280 deputies voted yea say

The Ukraine’s public deputies ratified the Memorandum of Understanding between Ukraine and the European Union acting as the borrower and creditor, respectively, which was signed on the 25th of February, 2013 in Brussels and  the 26th of March, 2013 – in Kyiv, as well as the credit agreement entered into by Ukraine as the borrower, the National Bank of Ukraine as the borrower’s agent and the European Union as the creditor, which was signed on March 26, 2013 in Kyiv and April 16, 2013 in Luxemburg. These documents which subject is a macro-financial aid to Ukraine given by the EC that amounts to 610mln euros will come into force since the date the EC receives official written notifications from Ukraine about execution of internal procedures set out in the legislation of Ukraine what makes coming into effect possible, according to the information posted on the government’s official web portal.

In particular, the law stipulates that the creditor is obliged to give the borrower the credit  totaling 610 mln euros paid as four credit tranches, in view of provisions and conditions specified in the resolutions, Memorandum of Understanding, etc..

The first two credit tranches will be disbursed pursuant to Resolution 2002/639/EC, while the remaining two - pursuant to Resolution 388/2010/EU. One more requirement is that withdrawal under the second loan tranche will be made in three months after the first tranche is issued. Two different tranches (specified in different resolutions) can be given on the same day on condition that these tranches have the same repayment term, grace period (if any), interest rate and repayment schedule.

The repayment period should not exceed 15 years.

A relevant draft law is registered under №0073.