According to the Memorandum on the program of macro-financial assistance in the amount of €18 billion, in order to receive the next tranches, Ukraine needs to cancel the tax benefits introduced since the beginning of the full-scale war.
This is stated in the document of the European Commission.
In particular, for the allocation of the second and other tranches, Ukraine must implement a road map for the gradual cancellation of temporary emergency measures taken after the start of the war in the field of tax policy, in a sequential order, with due consideration of security and its impact on the economic situation. Roughly, this should be done in the first or second quarter of 2023.
Also, Ukraine should take measures to support the stability of the banking system. It is about the introduction of an agreed methodology for succession in the supervisory boards of state banks and preparation for the launch of the assessment of the assets of commercial banks.
Also, Ukraine should improve the regimes of bankruptcy of legal entities and insolvency of individuals and introduce measures to strengthen the insurance system.
- On December 14, 2022, Ukraine received the third and last tranche within the eighth macro-financial aid program of the European Union. The total funding under this program was €5 billion. Ukraine received the first tranche of €2 billion in October, the second — €2.5 billion — in November, and the third — €500 million — in December.
- On December 16, 2022, the European Union finally approved the allocation of €18 billion in macro-financial assistance to Ukraine. Funds will be received during 2023.
- On January 17, the European Union announced the provision of the first tranche of macro-financial assistance to Ukraine in the amount of €3 billion.