Macrofin Financial Assistance to Ukraine: EU has placed a condition

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The European Union will provide 1.2 billion euros in aid to Ukraine under the independence of the National Bank of Ukraine

Photo: internationaldirector.com

The independence of the National Bank of Ukraine is a common condition of the European Union for Ukraine’s provision of 1.2 billion euros of macro-financial support. It was said by the representative of the European Commission, the report DW.

Talks on specific political measures in the framework of the Macro-Financial Assistance Program for Ukraine continue. EU officials said, “The draft memorandum of consent, which is now being agreed, contains a general requirement for the loyalty of the Ukrainian authorities to the independence of the central bank.”

Brussels recalled that the observation of the independence of the regulator required all programs of the IMF.

The European Union provides extensive financial support to countries that have existing programs with the International Monetary Fund.

“The European Commission will wait to assess the IMF’s position,” the spokesman said.

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In May, the European Union finally approved a € 1.2 billion maximum financial aid program for Ukraine to counter the economic consequences of the coronovirus epidemic. Now the European Commission is negotiating a Memorandum of Understanding with the Cabinet of Ministers of Ukraine, after signing Kiev will be able to get the first installment of a loan of EUR 600 million.

Read: IMF Approves a Program for Ukraine: The Amount of Money Has Been Named

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