EU foreign ministers on Monday gave the green light to emergency financial aid of 1.2 billion euros to Ukraine in the form of loans.
Ministers meeting in Brussels gave final approval to the aid package intended to provide rapid support to Ukraine, which is losing access to international capital markets due to the impact of the current crisis on its economic situation.
The financial aid will last for 12 months, with a first tranche of 600 million euros to be paid “quickly”. The second disbursement will be linked to certain conditions and policy reforms in areas such as economic resilience, rule of law and energy.
The adoption comes just 21 days after the Commission presented the proposal, urging the bloc to act quickly on the package amid looming fears of a Russian attack, as Moscow gathers nearly 200,000 troops and military equipment to the Ukrainian border. Last week, lawmakers in the European Parliament gave an urgent green light to the macro-financial loan.
In an EU Council statement, French Economy Minister Bruno Le Maire said: “The EU has acted quickly and decisively to help Ukraine. In 21 days, we have completed the necessary work, which means that macro-financial assistance of €1.2 billion can now reach Ukraine.”