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Ukraine will soon receive €4.1 billion in EU support

by AI | 09.Dec 2024 | Europe in brief AI

Member states concluded on Monday that Ukraine fulfilled further obligations and can receive the money.

Flags of the European Union and Ukraine. Photo: European Commission.

Member states in the EU Council agreed on Monday to disburse the second tranche of money from a 50 billion euro instrument to support Ukraine. Kyiv will receive 4.1 billion euros to cover current state expenses. The European Commission will soon transfer the funds.

This is the second regular tranche from the instrument that the EU created for Ukraine in February. Kyiv receives support after fulfilling conditions related to reforms, including in the area of public finance transparency and the judiciary.

Member states concluded on Monday that Ukraine had fulfilled further commitments and could receive the funds. This time, the reforms implemented by Ukraine included combating corruption and money laundering, the Criminal Code and the Code of Criminal Procedure, business environment, energy, as well as green transformation and environmental protection.

“The EU Council also emphasized the importance of granting the funds as soon as possible, given the difficult fiscal situation in Ukraine,” the statement said.

The funds will soon be disbursed by the EC. In total, Ukraine will receive 50 billion euros from the instrument. The funds will be disbursed until 2027 – 17 billion euros will be non-repayable support, while 33 billion euros Ukraine will receive in the form of low-interest loans, guaranteed by EU states.

Funds from loans taken out by the group of G7 countries, which will be repaid from the profits of frozen Russian assets, are also soon to reach Kyiv. This initiative, in turn, amounts to 45 billion euros, of which 35 billion euros in support will be provided by the EU. Ukraine will receive this assistance in the form of non-repayable support and will be able to use it to cover current state expenses. (09.12.2024)