Turkey will provide almost $50 million in loans to Ukraine, which has been experiencing prolonged political instability.

Since the political events in Ukraine worsened, the attached loan agreement coming into force was signed on Feb. 15 for a granting of $50 million in a loan to Ukraine, in order to provide financial assistance to the country, as approved by the Cabinet and the Undersecretariat of the Treasury.

According to the decision published in an official gazette, the loan will be used for the financing of the Ukrainian state budget, and the agreement will remain in full force as long as the principal amount of the loan or the accrued interest or any amount to be paid in this respect is not paid.

On the other hand, the entry into force of the contribution agreement on the base erosion and profit shifting project (BEPS) between Turkey and the Organization for Economic Co-operation and Development (OECD) was decided by the Cabinet of Ministers upon the written request of the Undersecretariat of the Treasury.

According to the decision, Turkey will provide a financial contribution of 160,000 euros to the OECD as a grant. The contribution will be made as a one-time payment following the entry into force of the agreement.