On 11 February, the Council of the European Union endorsed the European Commission’s proposal to provide €1.2 billion of additional macro-financial assistance to Ukraine. It intends to provide swift support in a situation of acute crisis and to strengthen Ukraine’s resilience.
The text needs to be adopted by the European Parliament and the Council before it can enter into force. The Council’s approval of the proposal means it can be fast-tracked at the European Parliament with the aim of adopting the text as soon as possible.
“The current geopolitical tensions are having a detrimental effect on Ukraine’s economic and financial stability,” says the 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.”
This emergency macro-financial assistance is set to have a duration of 12 months and would consist of two disbursements.
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