European Union approves 5 Billion Euros financial aid for Ukraine

The Council of the European Union on Tuesday officially adopted a decision regarding the allocation of additional macro-financial assistance to Ukraine. The council has approved finances amounting to 5 billion Euros- the body’s press release stated.

The European Union stands by Ukraine. The Union is keeping its promises and providing maximum assistance from its end to ensure that the Ukrainian state and its basic infrastructure continues to function despite the ongoing aggressive war with Russia. At the next meetings of the Council of Economic and Financial Affairs, the body will put forward the initiative to reach a quick agreement on the allocation of the remaining amount of three billion euros, stated Zbyněk Stanjura, the Minister for Finance of the Czech Republic and President of Economic and Financial Affairs Council. 

The Council of the European Union has elaborated on the macro-financial aid of five billion euros that would be provided to Ukraine in the form of long-term preferential loans. This is part of a €9 billion bailout package that had been announced by the European Commission in May and approved by the European Council on June 23-24. The recent financial aid from the Union to Ukraine will be distributed in the fields of humanitarian, economic development, customs and defence.

The European Union has previously also helped Ukraine with its financial packages to help Ukraine subsist amidst the war.

Since the start of Russia’s invasion on 24 February, the humanitarian needs in Ukraine have risen to unprecedented levels. More than 17.7 million people in the country will require the humanitarian support and protection assistance by the end of 2022.

The ongoing war between Russia and Ukraine endangers the lives of civilians and causes severe damage to housing, water and electricity supply, and heating, but also public infrastructures such as schools and health facilities. Millions of people currently lack access to basic needs. 

The EU has mobilised all possible resources to enable emergency assistance to Ukraine.