EU Council approves allocation of EUR 1.2 bln in macro-financial assistance to Ukraine

EU Council approves allocation of EUR 1.2 bln in macro-financial assistance to Ukraine

The European Council has finally approved the allocation of EUR 1.2 billion in macro-financial assistance to Ukraine to overcome the effects of the COVID-19 pandemic, Ukrainian Foreign Ministry Dmytro Kuleba has said.

"The EU Council approved EUR 1.2 bln of macro-financial assistance to Ukraine, concluding EU legislative procedure. Grateful for the solidarity and true friendship the EU demonstrates in fighting COVID-19 and its economic impact. We are all stronger when we are united against coronavirus," the diplomat wrote on Twitter on Wednesday, May 20.

A statement posted on the European Council's website says the Council adopted a decision to provide up to 3 billion euros of macro-financial assistance to ten enlargement and neighborhood partners to help them cope with the economic fallout of the COVID-19 pandemic.

"Financial assistance will be provided in the form of loans on highly favorable terms and allocated as follows: Albania: EUR 180 million; Bosnia-Herzegovina: EUR 250 million; Georgia: EUR 150 million; Jordan: EUR 200 million; Kosovo: EUR 100 million; Moldova: EUR 100 million; Montenegro: EUR 60 million; Republic of North Macedonia: EUR 160 million; Tunisia: EUR 600 million; Ukraine: EUR 1.2 billion," the statement said.

It notes that EU assistance will help these jurisdictions cover their immediate financing needs which have increased as a result of the COVID-19 outbreak. Together with the support from the International Monetary Fund, the funds will help enhance macroeconomic stability and create space to allow resources to be allocated towards protecting citizens and to mitigating the negative socio-economic consequences of the coronavirus pandemic.

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