Amid the threat of a Russian invasion of Ukraine, the European Parliament approved macro-financial assistance to Kyiv in the amount of 1.2 billion euros.
The European Parliament has approved an emergency program of macro-financial aid to Kyiv in the amount of 1.2 billion euros. At the plenary session in Strasbourg on Wednesday, February 16, the overwhelming majority of MPs, 598 out of 694, voted for the allocation of these funds to Ukraine.
The program will enter into force as soon as it is approved by the EU Council. The aid is intended to maintain the economic and financial stability of Ukraine in the context of the Russian-Ukrainian conflict escalation. It will be paid in two tranches within a year.
Earlier, the provision of financial assistance to Ukraine was announced by the President of the European Commission Ursula von der Leyen. She noted that the new package “will include emergency loans and grants”, in particular, a new urgent macro-financial assistance program in the amount of 1.2 billion euros. Macro-financial assistance is loans allocated by the European Union on preferential terms to neighboring countries, primarily to support their balance of payments.
According to the European Commission, since 2014, the EU and its financial institutions have provided Ukraine with more than 17 billion euros in loans and grants.