Council Of Europe Approves €1.2B To Help Ukraine

The Council of the European Union (EU) has approved a proposal from the European Commission to provide Ukraine with additional emergency macro-financial assistance in the amount of 1.2 billion euros, the Ukrainian broadcaster Ukrinform reported.

Photo Insert: Ukrainian Army tanks

Ukrinform said the council finalized the adoption only 21 days after the Commission presented its proposal.

“The EU has acted swiftly and decisively to help Ukraine. Within 21 days, we completed the necessary work, which means that €1.2 billion macro-financial assistance can now reach Ukraine,” said Bruno Le Maire, French Minister for Economic Affairs, Finance and Recovery.

EU fast-tracked the economic assistance to Ukraine as the current geopolitical tensions are having a detrimental effect on Ukraine's economic and financial stability. Persistent security threats have already triggered a substantial outflow of capital. Ukraine is losing access to international capital markets due to the heightened geopolitical uncertainty.

On February 11, the Permanent Representatives Committee (COREPER) supported the European Commission's proposal to provide additional emergency macro-financial assistance to Ukraine to the tune of €1.2 billion.

The assistance covers 12 months and will come in two tranches. Minister of Finance of Ukraine Serhiy Marchenko said Ukraine might get the first tranche of the EU loan in the amount of €600 million in late March or early April this year.

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