The EU Parliament Decided to Grant Ukraine €1.2 Bln

by Olha Povaliaieva
Thursday, July 7, 2022
The EU Parliament Decided to Grant Ukraine €1.2 Bln

On July 7, the website of the European Parliament informed that EP had agreed to allocate the first macro tranche of the total €9 bln

Due to the war, which has been brutally waged against Ukraine for more than 4 months, the state's needs for external financing have increased dramatically. The European Parliament has announced the gradual provision of a €9 bln loan to Ukraine.

"Ukraine's external financing needs ballooned due to the Russian invasion: besides the tremendous damage to roads, bridges, factories, houses, hospitals and other physical infrastructure, the country has also lost its access to the international financial markets. As a result, Ukraine is short $39 billion (€37.3 billion) to meet its financing needs for 2022, according to the International Monetary Fund," the European Parliament.

We remind you that Ukraine has already received loans from the EU in March and May. Now the total amount of Ukraine's loan to the EU is €2.2 billion and can grow to €10 billion if the entire package is used. The decision to transfer funds to Ukraine will be executed the next day after registration in the Official Journal of the EU.

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