EU Will Help Ukraine, Georgia and Moldova Overcome Pandemic Consequences

10 countries participating in the EU enlargement and neighborhood policy will receive a total of 3 billion euros of macro-financial assistance. The ambassadors of the EU member states approved the proposal of the European Commission to provide 3 billion euros of macro-financial assistance to ten countries participating in the EU enlargement and neighborhood policy. The press service of the European Council said this on Tuesday, May 5. “Enlargement and neighborhood countries are our closest partners. Now more than ever it is absolutely essential that we stick together and show solidarity in addressing the economic and social impact of this global crisis,” Croatian Finance Minister Zdravko Maric, who currently chairs the European Council, commented on the decision of the EU ambassadors. Among 10 countries, Ukraine will receive the largest amount. 1.2 billion euros will be allocated to Kiev to overcome the consequences of the coronavirus pandemic infection. Two more post-Soviet countries will receive financial assistance: 150 million euros will be allocated to Georgia, and 100 million euros - to Moldova. The decision, to enter into force, must be supported by the European Parliament and the European Council. The funds will be available for twelve months and will be disbursed in two installments. The maximum average loan maturity is 15 years. According to the report, these loans, together with support from the International Monetary Fund, "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."