AP

Ukraine granted extra EU aid of 1 billion euros

Jul 12, 2022, 3:39 AM | Updated: 3:49 am

BRUSSELS (AP) — European Union nations on Tuesday approved fresh aid for Ukraine as the country faces growing economic damage from Russia’s invasion.

Finance ministers from the 27-nation EU gave the go-ahead on Tuesday to 1 billion euros ($1 billion) in loans to the Ukrainian government.

The sum brings to 2.2 billion euros the total amount of EU macro-financial assistance to Kyiv this year. An initial 1.2 billion-euro EU loan package got the green light from the bloc’s finance chiefs days before Russia’s full-scale Feb. 24 attack.

The European Commission, the EU’s executive arm, in mid-May proposed extra assistance of up to 9 billion euros to Ukraine. The planned 1 billion-euro payout is part of this initiative, which comes as Russia makes advances in eastern Ukraine and casualties mount on both sides.

“This will give Ukraine the necessary funds to cover urgent needs and ensure the operation of critical infrastructure,” said Zbynek Stanjura, finance minister of the Czech Republic, which currently holds the EU’s rotating presidency, in a statement.

Ukraine said last week that its post-war reconstruction would cost $750 billion. Meanwhile, the government in Kyiv is estimated to need around 5 billion euros a month to keep the economy afloat.

Group of Seven countries, including the United States, have pledged to help Ukraine meet its short-term financing requirements in addition to providing military aid to Kyiv and imposing wide-ranging economic sanctions against Russia.

The five-month-old war is having worldwide economic and social reverberations, ranging from possible food shortages in Africa to energy-supply disruptions in the EU. These in turn are raising the risk of a global recession.

The EU on Thursday is expected to lower its forecast of bloc-wide economic growth in 2022 for the third time this year.

In May, the European Commission projected that EU gross domestic product would expand 2.7% in 2022, downgrading a forecast made in February of 4% growth. The February outlook was itself weaker than a November projection of 4.3% EU GDP growth this year.

Over the past two months, Russia has cut off or reduced natural gas deliveries to more than 10 EU countries and inflation in Europe has continued to surge. In June, inflation in the 19 countries that share the euro currency reached a record 8.6%.

Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

AP

deadly heat wave last summer...

Associated Press

After a deadly heat wave last summer, metro Phoenix is changing tactics

Fresh memories of the deadly heat wave last summer have led Arizona authorities to launch new tactics ahead of summer 2024.

1 day ago

A Yuma man has been arrested for allegedly starting a wildfire in a national wildlife preserve near...

Associated Press

Man accused of starting wildfire in national wildlife preserve in Yuma

A Yuma man has been arrested for allegedly starting a wildfire in a national wildlife preserve near the California border.

2 days ago

Colorado River settlement center of new Navajo Nation push...

Associated Press

Tribes say their future is at stake as they push for Congress to consider Colorado River settlement

Navajo officials are celebrating the signing of legislation outlining a proposed Colorado River settlement that would ensure water rights.

5 days ago

Arizona doctors California abortions...

Associated Press

Arizona doctors can come to California to perform abortions under new law signed by Gov. Newsom

Arizona doctors can temporarily come to California to perform abortions for their patients under a new law signed by Gov. Gavin Newsom.

6 days ago

Father convicted of first-degree murder in northern Arizona...

Associated Press

Arizona man convicted of first-degree murder in starvation death of 6-year-old son

A northern Arizona father was convicted of first-degree murder Thursday in the 2020 starvation death of his 6-year-old son.

6 days ago

Former President Donald Trump sits in a courtroom next to his lawyer Todd Blanche before the start ...

Associated Press

Trump hush money trial enters new phase after defense rests without testimony from former president

Donald Trump's hush money trial is now closer to the moment when the jury will begin deciding the former president's fate.

8 days ago

Sponsored Articles

...

Collins Comfort Masters

Here’s how to be worry-free when your A/C goes out in the middle of summer

PHOENIX -- As Arizona approaches another hot summer, Phoenix residents are likely to spend more time indoors.

...

Day & Night Air Conditioning, Heating and Plumbing

Beat the heat, ensure your AC unit is summer-ready

With temperatures starting to rise across the Valley, now is a great time to be sure your AC unit is ready to withstand the sweltering summer heat.

...

Day & Night Air Conditioning, Heating and Plumbing

Day & Night is looking for the oldest AC in the Valley

Does your air conditioner make weird noises or a burning smell when it starts? If so, you may be due for an AC unit replacement.

Ukraine granted extra EU aid of 1 billion euros