Download EM 7907/14 - European Memoranda

ADDENDUM
7907/14
COM(2014) 182 FINAL
SWD (2014) 112 FINAL
EXPLANATORY MEMORANDUM ON EUROPEAN COMMUNITY DOCUMENTS
EX-ANTE EVALUATION STATEMENT ON EU MACRO-FINANCIAL ASSISTANCE
TO UKRAINE ACCOMPANYING THE DOCUMENT PROPOSAL FOR A DECISION
OF THE COUNCIL PROVIDING MACRO-FINANCIAL ASSISTANCE TO UKRAINE
EM submitted on 24 March 2014
1. The Commission have attached a Staff Working Document to the proposal for a
Decision of the Council providing macro-financial assistance (MFA) to Ukraine.
2. The additional document sets out in more detail the Commission’s conclusions
regarding Ukraine’s macroeconomic situation, reform priorities, financial needs
and the potential sources of assistance under the international package. These
sources include the International Monetary Fund (IMF), World Bank, the
European Union through the use of macro-financial assistance (MFA), the
European Neighbourhood Instrument (ENI) and wider budgetary support
including technical assistance, the European Investment Bank (EIB) and the
European Bank for Reconstruction and Development (EBRD). The United States
has also pledged support of $1 billion in loan guarantees.
3. MFA operations are based on a number of principles defined by the Council, the
so called ‘Genval Criteria’ which were last stated in the conclusions of the
Economic and Financial Affairs Council (ECOFIN) of 8 October 2002. These
stipulate the geographical scope, preconditions and principal modalities for
implementation of MFA.
4. The Staff Working Document confirms the eligibility of Ukraine under these
principles.
HM Treasury
25 March 2014