EU gives Ukraine $267 million in low interest loans for reform drive

Economic IndicatorsAssociated Press

The European Union has given Ukraine 250 million euros ($267 million) in low interest loans as part of a package to help revive the country's lackluster economy.

Top EU economy official Pierre Moscovici said Tuesday that the loans are meant for vital reforms "to stabilize the Ukrainian economy and create the conditions for sustainable growth."

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Ukraine's economy was battered by almost a year of fighting between Russia-backed separatists and government troops.

Ukraine received major bailout loans from the International Monetary Fund, European Union and the U.S. last year, but has been requesting more with no clear end in sight to its economic problems.

The EU has promised Ukraine a further 1.8 billion euros once it makes clear how it will modernize its economy and fight corruption.