MEPs Endorse EUR 1.8 B Aid Package for Ukraine

World » EU | March 25, 2015, Wednesday // 21:38
Bulgaria: MEPs Endorse EUR 1.8 B Aid Package for Ukraine A general view of the plenary session of the European Parliament in Brussels, Belgium, 25 March 2015. Photo EPA/BGNES

The European Parliament on Wednesday approved EUR 1.8 B in fresh financial aid for Ukraine.

"This financial assistance package will be used in order to balance the budget and help Ukraine sustain its economy, to repay the debts that are due this year," rapporteur Gabrielius Landsbergis commented ahead of the vote.

According to Landsbergis, a Lithuanian centre-right MEP, Ukraine could receive EUR 600 M from the package in early summer.

The package is in the form of medium-term loans with a maximum maturity of 15 years. It is aimed at helping Ukraine’s economy out of its recession and hinges upon implementation of economic reforms by the government in Kiev.

The reform agenda, to be agreed between Ukraine’s government and the European Commission, should also include commitments to increase the transparency of the judiciary and tackle corruption.

The loans, of which two thirds could be disbursed by the end of 2015, will top up financial aid from other donors under an economic programme put together by the International Monetary Fund.

The governments of EU member states have yet to approve the aid package, which is the largest macrofinancial assistance ever granted by the EU to a country outside the 28-member bloc.

 

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Tags: European parliament, Ukraine, Gabrielius Landsbergis, EU Commission, International Monetary Fund, EU

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