The European Commission today disbursed € 300 million in emergency macro-financial assistance to Ukraine.
According to the Commission statement, the disbursement of funds was made quickly to help strengthen Ukraine’s macroeconomic stability in the context of the “unprovoked and unjustified invasion of Russia”.
This is the initial part of a first tranche of EUR 600 million under the new € 1.2 billion emergency financial assistance program to Ukraine. A further € 300 million disbursement is expected next week. The remaining funds (EUR 600 million) will be disbursed later this year, according to the Memorandum of Understanding signed between the EU and Ukraine.
In parallel with the implementation of the emergency macro-financial assistance program, the Commission is preparing an additional program to further support Ukraine in the long term, as announced by President Ursula von der Leyen in late January.
It is noted that since 2014, the EU and European financial institutions have allocated over 17 billion euros in grants and loans in the country. This amount includes € 5.6 billion to Ukraine through five financial assistance programs to implement a broad reform agenda in areas such as the fight against corruption, an independent judiciary, the rule of law and improving the business climate.
At the same time, the Commission is working on all fronts to support Ukraine with emergency assistance. This includes both humanitarian and civil protection assistance. On 1 March, Commission President Ursula von der Leyen announced at least € 500 million in additional EU funding for humanitarian response to the crisis.
Commission President Ursula von der Leyen said: “An unscrupulous despot is trying to plunge a free and sovereign country into misery. “Europe stands firmly on their side. I am pleased to announce that today the EU has disbursed EUR 300 million in emergency macro-financial assistance to support Ukraine’s finances. This is the first tranche of the 1.2 billion-euro bailout package. “I announced at the end of January. Other payments and packages will follow.”
SOURCE: ΑΠΕ-ΜΠΕ
Source: Capital
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