It is reported that the European Union (EU) has provided 600 million euros in financial support to Ukraine against the economic impact of the pandemic of the new type of coronavirus (Covid-19).

It is reported that the European Union (EU) has provided 600 million euros in financial support to Ukraine against the economic impact of the pandemic of the new type of coronavirus (Covid-19).

The European Commission says a new tranche of loans has been issued to Ukraine as part of a macro-financial support program against the economic impact of Covid-19.

Ukraine has fulfilled its commitments regarding public finances, governance, rule of law, improving the business environment, sectoral reforms and public subsidiaries, the statement said, adding that 600m euros have been provided to Ukraine under the EU.

The statement stressed that the European Union has provided Ukraine with a total of 4.4 billion euros in loans as part of various macro-financial support programs.

The EU is able to provide macro-financial support to countries in its vicinity in times of economic crisis, but certain conditions must be met for it to release loans.

EU financial assistance includes payment terms that are much more favorable than loans that the country would normally receive from the markets.