The EU decided to provide Ukraine with EUR 1.2 billion to counter coronavirus

The European Commission announced a decision to provide Ukraine with 1 billion 200 million euros in support during the COVID-19 pandemic. The European Commission’s proposal should now be approved by the European Parliament and the European Council.

It is stated by the European Comission.

The EU funds will help guarantee Ukraine's macroeconomic stability. With this support, the state will be able to release additional resources to protect the public and mitigate the negative effects of the pandemic on people.

The Commission has adopted a proposal for a €3 billion macro-financial assistance (MFA) package to ten enlargement and neighbourhood partners to help them to limit the economic fallout of the coronavirus pandemic. 

The European Commission expects prompt approval given the urgency of the problem. As soon as it happens, the first tranche can be allocated as soon as possible without additional conditions. The second tranche can be provided after the implementation of the EU-approved list of indicators already in the fourth quarter of 2020 or in the first half of 2021. As with the usual EU macro-financial assistance, the tranches will also depend on the satisfactory progress made by the partner country in implementing the IMF program and using the funds.

Earlier this April, the European Commission has already decided to allocate a EUR 190 million aid package to Ukraine to support the healthcare system, the economy, small and medium-sized businesses, and protect vulnerable groups of people. Separately, the EU has allocated EUR 13 million for humanitarian needs in Donbas.