On Thursday, members of the European Parliament approved an €18 billion loan to support Ukraine during Russia’s war against the country.
The €18 billion loan will go into supporting essential public services such as the running of schools, hospitals, relocation of housing, macroeconomic stability and restoration of critical infrastructure destroyed by Russian forces and it will cover ‘roughly half of the estimated €2-4 billion monthly funding Ukraine needs in 2023.’
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According to an EP statement, the loan will be disbursed in quarterly instalments which will hopefully keep the country afloat in light of the current conditions.
The loan is also conditional for Ukraine, requiring reforms to strengthen the country’s institutions to prepare it for reconstruction and membership with the European Union.
Following the decision, which was adopted with 507 votes to 38 and 26 abstentions, EP President Roberta Metsola stated that “Ukraine is fighting for European values. The European Parliament and the European Union have shown remarkable solidarity with Ukraine on the humanitarian, military and financial front.”
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