The European Commission has proposed the release of a new loan of €1 billion for Ukraine, as part of a broader package of €9 billion with which the EU wants to help Ukraine with their acute financial problems.
Meanwhile, European Commission President Ursula von der Leyen has called on the country to accelerate its reforms in the fight against corruption, as stepping up the fight against corruption is one of the conditions the EU has placed on Ukraine to start genuine accession negotiations.
Speaking to the parliament in Kyiv, Von der Leyen said the country has the support of the European Union in its “long road” to EU accession.
**Financial support**
“The EU will continue to provide assistance to Ukraine and support its longer-term reconstruction as a democratic and prosperous country,” Von der Leyen said in a statement.
Earlier this year, the EU had already provided an emergency loan of €1.2 billion to Ukraine, but that was by no means sufficient to bring the country’s financial situation under control. The war has caused tax and export revenues to collapse, while spending is through the roof.
The Commission therefore presented a second bailout package in May, with €9 billion in loans to support Ukraine’s financing challenges and prepare for longer-term reconstruction. The loans have favourable conditions, as the European budget will, for instance, cover interest costs.
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The European Commission has proposed the release of a new loan of €1 billion for Ukraine, as part of a broader package of €9 billion with which the EU wants to help Ukraine with their acute financial problems.
Meanwhile, European Commission President Ursula von der Leyen has called on the country to accelerate its reforms in the fight against corruption, as stepping up the fight against corruption is one of the conditions the EU has placed on Ukraine to start genuine accession negotiations.
Speaking to the parliament in Kyiv, Von der Leyen said the country has the support of the European Union in its “long road” to EU accession.
**Financial support**
“The EU will continue to provide assistance to Ukraine and support its longer-term reconstruction as a democratic and prosperous country,” Von der Leyen said in a statement.
Earlier this year, the EU had already provided an emergency loan of €1.2 billion to Ukraine, but that was by no means sufficient to bring the country’s financial situation under control. The war has caused tax and export revenues to collapse, while spending is through the roof.
The Commission therefore presented a second bailout package in May, with €9 billion in loans to support Ukraine’s financing challenges and prepare for longer-term reconstruction. The loans have favourable conditions, as the European budget will, for instance, cover interest costs.