The European Union will provide Ukraine with large financial support


Zelensky called EU aid “unprecedented in quantity”

The European Commission will provide major financial support to Ukraine. Photo:

The European Commission announced the decision to provide financial assistance of 1.2 billion euros to Ukraine during the press service of Vladimir Zelensky, the COVID-19 epidemic.

As stated on the official website of the President, EU funds will help guarantee the macroeconomic stability of Ukraine. Thanks to such support, the state will be able to free up additional resources to protect citizens and reduce the negative consequences of the epidemic for the people.

Vladimir Zelensky

In the future the proposal of the European Commission should be approved by the European Parliament and the Council of the European Union. The European Commission noted prompt approval, given the urgency of the problem. As soon as this happens, the first installment will be allocated without additional conditions. The second installment will be provided after the implementation of the list of indicators agreed with the European Union in the fourth quarter of 2020 or the first half of 2021. In the case of the general macro-financial assistance of the European Union, to implement the IMF program and to use the funds of the fund, will also depend on the satisfactory progress of the partner country.

Financial support from the European Union can also be used to cover part of the deficit of Ukraine’s state budget in the amount of $ 7 billion, the report Interfax.

Earlier in April, the European Commission already decided to allocate a package of aid to Ukraine in the amount of 190 million euros to support the health care system, the economy, small and medium-sized businesses and to protect vulnerable categories of the population. Have done Separately, the European Union allocated 13 million euros for humanitarian needs in the donbase.

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We previously wrote that in the framework of emergency assistance to the countries of the Eastern Partnership, Ukraine will receive 190 million euros from the European Commission. Financial support includes building social resilience to help vulnerable people, move towards online education, fight disruption, and promote cultural diversity and online creativity.

In addition, the EU delegation to Ukraine informed that the European Union is preparing the first support package of € 80 million, which will be used to finance the health system and support the Ukrainian economy. In addition, the US Agency for International Development allocated $ 1.2 million of medical and humanitarian aid to Ukraine.

Read: The fight against Coronavirus: what Ukraine is doing to support trade


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