BRUSSELS, March 31 - European Union governments formally approved a 1.8 billion euro ($1.9 billion) loan for Ukraine on Tuesday to help save it from bankruptcy.

The decision was the last approval required after the European Parliament okayed the loan last week, Reuters reported.

It will be paid out in three installments with a maximum maturity of 15 years, an EU statement said.

Ukraine, fighting a costly war against pro-Russian separatists, is relying on international support to avoid default.