EU approves $638 million loan for Ukraine

The European Union's executive has approved a 600 million-euro ($638 million) loan to Ukraine, part of a program meant to help the country implement reforms and support its economy.

The EU's executive Commission said Thursday that the payout will bring to 2.81 billion euros the amount that the 28-nation bloc has loaned to Ukraine since 2014. The money will be loaned in late March or early April.

The Commission said that Ukraine "has largely fulfilled the policy commitments" made for the funds to be released, including measures to fight corruption and modernize public administration.

Commission Vice President Valdis Dombrovskis said that, with the loan, "the EU reaffirms its long-standing commitment to support Ukraine in its efforts to maintain stability and ensure economic recovery in the country."