The European Commission disbursed a first loan of €100 million to Ukraine on Tuesday. It is the first tranche of a 1.6 billion euro package that the EU pledged last month to help Kiev's struggling economy.
Commissioner Siim Kallas, who is in Kiev for a meeting with the Ukrainian government, said that the EU is 'fully committed' to helping Ukraine.
“The key message I have come to convey today is that the European Union is fully committed to helping Ukraine to address its major economic challenges. In the short-term, our efforts are focused on providing exceptional Macro-Financial Assistance, worth EUR 1.6 billion, in long-term, low-interest loans. I can confirm that first EUR 100 million of the EU Macro-Financial Assistance has been disbursed to Ukraine today”. EU Commissioner for Transport and Economic and Monetary Affairs Siim Kallas said.
According to the Commission, a further €500 million will follow in the coming weeks, once the necessary legal procedures in Ukraine have been finalised.
“The objective is to improve transparency and governance practices. The successful implementation of the reforms supported by the EU and IMF programmes is essential for stabilising Ukraine’s economy in the short term” EU Commissioner for Transport and Economic and Monetary Affairs Siim Kallas said.
Ukraine will hold presidential elections on Sunday.