EU fast-tracks emergency macro-financial assistance to Ukraine

Written by on March 11, 2022 in Europe - Comments Off on EU fast-tracks emergency macro-financial assistance to Ukraine

The European Commission said that it had on March 11 disbursed 300 million ero in emergency Macro-Financial Assistance (MFA) to Ukraine.

“The disbursement of funds has been fast-tracked to help enhance Ukraine’s macroeconomic stability in the context of Russia’s unprovoked and unjustified invasion,” the Commission said.

This is the initial part of a first 600 million euro instalment under Ukraine’s new 1.2 billion euro emergency MFA programme.

A further disbursement of 300 million euro is expected to take place next week, the Commission said.

“The programme represents a concrete demonstration of the EU’s unwavering support for Ukraine,” it said.

The disbursement comes following a swift adoption of the Commission’s proposal for a new emergency programme by the Council and the European Parliament.

The remaining funds (600 million euro) will be disbursed later in the year, in line with the Memorandum of Understanding signed by the EU and Ukraine, the statement said.

In parallel to implementing the emergency MFA programme, the Commission is preparing an additional MFA programme to further support Ukraine in the longer term, as announced by European Commission President Ursula von der Leyen at the end of January.

(Photo: Filippo Vicarelli/freeimages.com)

For the rest of The Sofia Globe’s continuing coverage of Russia’s invasion of Ukraine, please click here.

Please support independent journalism by clicking on the orange button below. For as little as three euro a month or the equivalent in other currencies, you can support The Sofia Globe via patreon.com:

Become a Patron!

About the Author

The Sofia Globe - the Sofia-based fully independent English-language news and features website, covering Bulgaria, the Balkans and the EU. Sign up to subscribe to sofiaglobe.com's daily bulletin through the form on our homepage. https://www.patreon.com/user?u=32709292