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European Union Approves €1 Billion Financial Aid To Ukraine

European Union Approves €1 Billion Financial Aid To Ukraine

European Union Approves €1 Billion Financial Aid To Ukraine

European Union Approves €1 Billion Financial Aid To Ukraine

As the first installment of a nine billion euro bailout plan promised by European leaders in May, the EU finance ministers authorized €1 billion in financial assistance to Ukraine on Monday.

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“This will give Ukraine the necessary funds to cover urgent needs and ensure the operation of critical infrastructure,” said, the finance minister of the Czech Republic, which holds the EU’s rotating presidency, Zbynek Stanjura.

According to EU diplomats, the remaining €9 billion is still being held up because certain member states disagree on whether a country at war is qualified to accept long-term loans.

“I wish the amount were greater,” said, one EU diplomat, though adding that talks among member states to release more funds for Kyiv were “on the right track.”

European Union Approves €1 Billion Financial Aid To Ukraine

The European Union has provided Ukraine with 2.2 billion euros in financial help since the invasion on February 24. The €1 billion released on Tuesday is in addition to the €1.2 billion distributed earlier this year by the EU.

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According to Ukraine, its monthly budget shortfall might reach five billion euros, and the country urgently needs external assistance to maintain its government and public services.

Allies have rushed to help Ukraine, with the G7 and others announcing commitments of $29.6 billion in further money for Kyiv, according to the United States Treasury Department.

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The US, last month, transferred $1.3 billion to Ukraine as part of the initial $7.5 billion promised to Kyiv by the Biden administration in May.


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