The European Union has disbursed 600 million euros ($ 696 million) in macro-financial assistance to Ukraine as part of a program to limit the economic fallout from the COVID-19 pandemic.

“This is the second and last tranche of Ukraine’s current MFA program after the first disbursement of € 600 million in December 2020,” the European Commission said on October 25.

Outstanding loans to Ukraine under multiple macro-financial assistance programs now stand at 4.4 billion euros.

“Today’s disbursement of € 600 million brings the total amount the EU has lent to Ukraine for macro-financial assistance to € 4.4 billion. These payments are not only a tangible proof of our solidarity with the Ukrainian people, but also a reflection of the fact that Ukraine has continued to honor the crucial reform commitments agreed with the International Monetary Fund and the Commission “, said the European Commissioner for the Economy Paolo Gentiloni.

The EC said it gave a positive assessment of Ukraine’s implementation of eight reforms, including on public financial management, governance and rule of law, and improvement of the business climate.

The latest disbursement is part of € 3 billion in emergency macro-financial assistance to ten enlargement and neighborhood partners to help them cope with the economic impact of the COVID-19 pandemic.

Other countries supported by the program are Armenia, Bosnia and Herzegovina, Georgia, Kosovo, Moldova, Montenegro and North Macedonia.

“The program is a concrete demonstration of the EU’s solidarity with its partners to help respond to the economic impact of the COVID-19 pandemic,” the Commission said.

Copyright (c) 2018. RFE / RL, Inc. Republished with permission from Radio Free Europe / Radio Liberty, Washington DC 20036