Ukraine Set To Get 35 Billion Euros In Loan From EU By Year-End: Reports

Kyiv: Ukraine is set to receive a new loan of 35 billion euros (about US$38.4 billion) from the European Union (EU) by the end of this year, the government-run news agency reported, citing a senior EU official.

Maros Sefcovic, executive vice president of the European Commission, on Tuesday, said that EU member states and the European Parliament are expected to finalise the necessary legislative procedures soon for the loan allocation, reports Xinhua, quoting Ukrinform news agency.

“The EU remains unwavering in its support for Ukraine and its people for as long as necessary,” Sefcovic said.

The loan, announced by the EU last month, is intended to help Ukraine meet its urgent budgetary needs amid its ongoing conflict with Russia. It is part of a broader $50 billion commitment made by the Group of Seven (G7) countries in June, which will be funded using interest from frozen Russian assets.

(IANS)