European Commission disburses additional $1.6 billion in bridge financing to Ukraine

WORLD  24 April 2024 - 20:16

The European Commission disbursed the second installment of exceptional bridge financing to Ukraine under the Ukraine Facility, amounting to 1.5 billion euros ($1.6 billion) on April 24.

The disbursement follows the positive assessment by the European Commission of the agreed policy conditions linked to reforms in the area of judiciary, anti-money laundering, public finance management, business environment and agriculture, as well as reporting requirements to ensure the transparent and efficient use of the funds. A general precondition for the support under the Ukraine Facility is to respect effective democratic mechanisms.

In March, the EU released the first installment of the exceptional bridge financing, of 4.5 billion euros ($4.8 billion). With this payment, the EU has disbursed 6 billion euros ($6.4 billion) to Ukraine to support the country's macro financial stability since the entry into force of the Ukraine Facility on March 1. Total EU support to Ukraine and its people since February 2022 now amounts to 98.5 billion euros ($105.3 billion).

“Ukraine is carrying a heavy burden on its shoulders for all of us. The additional 1.5 billion euros we disburse today will ensure that Ukraine can continue to keep the State and basic services running for the population, while it fights back the aggressor. We will work closely with the Ukrainian authorities to ensure the implementation of the Ukraine Plan, which I expect the Council to agree on swiftly. This will pave the way for regular and predictable disbursements under the 50 billion-euro-Ukraine Facility [$53 billion]. Europe remains united and resolute in its support for Ukraine,” European Commission President Ursula von der Leyen said.

Caliber.Az