Kyiv, Dec 5 (NationPress) Ukraine has established agreements with the European Union (EU) to access as much as 35 billion euros (around $36.7 billion) in Macro-Financial Assistance (MFA), as reported by the Ukrainian Finance Ministry.

The Memorandum of Understanding and a Loan Agreement were signed by the chairman of Ukraine's National Bank, Andriy Pyshnyy, the Finance Minister Sergii Marchenko, and the European Commission Vice-President Valdis Dombrovskis.

According to these agreements, the funds will be disbursed as loans through the Group of Seven's Extraordinary Revenue Acceleration Loans for Ukraine, which are underpinned by the future revenues from frozen Russian sovereign assets within the EU, as reported by Xinhua news agency on Wednesday.

The Ministry highlighted that Ukraine will not rely on domestic resources for the repayment of this loan.

"It is anticipated that all MFA funds provided to Ukraine will be on a non-repayable basis," the Ministry stated.

To qualify for the funds, Ukraine must fulfill 14 criteria, which include reforms in macro-financial stability, state-owned enterprises, public administration, energy, rule of law, anti-corruption, and the Defence industry.

Since the onset of the full-scale conflict with Russia, Ukraine has acquired approximately $40.5 billion in budgetary support from the EU.