EU ambassador confirms Ukraine to get EUR 600 mln soon

2017/3/14 22:22:17

Analyst: “This allows us to expect that Ukraine will receive over USD 1.6 bln from the IMF and EU in the coming two-to-three weeks.”

 

<EU Ambassador to Ukraine Hugues Mingarelli

 


KYIV, Mar 14, 2017 (UBO) - EU Delegation to Ukraine Head Hugues Mingarelli expects that Ukraine will receive a second loan tranche for EUR 600 mln under the EU Macro-Financial Assistance (MFA) program in a few weeks, Concorde Capital advised clients earlier today. The information was based on an interview published by the rbc.ua news site on March 13. “A positive result can be expected not in months, but weeks,” he said.

 

Mingarelli confirmed that just the submission of a draft law to parliament to remove a timber export ban is a sufficient condition for the second tranche. But a third tranche of EUR 600 mln will critically depend on parliament’s approval of the timber export permit, he said.

 

Ukraine got the first tranche of EUR 1,800 mln in June 2015 under MFA program, and was expecting to get another two other tranches in 2015-2016, but failed.

 

Concorde analyst Alexander Paraschiy added: “Based on what Mingarelli said, we can expect the EU will provide its second tranche soon after the IMF issues the USD 1.0 bln fourth tranche under its Extended Funds Facility (EFF) program. This allows us to expect that Ukraine will receive over USD 1.6 bln from the IMF and EU in the coming two-to-three weeks. This should serve as solid psychological backing for the stability of the Ukrainian currency, amid recent central bank warnings that the activist-led trade blockade of the occupied regions threatens the hryvnia's stability.”

 

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