Kyiv, Oct 9 (SocialNews.XYZ) Ukraine is set to receive a new loan of 35 billion euros (about US$38.4 billion) from the European Union (EU) by the end of this year, the government-run news agency reported, citing a senior EU official.
Maros Sefcovic, executive vice president of the European Commission, on Tuesday, said that EU member states and the European Parliament are expected to finalise the necessary legislative procedures soon for the loan allocation, reports Xinhua, quoting Ukrinform news agency.
"The EU remains unwavering in its support for Ukraine and its people for as long as necessary," Sefcovic said.
The loan, announced by the EU last month, is intended to help Ukraine meet its urgent budgetary needs amid its ongoing conflict with Russia. It is part of a broader $50 billion commitment made by the Group of Seven (G7) countries in June, which will be funded using interest from frozen Russian assets.
Source: IANS
About Gopi
Gopi Adusumilli is a Programmer. He is the editor of SocialNews.XYZ and President of AGK Fire Inc.
He enjoys designing websites, developing mobile applications and publishing news articles on current events from various authenticated news sources.
When it comes to writing he likes to write about current world politics and Indian Movies. His future plans include developing SocialNews.XYZ into a News website that has no bias or judgment towards any.
He can be reached at gopi@socialnews.xyz