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EU agrees 1.8bn-euro loan to cash-strapped Ukraine EU agrees 1.8bn-euro loan to cash-strapped Ukraine
(about 2 hours later)
The EU has agreed a €1.8bn (£1.3bn; $2bn) loan to Ukraine - the largest financial deal with a non-EU member.The EU has agreed a €1.8bn (£1.3bn; $2bn) loan to Ukraine - the largest financial deal with a non-EU member.
The agreement was signed at an EU summit in Riga, Latvia, which brings together the leaders of the 28-member bloc and six post-Soviet nations. The agreement was signed at an EU summit in Riga, Latvia, between the leaders of the 28-member bloc and six post-Soviet nations.
The loan aims to help revive the cash-strapped economy of Ukraine, which has also been badly affected by fighting with pro-Russian rebels in the east. The loan aims to help cash-strapped Ukraine implement economic reforms, as fighting with pro-Russian rebels in the east has taken a heavy toll.
It requires Ukraine to adopt reforms, including anti-corruption measures. A crackdown on corruption is part of the conditions for the loan.
In other developments on Friday:In other developments on Friday:
€200m grants€200m grants
In Riga, the EU also pledged €200m grants to Ukraine and the other five "Eastern Partnership" members: Armenia, Azerbaijan, Belarus, Georgia and Moldova. In Riga, the EU also pledged €200m in grants to Ukraine and the other five "Eastern Partnership" countries: Armenia, Azerbaijan, Belarus, Georgia and Moldova.
The decision by the previous Ukrainian government in 2013 to scrap a deal on closer ties with the EU sparked protests that toppled President Viktor Yanukovych and led to the confrontation in the east. Georgia, Moldova and Ukraine are pushing for full integration with the EU, while the other three countries prefer limited co-operation with the bloc.
Ukraine's economy continued its contraction in the first quarter of 2015, and Kiev faces huge bills to the country's international creditors in the coming months. In addition, Armenia and Belarus are members of the Russian-led Eurasian Economic Union, seen by some analysts as a rival project to the EU.
More than 6,000 people have been killed in fighting in eastern Ukraine that began in April 2014 when rebels seized large parts of the Donetsk and Luhansk regions. Visa liberalisation plan
This followed Russia's annexation of the southern Crimea peninsula. At a post-summit news conference, European Council President Donald Tusk said he wanted to be as "ambitious as possible" in granting Georgia and Ukraine a visa-free regime, provided key conditions were met. European Commission President Jean-Claude Juncker said "enormous progress" had been made on the issue.
Both countries had hoped for a positive decision on the visa issue at the Riga summit, but it will not happen until next year at the earliest.
Last year, Moldova was granted visa-free travel to the EU.
Ukraine's crisis erupted in November 2013, when the previous Ukrainian government backed away from closer ties with the EU. The mass protests sparked by that move toppled President Viktor Yanukovych and led to the conflict in the east.
Russian and Ukrainian media comment
Russian state media are sceptical about the Eastern Partnership summit.
State-owned daily Rossiyskaya Gazeta says the gathering is "so lacking in hope and prospects that it can only be compared to fishing without a bait".
"It promises nothing, not entry to the EU nor cancellation of visas, but it demands plenty," says the state-controlled Channel One TV.
Rossiya1 TV adds that the Eastern Partnership scheme has "outlived its usefulness".
Gazprom-Media's NTV channel echoes that pessimism, saying "there is not much to expect from this event".
In Ukraine, there is plenty of self-reflection in the media, but not much optimism.
"Ukraine itself brought about the Riga summit's failure," says Yevropeyska Pravda website.
It adds that "Kiev only has itself to blame" for not implementing a visa liberalisation action plan with the EU.
Ukraine's economy continued its contraction in the first quarter of 2015, and Kiev faces huge debt repayments to its international creditors.
More than 6,000 people have been killed in fighting in eastern Ukraine that began in April 2014 when rebels seized large parts of the Donetsk and Luhansk regions. This followed Russia's annexation of the Crimea peninsula.
The Ukrainian government, Western leaders and Nato say there is clear evidence that Russia is helping the rebels with heavy weapons and soldiers. Independent experts echo that accusation.The Ukrainian government, Western leaders and Nato say there is clear evidence that Russia is helping the rebels with heavy weapons and soldiers. Independent experts echo that accusation.
Moscow denies it, insisting that any Russians serving with the rebels are "volunteers".Moscow denies it, insisting that any Russians serving with the rebels are "volunteers".