Credit: European Commission
The European Commission has announced that it made a fourth payment of €1.5 billion under the Macro-financial Assistance (MFA)+ package for Ukraine, worth up to €18 billion, on Tuesday 23 May 2023.
This EU instrument is aimed at helping Ukraine cover its immediate funding needs, with "stable, predictable and sizeable" financial support in 2023. It is expected to help Ukraine continue paying wages and pensions and maintain the operation of essential public services, such as hospitals, schools and housing for relocated people. It is also expected to allow Ukraine to ensure macroeconomic stability and restore critical infrastructure destroyed by Russia, such as energy infrastructure, water systems, transport networks, roads and bridges.
Tuesday's payment comes after the European Commission had found that Ukraine continued to make satisfactory progress towards implementing the agreed policy conditions and complied with reporting requirements, which aim to ensure the transparent and efficient use of the funds. According to the Commission, Ukraine has notably achieved "important" progress to strengthen the rule of law, enhance financial stability, improve the functioning of the gas system and promote a better business climate. This finding will also enable the disbursement of an additional monthly payment of €1.5 billion in June 2023.
Overall, since the start of the war, support to Ukraine and Ukrainians amounts to around €70 billion. This includes financial, humanitarian, emergency budget and military support to Ukraine from the EU, Member States and the European financial institutions, as well as resources made available to help Member States cater for the needs of Ukrainians fleeing the war.
Commission President Ursula von der Leyen said: "Ukraine is fighting back bravely against Russia's war of aggression. Europe continues to stand by this country. Since the start of this year, we have paid €7.5 billion in macro-financial assistance. This funding is contributing significantly to covering Ukraine's immediate financial needs. And more will come."
