2009/0162(COD)

Ukraine: macro-financial assistance

Procedure completed

General
Activities
Documents
Votes
Amendments (3)
History

2009/0162(COD) Ukraine: macro-financial assistance

Role	Committee	Rapporteur	Shadows
Opinion	AFET	LEGUTKO Ryszard Antoni (ECR)
Opinion	BUDG
Lead	INTA	MOREIRA Vital (S&D)	WINKLER Iuliu (EPP), KAZAK Metin (ALDE), ZAHRADIL Jan (ECR)

Lead committee dossier: INTA/7/01481
Legal Basis TFEU TFEU 212

Subjects

Links

Activites

2010/07/14 Final act published in Official Journal
2010/07/07 Final act signed
2010/07/07 End of procedure in Parliament
2010/06/29 Act adopted by Council after Parliament's 1st reading
#3025
2010/06/29 Council Meeting
2010/05/18 Text adopted by Parliament, 1st reading/single reading
- T7-0169/2010 summary
  
  The European Parliament adopted by 604 votes to 37 with 16 abstentions a resolution setting out its position at first reading under the ordinary legislative procedure (formerly known as the codecision procedure) on the proposal for a decision of the European Parliament and of the Council providing macro-financial assistance to Ukraine. Following agreement with the Council, it made some amendments: Conditions of assistance: Parliament stressed that the Commission will manage the assistance not only in a manner consistent with the agreements reached between the IMF and Ukraine but also with the key principles and objectives of economic reform set out in the EU-Ukraine Association Agenda. The Commission shall regularly inform the European Parliament and the Economic and Financial Committee of the developments in the management of the assistance and provide them with the relevant documents.. There must be a timeframe for the fulfilment of the conditions in the Memorandum of Understanding. Those conditions shall be consistent with the agreements or understandings reached between the IMF and Ukraine and with the key principles and objectives of economic reform set out in the EU-Ukraine Association Agenda .These principles and objectives aim at strengthening the efficiency, transparency and accountability of the assistance, including in particular public finance management systems in Ukraine. Progress in attaining these objectives will be regularly monitored by the Commission. . Ex post evaluation: Members add that no later than two years after the expiry of the availability period (2 years after entry into force of the Memorandum of Understanding) the Commission shall submit to the European Parliament and to the Council an ex post evaluation report. Availability of assistance: the Union financial assistance shall be made available for two years and six months starting from the first day after the entry into force of the Memorandum of Understanding Parliament added in the recitals that Union macro-financial assistance should not merely supplement programmes and resources from the IMF and the World Bank but should ensure the added value of EU involvement. The Commission should ensure that Union macro-financial assistance is legally and substantially in line with the measures taken within the different areas of external action and other relevant Union policies. Union macro-financial assistance can only contribute to economic stabilisation if the main political forces in Ukraine ensure political stability and establish a broad consensus on a rigorous implementation of the necessary structural reforms.
- Results of vote in Parliament
2010/05/18 Commission response to text adopted in plenary
- SP(2010)3805
- DG Economic and Financial Affairs, REHN Olli
2010/03/23 Committee report tabled for plenary, 1st reading/single reading
- A7-0058/2010
- AFET LEGUTKO Ryszard Antoni ECR
- BUDG
- INTA INTA/7/01481 MOREIRA Vital S&D
2010/03/17 Vote in committee, 1st reading/single reading
- AFET LEGUTKO Ryszard Antoni ECR
- BUDG
- INTA INTA/7/01481 MOREIRA Vital S&D
2010/02/15 Deadline Amendments
2010/01/14 Committee draft report
- PE438.155
2009/12/02 Additional information
2009/11/24 Committee referral announced in Parliament, 1st reading/single reading
- AFET LEGUTKO Ryszard Antoni ECR
- BUDG
- INTA INTA/7/01481 MOREIRA Vital S&D
2009/11/13 EP officialisation
2009/10/29 Legislative proposal
- COM(2009)0580 summary
  
  PURPOSE: to provide macro-financial assistance of €500 million to Ukraine in the form of a loan. PROPOSED ACT: Council Decision. BACKGROUND: since the onset of the global crisis, the economic situation of the country has deteriorated dramatically. In 2008, Ukraine's real GDP growth was just 2.5%, and, in the first quarter of 2009, GDP is estimated to have contracted by around 20% year-on-year. The latest IMF projections for the current year point to a drop of real GDP by as much as 14%. At the same time, even though the current account balance is projected to achieve a small surplus in 2009, Ukraine has suffered a capital account deficit: a loss of confidence meant capital flight, reversal of capital inflows and a reduction in foreign direct investment. Strong pressures on the capital account produced strong pressures on international reserves that could only be kept at an appropriate level due to the financing provided by the IMF under the Stand-By Arrangement (SBA). The slowdown in economic activity is also resulting in a significant shortfall in fiscal revenue resulting in the widening budget deficit. The two-year IMF programme is considerably frontloaded. A large part of the loan (USD 1.9 billion) was channelled directly to the budget to help Ukraine meet its external debt obligations. This is why Ukraine has requested macro-financial assistance from the Community, the subject of this proposal for a Decision. IMPACT ASSESSMENT: macro-financial assistance will have an immediate impact on Ukraine's balance of payments and the State budget and will in this way contribute to the alleviation of financial constraints on the implementation of the authorities' economic programme. Macro-financial assistance will further support the general objectives of the stabilisation programme agreed with the IMF. CONTENT: the Commission is proposing the Community makes available macro-financial assistance (MFA) in the form of a loan facility with a maximum principal amount of EUR 500 million with a view to supporting Ukraine's balance of payments and external budgetary needs. It will also support the authorities' stabilisation programme with a view to ensuring sustainable fiscal and external accounts, and will thus help Ukraine address the consequences of the global financial crisis. The proposed Community macro-financial assistance will complement support from the IMF foreseen under the SBA agreed by the IMF board in November 2008. It will also complement Community macro-financial assistance to Ukraine of up to EUR 110 million granted by the Council in 2002 which has not yet been implemented (see Council Decision 2002/639/EC). Community MFA will be exceptional and limited in time (15 years), and will be conditional, in particular, on progress in the implementation of the current IMF programme and on the successful fulfilment of economic policy conditions that will be attached to this assistance. To this end, the Commission shall be empowered to borrow the relevant amount on the capital markets or from financial institutions. The assistance will be provided in two tranches and will be managed by the Commission which shall agree with the authorities the specific economic policy and financial conditions attached to the payment of the loan instalments. Specific provisions on the prevention of fraud and other irregularities, consistent with the Financial Regulation, will be duly taken into account. As regards specific economic policy conditions attached to the disbursement of the loan instalments, the Commission intends to focus on a limited number of areas including public finance management and social safety net reforms related to energy sector reforms. FINANCIAL IMPACT: in line with the Guarantee Fund Regulation, the provisioning of the Guarantee Fund is expected to take place in 2012 and to amount to a maximum of EUR 45 million. This corresponds to 9% of the EUR 500 million loan expected to be disbursed in 2010.
- SEC(2009)1428
- DG Economic and Financial Affairs, REHN Olli

Documents

Legislative proposal published: COM(2009)0580
Document attached to the procedure: SEC(2009)1428
Committee draft report: PE438.155
Committee report tabled for plenary, 1st reading/single reading: A7-0058/2010
Decision by Parliament, 1st reading/single reading: T7-0169/2010
Results of vote in Parliament: Results of vote in Parliament
Commission response to text adopted in plenary: SP(2010)3805
: Decision 2010/646
: OJ L 179 14.07.2010, p. 0001
: Corrigendum to final act 32010D0646R(01)
: OJ L 189 22.07.2010, p. 0028

Votes

Report: MOREIRA A7-0058/2010 - LEGISLATIVE RESOLUTION

2010/05/18

Position	Total	ALDE	ECR	EFD	GUE/NGL	NI	PPE	S&D	Verts/ALE	correctional
For	604	75	40	4	12	14	245	164	50	2
Against	37	0	0	19	6	10	2	0	0	0
Abstain	16	0	2	2	10	2	0	0	0	2

Amendments	Dossier
3	2009/0162(COD) Ukraine: macro-financial assistance 2010/02/03 AFET 3 amendments... Amendment 9 # Viktor USPASKICH Proposal for a decision Recital 6 a (new) (6a) The EU macro-financial assistance has to contribute to economic stabilisation if the main political forces in Ukraine ensure political stability and establish a broad consensus on rigorous implementation of the necessary structural reforms. It is essential that the financial assistance is not meant as a direct aid for business. The priorities of the financial assistance have to include, first off, all public education, the creation of democratic institutes and the development of human rights organisations. Amendment 10 # Cristian Dan PREDA Proposal for a decision Recital 6 a (new) (6a) The EU macro-financial assistance can contribute to economic stabilisation if political stability and a broad consensus on rigorous implementation of the necessary structural reforms are ensured. Amendment 11 # Johannes Cornelis van BAALEN, Jelko KACIN Proposal for a decision Article 5 The ~~Community~~Union financial assistance shall be implemented in accordance with the provisions of Council Regulation (EC, Euratom) No 1605/2002 of 25 June 2002 on the Financial Regulation applicable to the general budget of the European Communities6 and its implementing rules7. In particular, the Memorandum of Understanding and the Loan Agreement to be agreed with the authorities of Ukraine shall provide for appropriate measures by Ukraine in relation to the prevention of, and the fight against, fraud, corruption and other irregularities affecting the assistance. They shall also provide for controls by then Commission, including the European Anti- Fraud Office (OLAF), with the right to perform on-the-spot checks and inspections, and for audits by the Court of Auditors, where appropriate, to be carried out on the spot. The Commission shall conduct an Operational Assessment of the financial circuits and administrative procedures in Ukraine no later than three months after the first instalment is made available. source: PE-439.130

Amendments

Dossier

2009/0162(COD) Ukraine: macro-financial assistance

2010/02/03 AFET 3 amendments...

Amendment 9 #

Viktor USPASKICH

Proposal for a decision
Recital 6 a (new)

(6a) The EU macro-financial assistance has to contribute to economic stabilisation if the main political forces in Ukraine ensure political stability and establish a broad consensus on rigorous implementation of the necessary structural reforms. It is essential that the financial assistance is not meant as a direct aid for business. The priorities of the financial assistance have to include, first off, all public education, the creation of democratic institutes and the development of human rights organisations.

Amendment 10 #

Cristian Dan PREDA

Proposal for a decision
Recital 6 a (new)

(6a) The EU macro-financial assistance can contribute to economic stabilisation if political stability and a broad consensus on rigorous implementation of the necessary structural reforms are ensured.

Amendment 11 #

Johannes Cornelis van BAALEN, Jelko KACIN

Proposal for a decision
Article 5

The ~~Community~~Union financial assistance shall be implemented in accordance with the provisions of Council Regulation (EC, Euratom) No 1605/2002 of 25 June 2002 on the Financial Regulation applicable to the general budget of the European Communities6 and its implementing rules7. In particular, the Memorandum of Understanding and the Loan Agreement to be agreed with the authorities of Ukraine shall provide for appropriate measures by Ukraine in relation to the prevention of, and the fight against, fraud, corruption and other irregularities affecting the assistance. They shall also provide for controls by then Commission, including the European Anti- Fraud Office (OLAF), with the right to perform on-the-spot checks and inspections, and for audits by the Court of Auditors, where appropriate, to be carried out on the spot. The Commission shall conduct an Operational Assessment of the financial circuits and administrative procedures in Ukraine no later than three months after the first instalment is made available.

source: PE-439.130

History

(these mark the time of scraping, not the official date of the change)

2012-02-09

activities	added	date 2009-10-29 docs url http://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexplus!prod!DocNumber&lg=EN&type_doc=COMfinal&an_doc=2009&nu_doc=0580 text PURPOSE: to provide macro-financial assistance of €500 million to Ukraine in the form of a loan. PROPOSED ACT: Council Decision. BACKGROUND: since the onset of the global crisis, the economic situation of the country has deteriorated dramatically. In 2008, Ukraine's real GDP growth was just 2.5%, and, in the first quarter of 2009, GDP is estimated to have contracted by around 20% year-on-year. The latest IMF projections for the current year point to a drop of real GDP by as much as 14%. At the same time, even though the current account balance is projected to achieve a small surplus in 2009, Ukraine has suffered a capital account deficit: a loss of confidence meant capital flight, reversal of capital inflows and a reduction in foreign direct investment. Strong pressures on the capital account produced strong pressures on international reserves that could only be kept at an appropriate level due to the financing provided by the IMF under the Stand-By Arrangement (SBA). The slowdown in economic activity is also resulting in a significant shortfall in fiscal revenue resulting in the widening budget deficit. The two-year IMF programme is considerably frontloaded. A large part of the loan (USD 1.9 billion) was channelled directly to the budget to help Ukraine meet its external debt obligations. This is why Ukraine has requested macro-financial assistance from the Community, the subject of this proposal for a Decision. IMPACT ASSESSMENT: macro-financial assistance will have an immediate impact on Ukraine's balance of payments and the State budget and will in this way contribute to the alleviation of financial constraints on the implementation of the authorities' economic programme. Macro-financial assistance will further support the general objectives of the stabilisation programme agreed with the IMF. CONTENT: the Commission is proposing the Community makes available macro-financial assistance (MFA) in the form of a loan facility with a maximum principal amount of EUR 500 million with a view to supporting Ukraine's balance of payments and external budgetary needs. It will also support the authorities' stabilisation programme with a view to ensuring sustainable fiscal and external accounts, and will thus help Ukraine address the consequences of the global financial crisis. The proposed Community macro-financial assistance will complement support from the IMF foreseen under the SBA agreed by the IMF board in November 2008. It will also complement Community macro-financial assistance to Ukraine of up to EUR 110 million granted by the Council in 2002 which has not yet been implemented (see Council Decision 2002/639/EC). Community MFA will be exceptional and limited in time (15 years), and will be conditional, in particular, on progress in the implementation of the current IMF programme and on the successful fulfilment of economic policy conditions that will be attached to this assistance. To this end, the Commission shall be empowered to borrow the relevant amount on the capital markets or from financial institutions. The assistance will be provided in two tranches and will be managed by the Commission which shall agree with the authorities the specific economic policy and financial conditions attached to the payment of the loan instalments. Specific provisions on the prevention of fraud and other irregularities, consistent with the Financial Regulation, will be duly taken into account. As regards specific economic policy conditions attached to the disbursement of the loan instalments, the Commission intends to focus on a limited number of areas including public finance management and social safety net reforms related to energy sector reforms. FINANCIAL IMPACT: in line with the Guarantee Fund Regulation, the provisioning of the Guarantee Fund is expected to take place in 2012 and to amount to a maximum of EUR 45 million. This corresponds to 9% of the EUR 500 million loan expected to be disbursed in 2010. celexid CELEX:52009PC0580:EN type Legislative proposal published title COM(2009)0580 url http://www.europarl.europa.eu/registre/docs_autres_institutions/commission_europeenne/sec/2009/1428/COM_SEC(2009)1428_EN.pdf title SEC(2009)1428 type Document attached to the procedure celexid CELEX:52009SC1428:EN body EC commission DG Economic and Financial Affairs Commissioner REHN Olli type Legislative proposal body EP date 2009-11-13 type EP officialisation date 2009-11-24 body EP type Committee referral announced in Parliament, 1st reading/single reading committees body EP responsible False committee AFET date 2010-01-26 committee_full Foreign Affairs rapporteur group ECR name LEGUTKO Ryszard Antoni body EP responsible False committee_full Budgets committee BUDG body EP shadows group EPP name WINKLER Iuliu group ALDE name KAZAK Metin group ECR name ZAHRADIL Jan responsible True committee INTA date 2009-11-10 committee_full International Trade rapporteur group S&D name MOREIRA Vital date 2009-12-02 text The Lisbon Treaty, which entered into force on 1 December 2009, amended the EU's two core treaties, the Treaty on European Union (TEU) and the Treaty establishing the European Community (EC Treaty). The latter was renamed the Treaty on the Functioning of the European Union (TFEU). These changes had various consequences for many ongoing procedures. First of all, the articles of the TEU and of the old EC Treaty that constitute the legal basis of all the proposals founded on those Treaties were renumbered in accordance with the table of equivalences mentioned in Article 5 of the Lisbon Treaty. In addition, some proposals underwent a change to their legal basis going beyond a mere change to their numbering, and this resulted in changes to the type of procedure. The Lisbon Treaty also introduced new concepts of decision-making procedure. The old "codecision procedure" was extended to new areas and renamed the "ordinary legislative procedure". A new "consent procedure" replaced the old "assent procedure". New interinstitutional procedures were also set up for the adoption of certain non-legislative acts, for example the conclusion of some international agreements. The ongoing proposals concerned by these changes were formally modified by the Commission in a Communication published on 2 December 2009 (COM(2009)0665). In the case of the proposal for a Council Decision providing macro-financial assistance to Ukraine, the entry into force of the Lisbon Treaty had the following impacts: · the old legal basis - Treaty/EC/ Art. 308 - became Art. 212 (2) of the TFEU. Please note that the numbering of the old legal basis corresponds to the consolidated version of the Treaty that was applicable immediately before the entry into force of the Lisbon Treaty, and may differ from the references in the original Commission proposal; · the proposal, which had previously fallen under the old consultation procedure (CNS), was classified as an ordinary legislative procedure (COD). body type Additional information date 2010-01-14 docs url http://www.europarl.europa.eu/sides/getDoc.do?type=COMPARL&mode=XML&language=EN&reference=PE438.155 type Committee draft report title PE438.155 body EP type Committee draft report body EP date 2010-02-15 type Deadline Amendments date 2010-03-17 text The Committee International Trade adopted the report on drawn up by Vital MOREIRA (S&D, PT) on the proposal for a decision of the European Parliament and of the Council providing macro-financial assistance to Ukraine. It recommended that the European Parliament's position at first reading under the ordinary legislative procedure (formerly known as the codecision procedure) should be to amend the Commission proposal as follows: Conditions of assistance: the committee stressed that the Commission will manage the assistance not only in a manner consistent with the agreements reached between the IMF and Ukraine but also with the key principles and objectives of economic reform set out in the EU-Ukraine Association Agenda. The Commission shall regularly inform the European Parliament of the proceedings of the Economic and Financial Committee, and provide it with the relevant documents. There must be a timeframe for the fulfilment of the conditions in the Memorandum of Understanding. Those conditions shall include specific objectives with a view to strengthening the efficiency, transparency and accountability of the assistance, including in particular public finance management systems in Ukraine. Real progress in attaining those objectives shall provide the basis for disbursing the instalments of the assistance. Ex post evaluation: Members add that no later than two years after the expiry of the availability period (2 years after entry into force of the Memorandum of Understanding) the Commission shall submit to the European Parliament and to the Council an ex post evaluation report. The committee added in the recitals that Union macro-financial assistance should not merely supplement programmes and resources from the IMF and the World Bank but should ensure the added value of EU involvement. The Commission should ensure that Union macro-financial assistance is legally and substantially in line with the measures taken within the different areas of external action and other relevant Union policies. body EP committees body EP responsible False committee AFET date 2010-01-26 committee_full Foreign Affairs rapporteur group ECR name LEGUTKO Ryszard Antoni body EP responsible False committee_full Budgets committee BUDG body EP shadows group EPP name WINKLER Iuliu group ALDE name KAZAK Metin group ECR name ZAHRADIL Jan responsible True committee INTA date 2009-11-10 committee_full International Trade rapporteur group S&D name MOREIRA Vital type Vote in committee, 1st reading/single reading date 2010-03-23 docs url http://www.europarl.europa.eu/sides/getDoc.do?type=REPORT&mode=XML&reference=A7-2010-0058&language=EN type Committee report tabled for plenary, 1st reading/single reading title A7-0058/2010 body EP committees body EP responsible False committee AFET date 2010-01-26 committee_full Foreign Affairs rapporteur group ECR name LEGUTKO Ryszard Antoni body EP responsible False committee_full Budgets committee BUDG body EP shadows group EPP name WINKLER Iuliu group ALDE name KAZAK Metin group ECR name ZAHRADIL Jan responsible True committee INTA date 2009-11-10 committee_full International Trade rapporteur group S&D name MOREIRA Vital type Committee report tabled for plenary, 1st reading/single reading date 2010-05-18 docs url http://www.europarl.europa.eu/sides/getDoc.do?type=TA&language=EN&reference=P7-TA-2010-0169 text The European Parliament adopted by 604 votes to 37 with 16 abstentions a resolution setting out its position at first reading under the ordinary legislative procedure (formerly known as the codecision procedure) on the proposal for a decision of the European Parliament and of the Council providing macro-financial assistance to Ukraine. Following agreement with the Council, it made some amendments: Conditions of assistance: Parliament stressed that the Commission will manage the assistance not only in a manner consistent with the agreements reached between the IMF and Ukraine but also with the key principles and objectives of economic reform set out in the EU-Ukraine Association Agenda. The Commission shall regularly inform the European Parliament and the Economic and Financial Committee of the developments in the management of the assistance and provide them with the relevant documents.. There must be a timeframe for the fulfilment of the conditions in the Memorandum of Understanding. Those conditions shall be consistent with the agreements or understandings reached between the IMF and Ukraine and with the key principles and objectives of economic reform set out in the EU-Ukraine Association Agenda .These principles and objectives aim at strengthening the efficiency, transparency and accountability of the assistance, including in particular public finance management systems in Ukraine. Progress in attaining these objectives will be regularly monitored by the Commission. . Ex post evaluation: Members add that no later than two years after the expiry of the availability period (2 years after entry into force of the Memorandum of Understanding) the Commission shall submit to the European Parliament and to the Council an ex post evaluation report. Availability of assistance: the Union financial assistance shall be made available for two years and six months starting from the first day after the entry into force of the Memorandum of Understanding Parliament added in the recitals that Union macro-financial assistance should not merely supplement programmes and resources from the IMF and the World Bank but should ensure the added value of EU involvement. The Commission should ensure that Union macro-financial assistance is legally and substantially in line with the measures taken within the different areas of external action and other relevant Union policies. Union macro-financial assistance can only contribute to economic stabilisation if the main political forces in Ukraine ensure political stability and establish a broad consensus on a rigorous implementation of the necessary structural reforms. type Decision by Parliament, 1st reading/single reading title T7-0169/2010 url http://www.europarl.europa.eu/oeil/popups/sda.do?id=18195&l=en type Results of vote in Parliament title Results of vote in Parliament body EP type Text adopted by Parliament, 1st reading/single reading date 2010-05-18 docs url http://www.europarl.europa.eu/oeil/spdoc.do?i=18195&j=0&l=en type Commission response to text adopted in plenary title SP(2010)3805 body EC commission DG Economic and Financial Affairs Commissioner REHN Olli type Commission response to text adopted in plenary date 2010-06-29 body type Act adopted by Council after Parliament's 1st reading date 2010-06-29 body CSL type Council Meeting council Agriculture and Fisheries meeting_id 3025 date 2010-07-07 body type Final act signed date 2010-07-07 body EP type End of procedure in Parliament date 2010-07-14 text PURPOSE: to make available to Ukraine macrofinancial assistance in the form of a loan facility in the sum of EUR 500 million. LEGISLATIVE ACT: Decision No 388/2010/EU of the European Parliament and of the Council providing macrofinancial assistance to Ukraine CONTENT: this Decision provides that the Union shall make available to Ukraine macrofinancial assistance in the form of a loan facility with a maximum principal amount of EUR 500 million and a maximum average maturity of 15 years. The assistance is aimed at supporting Ukraine's economic stabilisation and alleviating its balance of payments and budgetary needs, as identified in the current programme of the International Monetary Fund (IMF). The Commission will verify at regular intervals that Ukraine's economic policies are in accordance with the objectives of the EU assistance and that the agreed economic policy conditions are being satisfactorily fulfilled. The main provisions are as follows: IMF agreements: the release of the Union macrofinancial assistance shall be managed by the Commission in a manner consistent with the agreements or understandings reached between the IMF and Ukraine and with the key principles and objectives of economic reform set out in the EU-Ukraine Association Agenda. The Commission shall regularly inform the European Parliament and the Economic and Financial Committee of developments in the management of the assistance and provide them with relevant documents. Memorandum of Understanding: the Commission is empowered to agree with the Ukrainian authorities on the economic policy conditions attached to the Union macrofinancial assistance, to be laid down in a Memorandum of Understanding which shall include a timeframe for their fulfilment. The conditions shall be consistent with the agreements or understandings reached between the IMF and Ukraine and with the key principles and objectives of economic reform set out in the EU-Ukraine Association Agenda. These principles and objectives aim at strengthening the efficiency, transparency and accountability of the assistance, including public finance management systems in Ukraine. Progress in attaining these objectives shall be regularly monitored by the Commission. The detailed financial terms of the assistance shall be laid down in a Loan Agreement to be agreed between the Commission and the Ukrainian authorities. Verification: the Commission shall verify at regular intervals that Ukraine's economic policies are in accordance with the objectives of the Union macrofinancial assistance and that the agreed economic policy conditions are being satisfactorily fulfilled. In doing so, the Commission shall coordinate closely with the IMF and the World Bank, and, when required, with the Economic and Financial Committee. Availability period: the Union macrofinancial assistance shall be made available for two years and six months starting from the first day after the entry into force of the Memorandum of Understanding. Loan instalments: the Union macrofinancial assistance to Ukraine shall be made available by the Commission in two loan instalments. The size of each instalment shall be laid down in the Memorandum of Understanding. Fight against fraud: the Memorandum of Understanding and the Loan Agreement shall provide for specific measures to be implemented by Ukraine in relation to the prevention of, and the fight against, fraud, corruption and other irregularities affecting the assistance. Report: the Commission shall submit to the European Parliament and to the Council: by 31 August of each year, a report on the implementation of this Decision in the preceding year, including an evaluation thereof. The report shall indicate the connection between the policy conditions as laid down in the Memorandum of Understanding, Ukraine's on-going economic and fiscal performance and the Commission's decisions to release the instalments of the assistance; no later than two years after the expiry of the availability period (see above), an ex post evaluation report. ENTRY INTO FORCE: 14/07/2010. type Final act published in Official Journal docs url http://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexplus!prod!CELEXnumdoc&lg=EN&numdoc=32010D0646 title Decision 2010/646 url http://eur-lex.europa.eu/JOHtml.do?uri=OJ:L:2010:179:SOM:EN:HTML title OJ L 179 14.07.2010, p. 0001 url http://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexapi!prod!CELEXnumdoc&lg=EN&model=guicheti&numdoc=32010D0646R(01) title Corrigendum to final act 32010D0646R(01) url http://eur-lex.europa.eu/JOHtml.do?uri=OJ:L:2010:189:SOM:EN:HTML title OJ L 189 22.07.2010, p. 0028
committees	added	body EP responsible False committee AFET date 2010-01-26 committee_full Foreign Affairs rapporteur group ECR name LEGUTKO Ryszard Antoni body EP responsible False committee_full Budgets committee BUDG body EP shadows group EPP name WINKLER Iuliu group ALDE name KAZAK Metin group ECR name ZAHRADIL Jan responsible True committee INTA date 2009-11-10 committee_full International Trade rapporteur group S&D name MOREIRA Vital
links	added	National parliaments url http://www.ipex.eu/IPEXL-WEB/dossier/dossier.do?code=COD&year=2009&number=0162&appLng=EN title IPEX European Commission url http://ec.europa.eu/prelex/liste_resultats.cfm?CL=en&ReqId=0&DocType=COD&DocYear=2009&DocNum=0162 title PreLex
other	added	body EC dg Economic and Financial Affairs commissioner REHN Olli
procedure	added	dossier_of_the_committee INTA/7/01481 geographical_area Ukraine reference 2009/0162(COD) subtype Legislation legal_basis Treaty on the Functioning of the EU TFEU 212 stage_reached Procedure completed instrument Decision title Ukraine: macro-financial assistance type COD - Ordinary legislative procedure (ex-codecision) final url http://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexplus!prod!CELEXnumdoc&lg=EN&numdoc=32010D0646 title Decision 2010/646 subject 6.20.07 Macro-financial assistance to third countries 6.40.02 Relations with Central and eastern Europe CCEEs 6.40.15 European neighbourhood policy 6.40.16 Relations with international financial organisations: World Bank, IBRD, IMF

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