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Ukraine’s debt to West rises by another €260 million

November 12, 2014, 17:39 UTC+3 BRUSSELS
Since March, the European Commission has given Ukraine over €750 million in total to support the country’s reforms
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© EPA/BORIS ROESSLER

BRUSSELS, November 12. /TASS/. The European Commission disbursed on Wednesday a loan of €260 million ($324 million) to Ukraine as part of the EU macro-financial aid program.

This loan adds to €600 million disbursed since this May under the two ongoing EU programs. This leaves €750 million remaining available under the two current programs for Ukraine, the press release said.

"This disbursement payment is a further concrete sign of Europe's solidarity with the Ukrainian people. We are helping the country address its urgent financing needs, while supporting an ambitious process of reforms to stabilize the economy and create the conditions for sustainable growth and employment in Ukraine,” Commissioner for Economic and Financial Affairs, Taxation and Customs Pierre Moscovici said.

In addition, the 28-member bloc earlier provided €3.3 million  to Ukraine in humanitarian aid to the citizens affected in the continuing fighting in the country’s eastern regions.

In mid-October, the EU executive branch said Kiev requested an additional tranche of €2 billion to pay off its gas debt to Russia. The Wall Street Journal later reported that the maximum loan that Brussels could provide will not exceed $1 billion (€790 million).

Since March, the European Commission has given Ukraine over €750 million  in total to support the country’s reforms. These funds are part of an €11 billion aid program up to 2020 approved for Ukraine in March.

Major funds will be allocated for key projects in Ukraine by the European Investment Bank (up to €3 billion) and the European Bank for Reconstruction and Development (EBRD) (around €5 billion).

In September, the Ukrainian government also received a tranche of $1.39 billion from the International Monetary Fund (IMF).

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