The Council of the EU approved a €1 billion aid for Ukraine

Photo: EPA

On 26 June, the Council of the European Union (EU) has approved the allocation to Ukraine of €1 billion macro-financial assistance.

“Today, the EU Council approved the 1 billion euros of new loans to meet financial needs of Ukraine to support economic stabilisation and structural reforms”, – said the press service of the Council of the EU in Twitter.

* #Ukraine Macrofinancial Assistance
TODAY @EUCouncil ADOPTED €1 billion of new loans to cover #Ukraine needs financing and support and economic stabilisation a programme of structural reforms. #GAC

— EU Council Press (@EUCouncilPress) 26 Jun 2018

“European Pravda” notes that after today’s decision the European Commission, in consultation with the Council of the EU, will prepare a Memorandum on the provision of assistance. The document requires ratification by the Ukrainian Parliament.

Formal legislative decision, not the EU opens the way for immediate financial assistance. This will occur after the conditions that will be spelled out in the Memorandum.