The Law ratifies the Memo on mutual understanding between Ukraine as the Borrower and the European Union as the Creditor, and the Loan Agreement between Ukraine as the Borrower, the National Bank of Ukraine as the Borrower's Financial Agent and the European Union as the Creditor" on reception of the EU's macro-financial assistance worth up to EUR 1.8 billion by Ukraine singed in Riga (Latvia) on May 22, 2015.
The funds are allocated to urgently reduce foreign financial pressure on Ukraine, improve its balance of payments and meet budget needs, as well as to consolidate Ukraine's foreign exchange reserves.
In compliance with the document the macro-financial assistance can be provided to Ukraine in three tranches EUR 600 million each. The interval between the allocation of the tranches is at least three months. The funds are provided for not over than 15 years.
The ratification of the Memo and the Loan Agreement allows Ukraine to attract additional financial resources from the EU required to support Ukraine's financial and economic system's stability.
The documents take effect once the EU receives official written notification from Ukraine on implementation of all domestic procedures envisioned by Ukrainian legislation and required for the enactment of the Memo and the Loan Agreement.
Respective draft law was registered under No. 0031.