The European Union has approved additional financial aid to Ukraine in the amount of more than 1.8 billion euros. According to the Council of the EU, this is the fifth payment under the Instrument for Ukraine, as Kyiv has successfully met the ten necessary milestones.
The Council of the European Union approved additional financial aid for Ukraine in the amount of more than 1.8 billion euros. The decision to disburse this fifth payment under the Instrument for Ukraine reflects that Kyiv has successfully met a total of ten necessary milestones, including one from the previous payment. This is stated in the statement of the Council of the EU published on Tuesday, reports TASR.
- The Council of the EU approved financial aid to Ukraine in the amount of 1.8 billion euros.
- The instrument for Ukraine supports the recovery of the country until 2027.
- About 23 billion euros have been paid out to Ukraine through the instrument so far.
- The condition of aid is the implementation of reforms.
Tool for Ukraine
The instrument for Ukraine entered into force at the beginning of March last year. It is supposed to help the country attacked by Russia with recovery, reconstruction and modernization until 2027. Of the 50 billion euros, 32 billion are allocated to support the reforms and investments set out in the plan for Ukraine. Since last spring, approximately 23 billion euros have been paid to Ukraine through this instrument.
The financing is primarily aimed at strengthening Ukraine’s macro-financial stability and supporting the continuation of its public administration. The condition for disbursement of funds is the implementation of reforms.
EU: Ukraine shows remarkable determination to join the Union
After evaluating Ukraine’s request for the fifth payment, the EU member states came to the conclusion that Kyiv has satisfactorily managed to implement several improvements, for example in the area of the justice system, the fight against corruption and money laundering, but also in decentralization and the ecological transition, according to the press release of the Council of the EU.
A European Commission report on EU enlargement, seen by Reuters and to be published on Tuesday afternoon, said Ukraine was showing “remarkable determination” to join the Union – but needed to reverse recent negative trends in the fight against corruption and speed up rule of law reforms.
