EU looks to offer extra funds to Ukraine
Print Edition
EU finance ministers will discuss on Tuesday offering additional money to help save Ukraine from bankruptcy, potentially increasing its original plan to as much as 2.5 billion euros (US$2.8 billion), diplomats said.
Ukraine, fighting a war against pro-Russian separatists, is relying on an International Monetary Fund program to avoid default but some economists say it is facing a US$15 billion shortfall in funding.
Earlier this month, the European Union proposed loaning 1.8 billion euros to Kiev, subject to approval by European Union governments and lawmakers.
“Given the urgency of the situation in Ukraine, ministers will see how much the EU can improve on its original, 1.8 billion euro offer,” said one EU diplomat preparing the discussion for Tuesday.
Two other diplomats said the talks would take place, but cautioned that raising the aid was not a done deal. The EU uses some of its budget as a guarantee against the money it raises on capital markets for the loans.
“More money from the EU budget for provisioning loans means less money for other things, so it is not so straightforward,” the diplomat said.
The new EU loan when finalized would come on top of the 1.4 billion euros that Brussels lent last year.
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