Brussels, 20/05/2014 (Agence Europe) - On Tuesday 20 May, the European Union disbursed €100 million as the first batch of a total of €1.6 billion in macro-financial EU aid to Ukraine, a week ahead of the presidential elections in the country (see related article).
Siim Kallas, the European commissioner temporarily in charge of economic and monetary affairs, said on a visit to Kiev on Tuesday 20 May that the member states would be vigilant over how the EU money was used. He did not specify what the Ukrainians would be using the money for, but said that the EU was intervening to help the country pay its immediate bills and implement structural reforms, boost transparency and strengthen governance.
“Implementing economic reforms is always challenging even more in a situation of political unrest. The aim: more prosperous and fairer countries”, said Kallas, giving the example of the successful economic and political changes in Eastern Europe since the fall of the Berlin Wall.
The ratification the same day by the Ukrainian parliament of legislation laid down as a precondition for the aid means that the second batch can be paid in June or July, said the commissioner, adding that the full €1.6 billion package would be handed over during 2014 (see EUROPE 11068).
The financial aid is part of a wider scheme to support the Ukrainian economy to the tune of more than €3 billion over three years, including aid from the European Investment Bank and trade facilitation (reducing customs duty on imports from Ukraine from the end of last month onwards, see EUROPE 11060). (MB)