“Today, the European Commission, on behalf of the EU, paid a loan of 500 million euros to Ukraine as part of the EU Macro-Financial Assistance facility for this country,” the statement reads.
Since May of this year, Ukraine has been issued 1.6 billion euros (almost $2 billion) within the frameworks of the European Union’s two macro-financial support programs.
According to the document, today's disbursement is the second and final tranche of the European Union’s 1 billion euro Macro-Financial Assistance (MFA II) program for Ukraine. The payment comes on top of the 860 million euros provided to Ukraine earlier this year within the frameworks of the European Union's two ongoing macro-financial support programs. The final tranche of 250 million euros is expected to be disbursed by spring 2015 under the European Union's MFA I program, provided that Kiev shows progress with its structural reforms.
"Europe is delivering on its commitment of solidarity to Ukraine. We are providing essential financial support at a time of extraordinary economic and social challenges for the Ukrainian people. In turn, it is vital the country maintain the momentum of reform so as to create the conditions for sustainable prosperity for all Ukrainians," EU Economic and Financial Affairs, Taxation and Customs Commissioner Pierre Moscovici was quoted as saying in the statement.
As a result of the ongoing political crisis in the country, Ukraine is currently on the verge of defaulting. Kiev authorities are trying to rescue the country's economy with international loans.
