Friday, September 22, 2023

Brussels disburses another €1.5 billion in macro-financial aid to Ukraine

The European Comission (EC) made this Tuesday a new payment of €1.5 billion to Ukraine within the package of €18 billion in macro-financial aid that the European Union (EU) agreed to for 2023 and that will serve for kyiv to finance basic services and restore infrastructure.

With this disbursementthe seventh in the current assistance package, the total aid to the country at war so far this year amounts to €12,000 million, according to the Community Executive in a statement.

This support will help Ukraine to continue paying salaries and pensions, and to keep essential public services running, such as hospitals, schools and housing for relocated people, the EC said.

It will also allow Ukraine to ensure the macroeconomic stability and restore critical infrastructure destroyed by Russia in its war of aggression, such as energy infrastructure, water supply systems, transportation networks, roads, and bridges.

Today’s payment comes after the Commission verified on July 25 that Ukraine was still “advancing satisfactorily” in the application of the agreed political conditions and complied with the information requirements, the objective of which is to guarantee the transparent and efficient use of funds.

In particular, the EC indicated that Ukraine has made “significant progress” in improving the financial stability, strengthening the rule of law, improving its gas system, promoting energy efficiency and promoting a better business climate.

“We are mobilizing all our efforts to help Ukraine. Today we have paid another €1.5 billion in aid to the country as it confronts Russia’s brutal war of aggression and works to restore its infrastructure. And our support will continue beyond 2023”, indicated in the note the president of the EC, Ursula von der Leyen.

In total, since the start of the war, support for Ukraine and Ukrainians by the EU and its Member States and financial institutions amounts to €76 billion, encompassing financial, humanitarian, emergency budget and military support.

In addition, on June 20, the Commission proposed the creation of a specific aid mechanism for Ukraine for the period 2024-2027, for a global amount of up to €50,000 million euros.


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