The European Parliament voted today to approve a loan of five billion euros to help Ukraine cover its acute financing needs caused by the war waged by Russia.

An EP announcement notes that this is the second and largest transfer of European aid out of a total of nine billion euros. One billion euros have already been paid. It is added that the European Commission grants the loan to the government in Kyiv under very favorable conditions.

Ukraine's external financing needs are said to have grown rapidly with the start of the war, as, in addition to massive damage to roads, bridges, factories, houses, hospitals and other physical infrastructure, the country lost access to international financial markets. The EP notes that, according to estimates by the International Monetary Fund, a shortfall of $10 billion (€9.8 billion) remains to meet Ukraine's needs beyond the aid provided.

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