Baltic States – CIS, EU – Baltic States, Financial Services, Latvia, Legislation, Ukraine

The documents were signed by European Commissioner for the Euro and Social Dialogue Valdis Dombrovskis (Unity), Ukrainian Finance Minister Natalie Jaresko, and president of the National Bank of Ukraine Valeriya Hontareva.

The memorandum underlines significant economic and structural political reforms in six fields: state finance, management and transparency, business environment, energy industry, social security, and finance sector. The aim of these political reforms is to achieve progress with regard to the main short-term priorities of Ukraine, as stipulated in the EU-Ukrainian association program that was approved by the EU-Ukraine Association Council on March 16. They also focus on Ukraine's current reform commitments the country has assumed by signing the loan program with international creditors – International Monetary Fund and World Bank.

Dombrovskis explained that one of Europe's most important tasks at the moment is to help Ukraine attain peace and turn the country into a modern, stable, and growing economy. Structural reforms are tough, even if they are to be carried out at a good moment, he said.

Dombrovskis previously told LETA that if everything goes according to the plan, the European Union could pay the first EUR 600 million to Ukraine in mid-2015, another EUR 600 million at the end of the year, and another EUR 600 million- at the beginning of next year.

As reported, the loans of EUR 1.8 billion will supplement the micro-financial assistance of EUR 1.61 billion made available to Ukraine in 2010 and 2014.