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EU sends latest tranche of 1.5 billion euros in macro-financial assistance to Ukraine

by Elsa Court and The Kyiv Independent news desk November 22, 2023 3:09 PM 1 min read

European Union flags decorates the façade of the iconic Berlaymont building, the seat of the European Commission in Brussels, Belgium, on May 31, 2023. (Artur Widak/NurPhoto via Getty Images)

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The European Union has sent the latest 1.5 billion euro ($1.6 billion) installment of its macro-financial assistance package to Ukraine, European Commission President Ursula von der Leyen announced on X on Nov. 22.

The tranche is part of an 18 billion euro ($19.6 billion) support package for 2023, known as the Macro-Financial Assistance (MFA) package for Ukraine, which is disbursed in monthly tranches.

The package aims to assist Ukraine with paying for essential public services, maintaining macroeconomic stability, and restoring critical infrastructure destroyed by Russian attacks.

"Europe's funding has supported Ukraine's economic stability and public services since the start of Russia’s war," von der Leyen said.

EU support to Ukraine "has now reached €85 billion ($92.7 billion)," with "more to come."

The European Parliament voted in October to endorse a proposal for a $53 billion financing package for Ukraine's recovery until 2027.

Authors: Elsa Court, The Kyiv Independent news desk

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