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The European Council decided to provide EUR 5 billion of macro-financial assistance to Ukraine

20 Sep, 2022
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The European Council decided to provide EUR 5 billion of macro-financial assistance to Ukraine

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Today, September 20, the European Council supported the proposals of the European Commission to launch a new EU Macro-Financial Assistance in the amount of EUR 5 billion.

The decision to provide financial aid was adopted by key EU institutions (the European Commission, the European Parliament and the European Council) in an unprecedentedly short term.

In the near future, the parties should sign the relevant Memorandum of Understanding and the Loan Facility Agreement regarding the conditions, as well as legal and technical aspects of providing Ukraine with the specified concessional loan.

"Unprecedentedly quick decisions on providing financial assistance to Ukraine are the solidarity of the EU countries with Ukraine and a significant contribution to ensuring economic and financial stability within the state. Grateful to the European Union for the support of the Ukrainian people in the difficult conditions of martial law," said Minister of Finance of Ukraine Sergii Marchenko.

On August 1 of this year, Ukraine received the first EUR 500 million within the seventh EU Macro-Financial Assistance, and the second part of the same program in the amount of EUR 500 million was received on August 2.

On September 7, the European Commission announced a proposal to launch additional macro-financial assistance for Ukraine in the amount of EUR 5 billion as part of the package of EUR 9 billion announced in May this year. Subsequently, on September 15, the European Parliament supported the Commission's decision.


The Odessa Journal

The Odessa Journal

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