European Council adopts €1.2 billion assistance to Ukraine

European Council adopts €1.2 billion assistance to Ukraine
# 21 February 2022 13:51 (UTC +04:00)

The EU will provide an emergency macro-financial assistance operation of €1.2 billion in the form of loans to foster stability in Ukraine. It intends to provide swift support in a situation of acute crisis and to strengthen Ukraine’s resilience, APA reports citing the website of the European Union.

The Council finalized the adoption today, only 21 days after the Commission presented its proposal.

The EU fast-tracked this 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 and its impact on the economic situation.

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.

This emergency macro-financial assistance will have a duration of 12 months and it will consist of two disbursements.

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THE OPERATION IS BEING PERFORMED