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EU Commission approves nearly $4.6 billion in financial support to Ukraine

by Sonya Bandouil July 18, 2024 6:02 AM 1 min read

The flag of the European Union flies in the wind in front of the European Parliament building in Strasbourg, France on May 29, 2024. (Philipp von Ditfurth/picture alliance via Getty Images)

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The European Commission approved the first regular payment of about 4.2 billion euros ($4.59 billion) under the Ukraine Facility on July 18, aiming to support Ukraine's macro-financial stability and public administration functions.

After assessing Ukraine's payment request from July 9, 2024, the Commission confirmed that Kyiv met nine reform indicators.

These reforms include public financial management, governance of state-owned enterprises, business environment, energy, and mine clearance.

The decision, pending EU Council approval, will bring the total EU funding for Ukraine to 12 billion euros ($13.1 billion) since the program began in March.

The EU Council on Feb. 28 approved 50 billion euros ($54 billion) in loans and grants for Kyiv, giving the final go-ahead for the four-year Ukraine Facility tool.

The package provides funding to Ukraine from 2024 to 2027, with 33 billion euros ($35.8 billion) available in loans and 17 billion euros ($18.5 billion) in grants.

Author: Sonya Bandouil

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