How will spend 500 million euros from the EU

Five hundred million euros macro-financial assistance received by Ukraine from the European Union, will go to the state budget of the country.

Как потратят 500 миллионов евро от ЕС

It is reported portal “Hvilya” with reference to the official website of the press service of the Ministry of Finance of Ukraine.

After the international Monetary Fund approved the program “Stand-by” for Ukraine, the EU has given the state another tranche of financial assistance in the amount of half a billion euros. The Ministry of Finance said that these funds will be directed to the state budget.

“Ukraine has received from the European Commission the second tranche in the framework of the fourth programme of macro-financial assistance of the European Union with a nominal volume of 500 million euros. The money will come in the form of loan of 0.125% per annum with a maturity until the tenth of June, 2035. The received means will be directed on financing of expenses of the state budget and will contribute to the reduction of external financial pressure on Ukraine and improvement of the payment balance of the state”, — reads the official text of the message.

Separately noted the fact that the results obtained from EU funds will help the national economy to survive the global crisis caused a global pandemic coronavirus infection and the subsequent quarantine restrictions, including the closure of national borders.

Assistance from Western partners has become possible after the end of 2019, Ukraine has fulfilled a number of special conditions on the introduction of various reforms in many areas, including the fight against corruption, corporate governance in public financial institutions, reform of customs and tax services, social policy, energy, combating erosion of the tax base and the elimination of profit from taxation, and reducing the high level of bad loans in the banking system. However, a separate paragraph is a new stage in cooperation with the IMF, thanks to which Ukraine has decided to lend a helping hand and other Western partners.