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EU proposes 500m euros to aid Ukraine

(Xinhua)
Updated: 2009-10-31 05:09

BRUSSELS: The European Commission (EC) proposed on Friday to provide macro-financial assistance (MFA) to Ukraine in the form of a loan of up to 500 million euros ($740 million).

It would support a previous adjustment program agreed by the Ukrainian government with the International Monetary Fund (IMF) to help the country cope with the global crisis, the EC said in a press release.

The assistance is planned to be provided in two installments, after policy conditions are respected as agreed under MFA conditions.

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The EU already provides Ukraine with financial resources in the form of budget support program financed under the European Neighborhood and Partnership Instrument.

The new proposed financing will complement the already existing funds allocated by the EU.

MFA is an exceptional EU crisis response instrument available to EU neighbors. It is conditional and complements assistance by the IMF.

These loans are financed through EU borrowing on the market. The money is lent with similar financial terms. MFA grants are financed under the European Union's budget.