KYIV: Ukrainian President Volodymyr Zelensky said Tuesday his war-torn country had received the first instalment of an 18-billion-euro loan from the European Union to get through 2023.
Russia’s invasion has devastated Ukraine’s economy, with the former Soviet country relying on Western donors to shore up the economy.
“Ukraine received the 1st EUR3 billion from the new EUR18 billion macro-financial program,” Zelensky said on Twitter.
He thanked the European Union and European Commission President Ursula von der Leyen for their “strong support”.
He said preserving Ukraine’s financial stability “is vital for our joint victory over the aggressor.”
The EU voted in mid-December in favour of the new economic support package after bitter discussions between member states.
Under the plan, the bloc will send Kyiv 1.5 billion euros per month in the form of 35-year loans, with interest payments covered by the European Union, to support Ukraine’s government in the face of the Russian invasion.
Under the terms of the loan, Ukraine, which hopes to join the EU, is required to continue anti-corruption and judicial reforms.
According to the Centre for Economic Strategy, a Ukrainian think tank, the total amount of Western military and financial support for Kyiv could total $100 billion in 2023, including more than $40 billion for its armed forces.