The European Union’s financial aid package of €6 billion, scheduled for December, is intended to cover a projected funding shortfall in Ukraine’s budget expenditures at the beginning of next year.
This was announced during a briefing in Brussels on Tuesday, July 8, by European Commissioner for Economy and Productivity Valdis Dombrovskis.
“We are planning a disbursement of €6 billion this December to cover or pre-finance needs for the start of next year, as this is typically when Ukraine experiences a certain financing shortfall,” the commissioner stated.
He added that the EU is providing financial support to Ukraine in cooperation with international donors, including the IMF.
Dombrovskis noted that the IMF has decided to combine two reviews of its cooperation program with Ukraine into one, which is expected to take place by the end of the year. Additionally, the European Commission is exploring ways to draw funds from the EU budget and utilize profits from frozen Russian sovereign assets, following the example of the G7’s lending initiative.
