KYIV, Oct 25 - The European Union has disbursed 600 million euros ($696 million) in macro-financial assistance (MFA) to Ukraine as part of a program to limit the economic fallout of the COVID-19 pandemic, RFE RL reported.

“This is the second and final tranche under Ukraine's current MFA program following the first 600-million-euro disbursement in December 2020,” the European Commission said on October 25.

The outstanding amount of loans to Ukraine under multiple macro-financial assistance programs now totals 4.4 billion euros.

“Today's disbursement of 600 million euros brings to 4.4 billion euros the total amount that the EU has loaned to Ukraine in macro-financial assistance. These payments are not only tangible proof of our solidarity with the Ukrainian people, but also a reflection of Ukraine having continued to meet the crucial reform commitments agreed with the International Monetary Fund and the Commission,” EU Commissioner for the Economy Paolo Gentiloni said.

The EC said it gave a positive assessment of Ukraine’s implementation of eight reforms, including on public finance management, governance and rule of law, and improving the business climate.

The latest disbursement is part of 3 billion euros in emergency macro-financial assistance for ten enlargement and neighborhood partners to help them with the economic impact of the COVID-19 pandemic.

Other countries receiving support from the program include Armenia, Bosnia-Herzegovina, Georgia, Kosovo, Moldova, Montenegro, and North Macedonia.

“The program is a concrete demonstration of the EU's solidarity with its partners to help respond to the economic impact of the COVID-19 pandemic,” the Commission said. (rfe/ez)