As announced the day before by its executive vice-president, Valdis Dombrovskis (see EUROPE 12880/3), the European Commission presented on Tuesday 1 February a sixth macrofinancial assistance package to Ukraine worth €1.2 billion in the form of long-term loans at very favourable rates, to help the country cope with its difficulties.
A first instalment of €600 million will be released as soon as the Memorandum of Understanding between the EU and Kiev is finalised and approved by the European Parliament and the EU Council. The payment of the second instalment will be subject to compliance with measures and reforms that the Europeans and Ukrainians have yet to agree on.
The Commission refers to “short-term measures”, without specifying the nature of these at this stage. In previous macro-financial assistance packages, the EU asked the Ukrainian authorities to fight grand corruption and reform its judicial system.
According to Commission President Ursula von der Leyen, the Commission will prepare additional longer-term macrofinancial assistance to help the country modernise (see EUROPE 12875/1). In addition, bilateral grant aid will be doubled in 2022.
Since 2014, the EU has provided over €17 billion in grants and loans to Ukraine. (Original version in French by Camille-Cerise Gessant)