EU gives Ukraine 600 mn euros to help steady economy

The EU agreed Thursday to give Ukraine 600 million euros in loans as a deadly conflict with pro-Russian rebels continues to sap efforts to stabilise its economy, a statement said.

The payment brings total EU macro-financial assistance (MFA) for Ukraine to 2.8 billion euros ($3.0 billion) since 2014, when Kiev broke decisively with Soviet-era master Russia to focus on building ties with the European Union.

The European Commission said the MFA programme has helped Ukraine raise international finance and supported EU-backed reform efforts to root out corruption and restructure the economy.

Ukraine had largely kept its commitments, the Commission said.

“Ukraine has done a remarkable job of stabilising and reforming its economy, despite the armed conflict unfolding on its soil,” Commission Vice President Valdis Dombrovskis said in the statement.

“With today’s disbursement … the EU reaffirms its long-standing commitment to support Ukraine in its efforts to maintain stability and ensure economic recovery in the country.”