The EU Council of Ministers approved a new €1 billion loan to Kyiv

In total, the European Council approved the allocation of a package of additional assistance to Ukraine for €9 billion. But Germany, the largest guarantor of Eurobonds, blocked this package and agreed only to the first tranche – €1 billion, reported Corriere della Sera

The Council of Ministers of the European Union approved the provision of a new €1 billion loan to Ukraine from the macro-financial support package, Valdis Dombrovskis, Executive Vice President of the European Commission, said on Twitter.

“This is part of a new exceptional macro-financial assistance package,” the official noted.

According to Dombrovskis, in the current situation, Ukraine “is in dire need of short-term financing.” and the European Union is “ready to help.”

Macrofinancial assistance— these are loans on favorable terms, which the European Union allocates to neighboring countries to support the balance of payments.

At the end of June, the European Council approved the allocation of additional assistance to Ukraine in the amount of €9 billion this year. The outcome document stated that the EU reaffirms “strong support” for Ukraine and continue to provide it with economic, financial and humanitarian assistance.

However, the €9 billion aid package was blocked by Germany, Corriere della Sera sources said. As the newspaper writes, it provides for almost interest-free loans to Kyiv with repayment in 25 years from its own European debt obligations, the largest guarantor of which is Berlin. German Finance Minister Christian Lindner was dissatisfied with the fact that Brussels is resorting to a pan-European debt for the sake of Ukraine. So far, he has agreed only with the first tranche — €1 billion, Corriere della Sera's interlocutors said.

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