Council of European Union supports allocating €1 billion of macro-financial assistance to Ukraine
The Council of the EU supported the allocation of 1 billion euros of macro-financial assistance to Ukraine to support the economy in wartime conditions
The Executive Vice President of the European Commission, Valdis Dombrovskis, and the Czech Presidency of the Council of the EU announced this.
As noted, the ministers of the European Union supported the corresponding decision.
"€1 billion to Ukraine! After a sped-up adoption, the EU will provide the war-stricken state with macro-financial assistance. Money will go to different areas. Czech presidency fulfills its promises, and even more help will follow," the Czech presidency announced on Twitter.
#ECOFIN | €1 billion to Ukraine 🇺🇦! After a sped-up adoption the EU will provide the war-stricken state with macro-financial assistance. Money will go to different areas. Czech presidency fulfils its promises and even more help will follow. #EU2022CZ pic.twitter.com/8RAJ6RqGvm
— EU2022_CZ (@EU2022_CZ) July 12, 2022
As Dombrovskis noted, Ukraine is an economy at war.
"It badly needs short-term funding. The EU is there to help," he emphasized on Twitter.
EU is stepping up its financial support to Ukraine: 🇪🇺 ministers just approved €1 billion loan #Ecofin
This is part of new exceptional macro-financial assistance package.Ukraine is an economy at war.
It badly needs short-term funding.
The EU is there to help #StandWithUkraine https://t.co/G0MgDo3v4R— Valdis Dombrovskis (@VDombrovskis) July 12, 2022
We will remind you that on July 7, the European Parliament gave the "green light" to allocate 1 billion euros of macro-financial assistance to Ukraine for support in connection with the war.
This amount is the first tranche of an exceptional package of macro-financial assistance for 9 billion euros.
The loan is provided as quick financial support in conditions of acute need so that Ukraine can finance the most significant state functions.
Funds are provided subject to compliance with several criteria, including:
- preservation of democratic procedures, despite the concentration of power in the executive branch in conditions of war,
- increased transparency
- usage reporting.
EU countries have prepared a backup option after the European Commission failed to get Germany's consent to a package involving 8.8 billion euros in loans.
The total amount of EU loans to Ukraine from the beginning of the full-scale war to the end of 2022 may reach 2.2 billion euros.
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