This brings the total value of the Macro-Financial Assistance package for Ukraine to €18 billion. Through this, the EU aims to help Ukraine cover its immediate need for funding with “stable, predictable and sizeable financial support in 2023.”
The support given will assist Ukraine to keep paying wages and pensions and maintain essential public services such as schools, hospitals and relocation of displaced people. The support will also “help Ukraine to ensure macroeconomic stability and restore critical infrastructure destroyed by Russia in its war of aggression,” such as water systems, energy infrastructure and roads and bridges.
This recent payment comes after the findings of April 23, where the Commission acknowledged Ukraine was continuing to make progress towards implementing the agreed conditions in addition to complying with reporting requirements set in place to ensure transparent and efficient use of funding.
Notably, Ukraine achieved important progress towards strengthening the rule of law, enhancing financial stability, improving the functioning of the gas system and promoting a better business climate. this finding will allow for the allocation for a further monthly payment of €1.5 billion in June of this year.
Since the beginning of the war, European support to Ukraine and Ukrainians has reached close to €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 needs of Ukrainians fleeing the war.”
European 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.”
