29 May 2018 19:39

Council of EU endorses agreement on financial assistance of 1 bln euros to Ukraine

BRUSSELS/KYIV. May 29 (Interfax) - The Council of the European Union endorsed allocating to Ukraine financial assistance in the amount of 1 billion of euros, the council said in a statement published on its website.

"EU ambassadors endorsed, on behalf of the Council, an agreement with the European Parliament on a new package of macro-financial assistance for Ukraine," the statement said.

The Ukrainian authorities are expected to use the package of assistance in the amount of 1 billion euros in the next two years. The funds are intended for "economic stabilization and a program of structural reforms."

It is the third package of financial assistance provided to the Ukrainian authorities from the European Union starting in 2014. In 2014, the EU provided financial assistance in the amount of 1.6 billion euros to Ukraine and 1.8 billion euros in 2015.

Ukrainian President Petro Poroshenko welcomed the decision of the Council of the European Union on the third micro-financial assistance program for Ukraine envisaging allocating 1 billion euros.

"I welcome today's decision of the Council of the EU that paves the way for a new program of macro-financial assistance to Ukraine, on which we agreed with the EU leaders in the end of last year. This decision is an important signal of the EU member states in the evaluation of our progress on the way to reforms and commitment to supporting Ukraine further," Poroshenko said on his Twitter account.