The European Union (EU) has backed a € 1.2 billion loan package to help Ukraine over the next 12 months, the bloc said on Monday.
The European Council, representing the EU member states, said the loan package would “provide rapid support in an acute crisis and strengthen Ukraine’s resilience”.
“The current geopolitical tensions are detrimental to Ukraine’s economic and financial stability,” the European Council said.
“Existing security threats have already led to significant capital flight,” he added.
The loan package was proposed by the European Commission three weeks ago and then approved by the European Parliament.
The macro-financial assistance will be provided over a period of 12 months and will be divided into two tranches.
The first tranche is conditional on the political preconditions and the satisfactory implementation of the International Monetary Fund (IMF) program once the Memorandum of Understanding on specific structural policy measures agreed between the European Commission and Ukraine enters into force, and the second tranche on the Memorandum of Understanding and the IMF program. fulfillment of the conditions set out in
–
