December 10, the Council of the European Union supported the European Commission’s proposal to allocate additional financial support resources to Ukraine in 2023. The new large-scale program of Macro-Financial Assistance for Ukraine will amount to EUR 18 billion.

The mentioned proposal of the European Commission should be supported by the European Parliament.

“The decision of the EU Council is an important sign of support and solidarity with Ukraine. I am sincerely grateful to colleagues from the European Union for understanding our urgent needs and willingness to stand side by side at this momentous time for our country. The implementation of the new EU Macro-Financial Assistance will serve as one of the keys to maintaining financial and economic stability, as well as our confidence in the stable passage of the next budget year,” said the Minister of Finance of Ukraine Sergii Marchenko.

It is expected that concessional loan funds will be transferred to the State Budget of Ukraine during 2023 in equal parts, taking into account Ukraine’s performance of the terms agreed by the parties. It is expected that Ukraine will receive the first tranche in January 2023.

Furthermore the parties should sign the relevant Memorandum of Understanding and the Loan Agreement, which will determine the conditions of the structural policy, the implementation of which during the year will be the basis for receiving funds, as well as the legal and technical aspects of providing Ukraine with the specified concessional loan.

For reference

On November 9, 2022, the European Commission made a proposal to launch a new large-scale program of Macro-Financial assistance in the amount of EUR 18 billion, and on November 24, 2022, the proposed proposal was supported by the European Parliament.

The total amount of EU macro-financial assistance received by Ukraine since February 24 reached EUR 6.7 billion.