The European Parliament approved the allocation of a credit of up to €35 billion to Ukraine on October 22nd as part of the Group of Seven (G7) initiative. This move has been welcomed by the Ukrainian government and is seen as a show of solidarity and support for the country’s economic development.
The decision was made at the EP’s plenary session in Strasbourg, where a resolution was adopted with 442 votes in favor, 118 against, and 81 abstentions. The resolution states that the EU should provide Ukraine with a long-term assistance plan, which includes the credit funding. This move is seen as vital for the ongoing stability and prosperity of the country.
According to the resolution, the credit will be used to support Ukraine’s economic reforms, boost trade and investment, as well as to help the country in its fight against corruption. The funding will also be used to support crucial infrastructure projects, such as developing the country’s energy sector and transport networks.
The G7 initiative, which was first announced in 2015, has been described as a “game changer” for Ukraine’s economy. The initiative aims to provide financial assistance to the country in order to help it recover from the severe economic crisis and ongoing conflict in the Eastern regions of Ukraine.
The EP’s approval of the credit comes at a critical time for Ukraine, as the country continues to face challenges both on the domestic and international front. The ongoing conflict in the Donbass region has taken a toll on the country’s economy, and many believe that this financial aid will provide much-needed stability to Ukraine’s economy.
In addition to the credit funding, the resolution also calls for an increase in political and economic ties between the EU and Ukraine. This includes the signing of the EU-Ukraine Association Agreement, which would establish a free trade area between the two sides. The resolution also urges the EU to lift visa requirements for Ukrainian citizens, a move that would facilitate people-to-people exchanges and boost tourism.
The adoption of this resolution has been praised by Ukrainian President Volodymyr Zelensky, who has described it as a “significant step towards strengthening Ukraine’s relations with the EU.” He has also emphasized the importance of this credit in achieving sustainable economic growth and development in Ukraine.
The EU has been a key partner and supporter of Ukraine since the country gained its independence in 1991. Over the years, the EU has provided Ukraine with significant financial assistance, as well as political and technical support. The latest credit funding is a testament to the EU’s commitment to helping Ukraine overcome its challenges and achieve stability and prosperity.
In conclusion, the European Parliament’s approval of the €35 billion credit for Ukraine is a clear signal of the EU’s support for the country’s economic growth and development. This move is not only a financial boost for Ukraine, but also a strong political message of solidarity and partnership. It is now up to Ukraine to use this funding effectively and continue on its path towards a prosperous and stable future.
