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EU to allocate Ukraine $853 million in aid

05 November 2010 00:10 (UTC +04:00)

Baku-APA. The European Union will provide Ukraine with 600 million euros ($853 million) in aid, the European Commission’s Ambassador to Ukraine said, APA reports quoting RIA Novosti.
The European Parliament has already approved the allocation, Jose Manuel Pinto Teixeira said, adding that the terms of money transfers would be agreed during ongoing negotiations between Ukraine and the International Monetary Fund (IMF).
The money is intended to help Ukraine carry out financial reforms, the EU official said.
Ukraine, which has been heavily hit by the global economic crisis, asked the European Union in March to provide it with financial aid intended to help the country tackle economic problems.
In July, the IMF approved a $15.15-billion standby loan for Ukraine "in support of the authorities’ economic adjustment and reform program." Ukraine received the first $1.89-billion tranche from the IMF later in the month.
An IMF commission arrived in Ukraine on Wednesday to examine how the Ukrainian authorities manage with the reforms. A decision on the second tranche is to be taken depending on the results of the visit.