€1 billion in financial aid to Ukraine for 2018-2019
To reduce the country’s financial vulnerability, MEPs will discuss €1 billion in financial aid to Ukraine on Tuesday and vote on the package on Wednesday.
Trade Committee MEPs endorsed the EU Commission’s proposal for the financial package of €1 billion in loans to help Ukraine cover part of its external financing needs in 2018-2019 on 17 May.
The Trade Committee emphasized that the aid is conditional on Ukraine respecting effective democratic mechanisms, the rule of law, and human rights. They also insisted that the loans were contingent on Ukraine’s progress in the fight against corruption, including the setting up of a specialised anti-corruption court.
The EU’s macro-financial assistance is an exceptional emergency instrument aimed at addressing severe financial difficulties in non-EU countries. Since the onset of the 2014 crisis in Ukraine, this has been the fourth such programme offered to the country. The International Monetary Fund (IMF) has identified a $4.5 billion (€3.6 billion) gap in Ukraine’s financing needs in 2018 and early 2019.
Procedure: ordinary legislative procedure
Debate: Tuesday 12 June
Vote: Wednesday 13 June