REUTERS
This is part of a wider assistance package to neighboring partners
The EU Council today, May 20, adopted a decision to provide EUR 1.2 billion of macro-financial assistance to Ukraine.
This is part of a wider EUR 3 billion assistance package to ten enlargement and neighborhood partners to help them cope with the economic fallout of the COVID-19 pandemic, the Council's press service reports.
Financial assistance will be provided in the form of loans on highly favorable terms, the report reads.
The assistance will be available within the next 12 months from the moment of their approval and allocated in two parts. The maximum average maturity period for the loans is 15 years.
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The assistance aims to cover the immediate financing needs which have increased as a result of the COVID-19 outbreak.
Together with the support from the International Monetary Fund, the funds will help enhance macroeconomic stability and create space to allow resources to be allocated towards protecting citizens and to mitigating the negative socio-economic consequences of the coronavirus pandemic, the press service wrote, commenting on the assistance package to partners.
Now, the EU Council has to sign a memorandum with Ukraine government to disburse assistance.
Besides Ukraine, the following jurisdictions are set to receive EU assistance: Albania (EUR 180 million), Bosnia-Herzegovina (EUR 250 million), Georgia (EUR 150 million), Jordan (EUR 200 million), Kosovo (EUR 100 million), Moldova: (EUR 100 million), Montenegro (EUR 60 million), Republic of North Macedonia (EUR 160 million), and Tunisia (EUR 600 million).