EU unlocks first 100 mn euros for Ukraine

The EU`s executive on Tuesday disbursed 100 million euros for Ukraine, the first tranche in a 1.61-billion-euro package to help the struggling country find its economic feet.

AFP| Updated: May 20, 2014, 18:43 PM IST

Brussels: The EU`s executive on Tuesday disbursed 100 million euros for Ukraine, the first tranche in a 1.61-billion-euro package to help the struggling country find its economic feet.

The bloc`s acting Economic Commissioner Siim Kallas, who is visiting Kiev on Tuesday, said the assistance "will soon be followed by a further 500 million euros".

That amount will follow in the coming weeks after legal procedures in Ukraine have been finalised, the European Commission said.

"Subsequent payments will be conditional on the implementation of specific economic policy actions," the Commission added.
The funds, part of a wide 1.61-billion-euro macro-financial assistance package, aim to support Ukraine`s balance of payments problems while underpinning economic reforms.

Disbursement is linked to efforts to fight corruption and improve taxation as well as financial sector change.
The EU funds are complementary to assistance provided by the International Monetary Fund.