The EU will allocate €1.2 billion to help cover the budget deficit caused by the fight against the coronavirus

The EU will allocate €1.2 billion to help cover the budget deficit caused by the fight against the coronavirus, the European Commission announced yesterday. President Zelenskiy welcomed this one year ‘soft’ loan, saying: “When tough times come, you know who your true friends really are.” The first tranche is to flow in mid-May, in parallel with Zelenskiy’s timetable for reaching a deal with the IMF. The second tranche is to be disbursed on the condition of Ukraine keeping on track with the IMF program.