Ukraine gets $634 million financial aid from EU
- In Reports
- 08:33 PM, May 22, 2022
- Myind Staff
Ukraine has received the second tranche of 600 million euros (634 million U.S. dollars) of the European Union's (EU's) emergency macro-financial assistance program, the Ukrainian Finance Ministry said Friday.
"The funds will be used to maintain financial stability in Ukraine during the war," the ministry said in a statement.
Ukrainian Prime Minister Denys Shmyhal welcomed the aid and thanked European Commission President Ursula von der Leyen for the aid.
The EU decided to allocate 1.2 billion euros (1.26 billion dollars) in emergency assistance for Ukraine in February. Ukraine received 600 million euros from the aid package in March.
Ukraine has received 600 million euros from the aid package in March. It also to be noted that the US, led by President Biden on Saturday signed legislation to support Ukraine with another $40 billion in US assistance as the Russian invasion approaches its fourth month.
The legislation, which was passed by Congress with bipartisan support, deepens the US commitment to Ukraine at a time of uncertainty about the war's future. Ukraine has successfully defended Kyiv, and Russia has refocused its offensive on the country's east, but American officials warn of the potential for a prolonged conflict, AFP reported.
The funding is intended to support Ukraine through September, and it dwarfs an earlier emergency measure that provided $13.6 billion.
The legislation, which was passed by Congress with bipartisan support, deepens the US commitment to Ukraine at a time of uncertainty about the war's future. Ukraine has successfully defended Kyiv, and Russia has refocused its offensive on the country's east, but American officials warn of the potential for a prolonged conflict.
The funding is intended to support Ukraine through September, and it dwarfs an earlier emergency measure that provided $13.6 billion.
The new legislation will provide $20 billion in military assistance, ensuring a steady stream of advanced weapons that have been used to blunt Russia's advances. There's also $8 billion in general economic support, $5 billion to address global food shortages that could result from the collapse of Ukrainian agriculture and more than $1 billion to help refugees.
Image courtesy: IANS
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