Ukraine to get €4.5 billion aid tranche from EU in March

Tuesday, 27 February 2024

Ukraine’s Finance Minister Serhii Marchenko has issued remarks with regard to the European Parliament approving a €50 billion package of macro-financial assistance for Ukraine.

"We are hoping to receive the first tranche of €4.5 billion as part of the Ukraine Facility as soon as this March. On its side, the Ukrainian government is dedicated to implementing the reforms agreed with the EU to receive stable and reliable funding," Marchenko said, as reported by Ukraine’s Finance Ministry on Facebook.

He also said that the EU has given Ukraine approximately €26 billion in direct budgetary support since the beginning of Russia’s full-scale invasion; Marchenko said this was an exceptional source of help and a show of solidarity with Ukrainian people during a difficult and challenging time.

"Against the backdrop of complete uncertainty with respect to external funding during the first couple of months of this year, the EU institutions’ support for the creation of the Ukraine Facility is an important decision in supporting our country’s financial stability," Marchenko stressed.

The Ukrainian government and the European Commission are working to prepare a Ukraine Plan which will list the reforms that Ukraine will have to implement while receiving aid through the Ukraine Facility, the Ukrainian Finance Ministry said.

The ministry explained that complying with the plan is a prerequisite for Ukraine to receive preferential loans and grants to finance state budget expenditures worth €39 billion.

On 27 February, the European Parliament approved the allocation of a €50 billion macro-financial assistance package to Ukraine by a majority vote.

On 6 February, Ursula von der Leyen, President of the European Commission, said the EU was eager to start disbursements of funds allocated by the €50 billion Ukraine Facility programme agreed upon the week before.

On 1 February, Yuliia Svyrydenko, First Deputy Prime Minister and Minister of Economy, said Ukraine expected to receive the first tranche of €4.5 billion from the EU in March under the Ukraine Facility programme.

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