On 21 February, the Council of the European Union finalised the adoption of an emergency macro-financial assistance to Ukraine. The EU will provide €1.2 billion in the form of loans to foster stability in the country and strengthen its resilience.
The EU has fast-tracked this economic assistance to Ukraine, as the current geopolitical tensions are having a detrimental effect on Ukraine’s economic and financial stability, according to a press release by the Council of the EU. “Persistent security threats have already triggered a substantial outflow of capital. Ukraine is losing access to international capital markets due to the heightened geopolitical uncertainty and its impact on the economic situation,” says the document.
“The EU has acted swiftly and decisively to help Ukraine. Within 21 days, we completed the necessary work, which means that €1.2 billion macro-financial assistance can now reach Ukraine,” said Bruno Le Maire, French Minister for Economic Affairs, Finance and Recovery.
This emergency macro-financial assistance will have a duration of 12 months and will consist of two disbursements.
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