May 20, 2014 / 11:49 AM / 5 years ago

EU pays out first loan tranche to Ukraine

BRUSSELS (Reuters) - The European Commission paid out a first loan tranche of 100 million euros ($137 million) to Ukraine on Tuesday, launching a 1.6 billion euro macro-financial assistance loan program to prop up the beleaguered economy, the EU executive said.

The loans are part of the European Union’s 11 billion euro package announced in March.

Another 500 million euro payment is now being prepared and any further payments will depend on Ukraine meeting policy conditions outlined in an agreement with the International Monetary Fund.

A Reuters poll showed the Ukrainian economy will slide deeper into recession this year as a pro-Russian rebellion cripples activity in the industrial east and scares off foreign investors.

Editing by Andrew Heavens

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