Kiev, Jul 8 (IANS): The new aid of 1 billion euros that was approved by the European Parliament for Kiev on Thursday will be used to ensure Ukraine's financial stability, the Ukrainian Finance Ministry said.

"The European Union (EU) Macro-Financial Assistance will be directed to the financing of priority budgetary needs and, in general, to ensuring financial stability in Ukraine," Xinhua news agency reported quoting the ministry's statement.

Earlier in the day, the European Parliament voted to support the European Commission's proposal to provide Ukraine with 1 billion euros in fresh aid to cover the country's urgent budgetary needs.

The decision to allocate new aid for Ukraine was announced by the European Commission on July 1. It must also be supported by the Council of the EU to come into force.

In April, Ukrainian Prime Minister Denys Shmyhal said that Ukraine needs 5 billion dollars a month to fulfill all social and humanitarian obligations amid the conflict with Russia.

Ukraine has received 1.2 billion euros (about 1.22 billion dollars) in two tranches from the EU since March.