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Further macro-financial assistance to Ukraine

2018/0058(COD)

The European Parliament adopted by 527 votes to 124 with 29 abstentions a legislative resolution on the proposal for a decision of the European Parliament and of the Council providing further macro-financial assistance to Ukraine.

Parliament’s position adopted at first reading under the ordinary legislative procedure approved the European Commission's proposal for macro-financial assistance to Ukraine of up to EUR 1 billion to facilitate the stabilisation of its economy and the implementation of a comprehensive reform program. Union assistance will be paid to Ukraine in two tranches over two and a half years, in the form of loans with a maximum average duration of 15 years.

A joint statement by Parliament, the Council and the Commission annexed to the resolution specifies the political conditions that Ukraine must fulfil:

  • a pre-condition for granting macro-financial assistance that Ukraine respects effective democratic mechanisms – including a multi-party parliamentary system – and the rule of law, and guarantees respect for human rights. The Commission and the European External Action Services shall monitor the fulfilment of this pre-condition throughout the life-cycle of the Union's macro-financial assistance;
  • the economic policy and financial conditions of the Memorandum of Understanding to be agreed between the European Union and Ukraine, which shall include, inter alia, obligations to strengthen the governance, the administrative capacities and the institutional set-up in particular for the fight against corruption, notably regarding a well-functioning specialised anti-corruption court and conditions on combating money laundering and tax avoidance. Where the conditions are not met, the Commission shall temporarily suspend or cancel the disbursement of the macro-financial assistance;
  • the Commission shall regularly inform the European Parliament and the Council of developments relating to the assistance and providing them with relevant documents.

The statement recalled that this macro-financial assistance to Ukraine shall contribute to values shared with the European Union, including sustainable and socially responsible development leading to employment creation and poverty reduction, and a commitment to a strong civil society.