The European Union is ready to continue supporting Ukraine, – meeting of the Minister of Finance Oksana Markarova with Vice-President of the European Commission Valdis Dombrovskis

3/1/19

Finance Minister Oksana Markarova met with Vice President of the European Commission Valdis Dombrovskis to discuss the progress of the implementation of the Fourth Macro-Financial Assistance Program of the European Union to Ukraine.

The Minister pointed out that the Ukrainian Government complied with over a half of the conditions for the disbursement of the second tranche of 500 million Euros, while five out of twelve were at different stages of implementation. In particular, the Minister stressed that the results of the selection of judges of the High Anti-Corruption Court of Ukraine will be announced in the next few days. She also noted that on February 28, the parliament ratified MLI convention on preventing tax evasion and adopted in the first reading the draft law on the establishment of an institution of an authorized economic operator.

Oksana Markarova emphasized other measures carried out by the Ukrainian Government to meet the conditions of the macro-financial assistance program, including as regards to the parliament's consideration of the draft law on counteraction to money laundering, introduction of a common transit regime (NCTS) with a number of countries and the progress in the implementation of energy markets legislation. "Our task now is to do everything possible to ensure that the Verkhovna Rada adopts the draft law on prevention and counteraction to money laundering, which is one of Ukraine’s key obligations to the EU, and introduces the institution of an authorized economic operator in the coming weeks," the Minister said.

In addition, Oksana Markarova highlighted the steps taken by the Government to reduce the share of non-performing loans (NPLs) in the state owned banks. She pointed out that on March 1, the Ministry of Finance published the first report on the status of handling non-performing loans and would continue to report progress on a quarterly basis. The Minister also named the key tasks and challenges facing the Government on Ukraine's way to the full compliance with its commitments to the European Union.

For his part, Vice-President of the European Commission Valdis Dombrovskis expressed support for the efforts of the Ukrainian Government in implementing priority reforms and meeting the conditions of the macro-financial assistance program.

"We understand how vital it is for Ukraine to obtaining the next tranche of the EU, especially given the amount of Ukraine’s debt obligations to be repaid in the near future. Therefore, it is important to ensure that the parliament adopts the draft laws required to implement the measures envisaged by the program, in particular regarding the authorized economic operator and counteraction to money laundering. In general, we see progress in most areas, and as soon as Ukraine fulfills its commitments, we are ready to move forward in supporting its macro-financial stability and reforms," Valdis Dombrovskis said.

The next mission of the European Union to assess the implementation of the Fourth EU Macro-Financial Assistance Program is scheduled for March 13-15, 2019.

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