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Ukraine welcomes European Parliament decision on $1 billion euros aid

Staff Writer |
Ukrainian President Petro Poroshenko welcomed the European Parliament decision to approve the macro-financial assistance for Ukraine worth 1 billion euros ($1.18 billion).

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"It is another evidence of our real progress on the track of reforms," Poroshenko wrote on Facebook, voicing his appreciation to the European Union (EU) for supporting Ukraine.

Earlier in the day, the European Parliament approved the EU's aid for Ukraine to help the country cover part of its external financing needs in 2018-2019.

As a key condition for disbursing the loan, the EU set further fight against corruption in Ukraine, including setting up a specialized anticorruption court.

The assistance package is set to be formally approved by the EU Council on June 26.

According to local economists, Ukraine now is in urgent need of external financing due to its huge foreign debt, of which some $8 billion should be repaid by the end of next year.

On Monday, Poroshenko signed a law, which gave the greenlight to the creation of a supreme anticorruption court.

The establishment of the anticorruption court is also a key demand of the International Monetary Fund (IMF) to continue its aid for Ukraine.

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