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EU allocates 1.8 billion euro assistance to Ukraine

The European Council signed a decision on granting Ukraine 1.8 billion euro assistance. The first tranche of ? 600 million is supposed to be transferred in the coming weeks.

The relevant document was signed by President of the European Parliament Martin Schulz and Zanda Kalnina-Lukasevica, Parliamentary State Secretary for the European Affairs of Latvia, Joinfo.ua reports with reference to the press service of the European Commission.

"The Commission hopes to conclude this process in the coming weeks, in order to allow for the disbursement of a first tranche of € 600 million before the summer break," the report says.

It should be recalled that on March 31, the European Council decided to approve the granting of 1.8 billion euros of macro-financial assistance to Ukraine. The funds will be allocated to Ukraine to stabilize its economy and to carry out reforms, improving the balance of payments, as defined by the International Monetary Fund.

The assistance will be available for 2.5 years and will be provided in the form of loans to be paid in three stages.