Ukraine received €1.5 billion from the EU, expects the next tranche of almost €1.9 billion to be disbursed soon

Ukraine has received 1.5 billion euros of the second tranche of funding under the Ukraine Facility program from the EU and expects the third tranche of 1.89 billion euros to be allocated to the state budget, Prime Minister Denys Shmyhal and the Ministry of Finance said on Wednesday, UNN reports.

Details

"The state budget of Ukraine has received the second tranche of transitional financing in the amount of 1.5 billion euros under the EU's Ukraine Facility instrument," the Ministry of Finance said in a statement.

Shmyhal said the funds would be used "to cover the most important budget expenditures." "I am grateful to the European Commission for the positive assessment of the implementation of the five indicators, which is a prerequisite for the allocation of funds," he added.

"We expect the third tranche of EUR 1.89 billion to be disbursed soon. In total, we expect EUR 16 billion under the Ukraine Facility program this year," Shmyhal said on Telegram.

He thanked Europe "for the predictable rhythmic support". "This is the key to our sustainability, successful recovery and creation of economic growth points for the future," the Prime Minister said.

"International support is key to ensuring macroeconomic stability and building the foundation for further economic growth. The EU has been the largest donor of budget support since February 2022, with more than €31 billion. The implementation of the Ukraine Facility, together with the approval of the Ukraine Plan by the European Commission, will help to ensure that urgent budgetary needs in the social sector, as well as the implementation of recovery and reconstruction, are met in a timely manner. At the same time, the implementation of structural reforms will contribute to economic development and European integration", Minister of Finance Sergii Marchenko said. 

Addendum

In March, the state budget received the first tranche of EUR 4.5 billion. Having implemented all 5 reforms in the areas of public finance management, anti-corruption, and business environment development, Ukraine, according to the Ministry of Finance, has attracted a total of EUR 6 billion provided for by the transitional financing mechanism.

EU disburses €1.5 billion in aid to Ukraine today - von der LeyenApr 24 2024, 10:28 AM • 20013 views