The Ukrainian Parliament (Verkhovna Rada) Ratified a Memorandum on Macro-financial Assistance from the European Union

Parliament of Ukraine

The Verkhovna Rada of Ukraine ratified a memorandum with the European Union on a loan of €1.2 billion during an extraordinary sitting on Tuesday, 25 August.

The first tranche of €600 million is expected in the near future. To get the second part, Ukraine needs to carry out a number of reforms.

In particular, Ukraine has committed to a full reset of the High Qualifications Commission of Judges. In addition, a Commission on integrity and ethics should be established in the judiciary, with the task of resetting the High Council of Justice.

In addition, members of the Ukrainian Parliament at an extraordinary meeting approved two agreements with the European Investment Bank for loans of €450 and €50 million.

The first loan will be used to overhaul 314 km of the Kyiv-Odessa highway within Cherkasy, Mykolaiv and Odesa regions. The funds will also be used to build 24 km of the northern bypass road in Lviv.

The second loan will be directed to the implementation of the project “Transport in Ukraine – Phase I.”

It should be recalled that the day before, European Commission spokesman Daniel Ferry said that the European Union plans to increase trade with a number of countries, including Ukraine. In particular, it is planned to modernise preferences for the import of goods into the EU under a number of trade agreements, the total amount of which in 2019 amounted to €677 billion.

Bohdan Marusyak

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