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Concorde Capital Research: EU approves EUR 0.5 bln loan tranche for Ukraine

December 03, 2018 | Cbonds

The European Commission announced in a Nov. 30 press release the disbursement of a EUR 500 mln loan tranche to Ukraine under the fourth program of Macro-Financial Assistance (MFA IV). With this tranche, total loans under MFA to Ukraine since 2014 will reach EUR 3.3 bln, which is “the largest amount of such assistance directed at any non-EU country,” the commission highlighted. The total amount of financing under the MFA IV program, as approved in July, is EUR 1.0 bln, which consists of two equal tranches. The second tranche can be disbursed no earlier than three months after the first one, and no later than 2.5 years after the program’s start.

The next tranche will be conditional upon Ukraine’s progress in public financial management, launching the High Anti-Corruption Court of Ukraine, and the continuation of reforms of the social policy, energy and banking sectors, the commission said.

In particular, the commission will consider Ukraine’s progress in 12 tasks, according to the signed memorandum. They include adoption of a mid-term plan to reform tax and customs administration overall, simplification of customs clearance, tax evasion enforcement, ensuring a fully functional verification system of electronic declarations, selection of candidate judges to the High Anti-Corruption Court, adoption of anti-money laundering laws, reaching progress in fighting NPLs in state banks and improving their corporate governance, and reaching progress in reforming the electricity market, healthcare and social subsidies.

Alexander Paraschiy: Over the last week, three key lenders to Ukraine – the EU, the Word Bank and the IMF – declared their intention to provide long-awaited financing for the country by the year end. Their joint contribution of about USD 3 bln to Ukraine’s gross reserves this month will significantly improve Ukraine’s debt-servicing capacity throughout 2019, thereby reducing risks for Ukraine’s currency. The next tranches from the IMF and the EU are less likely in 2019, but still remain possible.

Company: Ukraine

Full company nameUkraine
Country of riskUkraine


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