement and the implementation of structural
reforms. They, in particular, include improving public procurement,
budget transparency and that of Naftogaz Ukrainy, fighting against
corruption, and VAT refunds.
