European Parliament okays allocating 1.2B euros to Ukraine

Members of the European Parliament have held a final vote on the decision of the EU Council to provide Ukraine with a new package of macro-financial assistance in the form of a loan worth 1.2 billion euros, Report informs citing TASS.

The draft was supported by 598 out of 694 voters at the session of the legislative body in Strasbourg.

The loan will be available to support macroeconomic stabilization and a program of fundamental reforms in Ukraine, reads the document adopted by the MEPs.

This assistance will be provided in the form of loans at a low-interest rate. According to the authors of the document, the loan will serve to cover Ukraine’s balance of payments, as noted in the program of the International Monetary Fund.

The funds will be transferred to Kyiv in two tranches of 600 million euros each within 12 months.