European Commissioner for Economy Paolo Gentiloni. Photo : Collected
EU member states are continuing negotiations on the first tranche of 4.5 billion euros ($4.9 billion) macro-financial assistance for Ukraine in 2024, with plans to disburse the funds by the end of March, European Commissioner for Economy Paolo Gentiloni said on Tuesday (12 March).
"Today in Ecofin [Economic and Financial Affairs Council] we will have two regular items of our discussions. First, our support to Ukraine. As you know, we are finalizing the first disbursement within the Ukrainian Facility. It will be 4.5 billion [euros] by the end of this month in a bridge financing to the country and it will be, of course, an opportunity to confirm the fact that the European Union is supporting Ukraine for [as] long as necessary," Gentiloni told reporters.
On February 4, during a special summit in Brussels, EU leaders decided to create a 50 billion euro fund to provide financial assistance to Ukraine until 2027. They also agreed to develop a mechanism and accountability under which funding for Kiev would be agreed and approved annually.
The total amount of EU macro-financial assistance to Ukraine last year amounted to 18 billion euros, transferred in monthly payments of 1.5 billion euros. This assistance was provided to Kiev regardless of the implementation of reforms and its fight against corruption.
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