The EU Macro-financial Assistance (MFA) is a form of financial aid extended by the EU to partner countries experiencing a balance of payments crisis and is only available to countries benefiting from a disbursing IMF programme. Since the outbreak of the crisis in early 2014, the European Commission has mobilised a total of EUR 3.4 billion in macro-financial assistance to Ukraine through three consecutive programmes of low-interest loans. This represents the highest amount ever made available by the EU to a third partner. Out of these EUR 3.4 billion, 1.61 billion were disbursed in 2014 and 2015 under the first two MFA operations (MFA I and II). In April 2015, the EU decided to provide a third MFA programme of up to EUR 1.8 billion to Ukraine (MFA III), under which a final tranche of EUR 600 million remains available. Ukraine and the EU jointly signed a Memorandum of Understanding outlining the policy programme attached to the MFA operation. This programme largely builds on the reform agenda pursued by the Ukrainian authorities and covers a broad range of areas, including public finance management, governance and transparency, the energy sector, social safety nets, business environment and the financial sector. The anti-corruption conditionalities is important part of the fulfilment of Memorandum requirements.