Ukraine and the EU have signed a memorandum of understanding on the provision of EUR 610 million as a macro-financial loan to the state.
The memorandum was signed by finance minister of Ukraine Yuri Kolobov, governor of the National Bank of Ukraine Ihor Sorkin and Olli Rehn, Vice-President of the European Commission and member of the Commission responsible for Economic and Monetary Affairs, within the framework of the 16th EU-Ukraine Summit in Brussels.
The memorandum, in particular, provides for the procedure of loan tranches, set in the amounts of 100, 10, 250 and 250 million euros, the monitoring over the program implementation. The period for its implementation is to be 2.5 years upon the entry into force of the memorandum.
The memorandum determines that the condition for the allocation of funds, in particular, shall be the conclusion of the European Commission on satisfactory cooperation between Kyiv and the International Monetary Fund.
In addition, the parties have signed a loan agreement, which establishes repayment period of 15 years, the procedure of determining the interest rates and repayment terms.
The loan agreement will enter into force no later than 12 months upon the date of its signing.
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