Decision 2018/947 - Further macro-financial assistance to Ukraine - Main contents
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official title
Decision (EU) 2018/947 of the European Parliament and of the Council of 4 July 2018 providing further macro-financial assistance to Ukraine| Legal instrument | Decision |
|---|---|
| Number legal act | Decision 2018/947 |
| Original proposal | COM(2018)127  |
| CELEX number i | 32018D0947 |
| Document | 04-07-2018; Date of signature |
|---|---|
| Publication in Official Journal | 06-07-2018; OJ L 171 p. 11-17 |
| Signature | 04-07-2018 |
| Effect | 09-07-2018; Entry into force Date pub. +3 See Art 9 |
| End of validity | 31-12-9999 |
6.7.2018 |
EN |
Official Journal of the European Union |
L 171/11 |
DECISION (EU) 2018/947 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL
of 4 July 2018
providing further macro-financial assistance to Ukraine
THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE EUROPEAN UNION,
Having regard to the Treaty on the Functioning of the European Union, and in particular Article 212(2) thereof,
Having regard to the proposal from the European Commission,
After transmission of the draft legislative act to the national parliaments,
Acting in accordance with the ordinary legislative procedure (1),
Whereas:
(1) |
Relations between the European Union (the ‘Union’) and Ukraine continue to develop within the framework of the European Neighbourhood Policy (ENP) and the Eastern Partnership. An association agreement between the Union and Ukraine (2) (the ‘Association Agreement’), including a Deep and Comprehensive Free Trade Area (DCFTA), entered into force on 1 September 2017. |
(2) |
In spring 2014, Ukraine embarked on an ambitious reform programme with the aim of stabilising its economy and improving the livelihoods of its citizens. Ukraine and the Union have jointly defined a reform agenda (the ‘Association Agenda’, which was last updated in March 2015). The fight against corruption as well as constitutional, electoral and judicial reforms are among the top priorities on the agenda. |
(3) |
In addition to its political support, the Union pledged a financial package of over EUR 11 billion in March 2014 to support economic stabilisation and reform implementation in Ukraine, including EUR 1,6 billion in macro-financial assistance pursuant to Council Decision 2002/639/EC (3), Decision No 646/2010/EU of the European Parliament and of the Council (4) and Council Decision 2014/215/EU (5). In view of Ukraine's substantial external financing needs, an additional EUR 1,8 billion in macro-financial assistance was made available to Ukraine in April 2015 pursuant to Decision (EU) 2015/601 of the European Parliament and of the Council (6). |
(4) |
Since May 2014, Ukraine has received EUR 2,81 billion in macro-financial assistance from the Union, including EUR 1,2 billion of the EUR 1,8 billion available under Decision (EU) 2015/601. The third and last instalment of EUR 600 million of macro-financial assistance under Decision (EU) 2015/601 was cancelled on 18 January 2018 due to incomplete compliance by Ukraine with the programme of structural reforms attached to that instalment. |
(5) |
On 11 March 2015, the International Monetary Fund (IMF) approved a four-year Extended Fund Facility (EFF) arrangement for Ukraine in the amount of approximately USD 17,5 billion to support the country's economic adjustment and reform programme, of which USD 8,5 billion were disbursed between 2015 and 2017. That IMF financial assistance has been complemented by substantial support from a number of bilateral partners, including the Union, its Member States, the US, Japan and Canada. Other international financial institutions such as the World Bank, the European Bank for Reconstruction and Development and the European Investment Bank have also significantly scaled up their activity to support Ukraine's economic transition. |
(6) |
Following its technical mission of November 2017, the IMF revised its estimates of Ukraine's external financing needs, identifying an additional gap of USD 4,5 billion for 2018 and 2019. Those financing needs go over and above the funding committed so far by the international community, which includes the Union's macro-financial assistance pursuant to Decisions 2002/639/EC, No 646/2010/EU, 2014/215/EU and (EU) 2015/601. |
(7) |
In November 2017, in view of the continued challenging economic and financial situation of Ukraine, the Ukrainian authorities requested additional... |
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