Connect with us

Crimea

#Ukraine: EU prolongs sanctions over Russia's actions

SHARE:

Published

10 years ago

on

We use your sign-up to provide content in ways you've consented to and to improve our understanding of you. You can unsubscribe at any time.

EU-Ukraine-news.kievukraine.info_The Council prolonged by six months the application of EU restrictive measures targeting actions against Ukraine's territorial integrity, sovereignty and independence. The sanctions consist of a continued asset freeze and a travel ban against 146 people and 37 entities until 15 March 2017.

The measures were introduced in March 2014 and were last extended in March 2016. A thorough assessment of the situation on the ground did not justify a change in the sanctions regime or in the list of persons and entities under restrictive measures.

IMF US $1 billion

In addition to sanctions, Ukraine is receiving support for its economy. The Executive Board of the International Monetary Fund (IMF) completed the second review of Ukraine’s economic programme on Wednesday (14 September). The completion of this review enables the disbursement of SDR 716.11 million (about US$ 1 billion), which would bring total disbursements under the arrangement to SDR 5,444.21 million (about US$7.62 billion). In completing the review, the Executive Board approved waivers for the non-observance of performance criteria related to net international reserves, non-accumulation of external payments arrears and non-introduction of new exchange restrictions.

Following the Executive Board’s discussion, Managing Director and Chairwoman Christine Lagarde said: “Ukraine is showing welcome signs of recovery, notwithstanding a difficult external environment and a severe economic crisis. Activity is picking up, inflation has receded quickly, and confidence is improving. Gross international reserves and bank deposits have risen. While the social and economic cost of the crisis has been high, growth is expected to be higher in the period ahead.

"This progress owes much to the authorities’ program implementation, including sound macroeconomic policies, bold steps to bring energy tariffs to cost-recovery levels, and measures to rehabilitate the banking system. Determined policy implementation, however, remains critical to achieve program objectives, given the significant challenges ahead.”

“Ukraine’s international partners have contributed to efforts to strengthen the economy with considerable financial and technical support. These remain important for the success of the programme.”

Advertisement

Share this article:

Share this:
Related Topics:
EU Reporter publishes articles from a variety of outside sources which express a wide range of viewpoints. The positions taken in these articles are not necessarily those of EU Reporter. Please see EU Reporter’s full Terms and Conditions of publication for more information EU Reporter embraces artificial intelligence as a tool to enhance journalistic quality, efficiency, and accessibility, while maintaining strict human editorial oversight, ethical standards, and transparency in all AI-assisted content. Please see EU Reporter’s full A.I. Policy for more information.
Advertisement

Trending