EU Council adopts additional 1 bln euros of macro-financial assistance to Ukraine

BRUSSELS. July 12 (Interfax) - The EU Council has approved an additional 1 billion euros of macro-financial assistance to Ukraine.

The decision was reached in Brussels on Tuesday during a meeting on economic and financial issues.

"The Council today decided to provide 1 billion euros of additional macro-financial assistance to Ukraine, as a matter of urgency," the Council said in a press release.

"Together with the emergency MFA of 1.2 billion euros disbursed earlier this year, the total macro-financial support from the EU to Ukraine since the start of the war now reaches 2.2 billion euros and it is expected to increase further in the coming months. This financial assistance complements other EU support to Ukraine in the humanitarian, development, customs and defense fields," it said.

"The continuation of material and financial aid is not an option, but our duty. Therefore I am very pleased that we have fast-tracked the decision to provide 1 billion euros of macro-financial assistance. This will give Ukraine the necessary funds to cover urgent needs and ensure the operation of critical infrastructure," said Zbynek Stanjura, the Czech Finance Minister.

The European Parliament backed the proposal on July 7. The European Commission said funds would be allocated as long-term soft loans.

This is the EU's seventh MFA program for Ukraine. The last tranche of 11.2 billion euros under the sixth program was disbursed in May.