EC disburses further 2B euro in exceptional macro-financial assistance to Ukraine
The European Commission (EC) disbursed a first instalment of two billion euro on October 18 under the five billion euro exceptional macro-financial assistance (MFA) operation for Ukraine, the EC said.
This is part of an MFA package of up to nine billion euro, announced by the EC in May and approved by EU leaders in June.
The EC disbursed the first billion euro of this exceptional MFA package on August 1 and 2.
This followed a previous 1.2 billion euro emergency MFA loan paid out to Ukraine in the first half of this year.
“With today’s payment, the total MFA support disbursed to Ukraine since the Russian attack on February 24 has reached 4.2 billion euro,” the EC said.
The funds have been made available to Ukraine in the form of highly concessional loans, with longer-term maturities than under regular MFAs and on highly favourable terms, the Commission said.
“The assistance supports Ukraine’s macroeconomic stability and overall resilience in the context of Russia’s military aggression and the ensuing economic challenges.”
In a further expression of solidarity, the EU budget for the first time will cover the interest costs on this loan, at least for the current multiannual financial framework, the EC said.
The October 18 disbursement comes after the EC and Ukraine signed on October 3 a Memorandum of Understanding laying down the policy conditions and the enhanced reporting requirements linked to this exceptional MFA.
(Photo: Miroslav Saricka/freeimages.com)
Please help keep The Sofia Globe’s independent journalism alive by clicking on the orange button below and signing up to become a supporter on patreon.com. Becoming a patron of The Sofia Globe costs as little as three euro a month or the equivalent in other currencies.
