EU providing another 1.5 bln euro tranche of financial aid to Ukraine - von der Leyen
MOSCOW. Nov 22 (Interfax) - The European Union is disbursing another tranche of 1.5 billion euros of financial assistance to Ukraine to support its economic stability, Ukrainian media reported referring to European Commission President Ursula von der Leyen.
"Today we disburse a new 1.5 billion euros. Our support to Ukraine has now reached 85 billion euros," von der Leyen said on social media on Wednesday.
"More will come. We have proposed 50 billion euros for Ukraine until 2027," she said.
The 18 billion euro package is designed to help Ukraine cover its immediate needs for financing by providing "stable, predictable and sizeable financial support in 2023," the European Commission said. This should help Ukraine continue paying wages and pensions and keep essential public services running, such as hospitals, schools, and housing for relocated people, it said.
It should also enable Ukraine to maintain macroeconomic stability and restore critical infrastructure elements, such as energy infrastructure, water systems, transport networks, roads and bridges, it said.
The European Commission provided said payment after it found on October 18 that Ukraine made "satisfactory progress towards implementing the agreed policy conditions and complied with reporting requirements, which aim to ensure the transparent and efficient use of the funds."
Brussels believes that "Ukraine has notably achieved important progress to enhance financial stability with the phasing out of temporary emergency taxation, as well as to strengthen the rule of law," it said.
As reported, the Council of the EU in December 2022 decided to allocate 18 billion euros of macro-financial assistance to Ukraine in 2023. Member states will cover the bulk of the interest.
Ukraine will have 35 years to repay the funds, starting in 2033, according to the European Commission.
Kiev received the first tranche of 3 billion euros in January. Subsequent tranches have been disbursed monthly at 1.5 billion euros starting in March. The previous tranche was received on October 22.