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Poroshenko Signs Law Ratifying $2Bln EU Loan

© Sputnik / Mikhail Palinchak / Go to the photo bankUkrainian President Petro Poroshenko
Ukrainian President Petro Poroshenko - Sputnik International
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President Petro Poroshenko signed a law on the ratification of a memorandum with the European Union stipulating a $2-billion loan to Kiev

Ukrainian President Petro Poroshenko - Sputnik International
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KIEV (Sputnik) Ukrainian President Petro Poroshenko signed a law on the ratification of a memorandum with the European Union stipulating a $2-billion loan to Kiev, the president’s press service said in a release on Thursday.

The law was adopted by the Ukrainian parliament Verkhovna Rada on June 18.

"The President signed the Law on Ratification of the Memorandum on Receiving Macro-Financial Aid from the European Union in the Amount of up to EUR 1.8 billion [$2 billion] by Ukraine," the press release said.

Kiev and the European Union signed a memorandum of understanding and loan agreement for the third EU Macro-Financial Assistance program for Ukraine on May 22 during the Eastern Partnership Summit in Riga.

The memorandum stipulated that Brussels would provide Ukraine with up to 1.8 billion euros in three equal tranches of 600 million euro. The program is expected to be implemented in 2015 and early 2016, according to the European Commission.

The conflict between Kiev forces and independence supporters in the country's southeast that erupted in mid-April last year has left Ukraine on the brink of a default. Ukraine’s overall debt stands at roughly $70 billion, of which some $40 billion is owed to international money lenders.

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