EU's von der Leyen unveils up to 35 billion euro loan to Ukraine as part of G7 pledge
"Relentless Russian attacks means Ukraine needs continued EU support," the chief of the EU's executive arm said during her visit to Kyiv.
"Relentless Russian attacks means Ukraine needs continued EU support," the chief of the EU's executive arm said during her visit to Kyiv.
Ukraine has received 4.2 billion euros ($4.6 billion) as part of the EU's four-year financial support program, Prime Minister Denys Shmyhal said on Aug. 13.
This is the first tranche in 2024 under a new financial agreement between Ukraine and the World Bank.
"This is the first tranche of direct budget support from the United States in 2024. The planned amount of financial assistance from the United States for the current year is $7.8 billion," the statement read.
By November, Ukraine will receive $7.9 billion in direct support to the state budget, part of the $61 billion aid package passed by the U.S. Congress in April, Ukraine's ambassador to the U.S., Oksana Markarova, said on air on July 26.
The Group of Seven (G7) will likely finalize a framework agreement for a $50 billion loan for Ukraine backed by frozen Russian assets revenue by October, EU Economic Commissioner Paolo Gentiloni said on July 25.
"The government will use this money to pay salaries to rescuers, teachers, doctors, and social support programs," Prime Minister Denys Shmyhal said.
The Council of the European Union for the first time approved assistance under the European Peace Facility (EPF) to support the Armenian Armed Forces with 10 million euros ($10.8 million), according to the council's July 22 statement.
Ukraine's victory is the victory of the entire free world over dictators and tyrants. The formula for victory is well known: the strength of the Ukrainian army, the unity of the free world, unwavering long-term military and financial support for Ukraine, and, first and foremost, Ukraine's membership in NATO. One
"Ukraine’s performance remains strong under the EFF despite challenging conditions," a news release from the IMF read. "All quantitative performance criteria for end-March were met, and all structural benchmarks through end-June were implemented on time or with a short delay."
It is safe to say that Ukraine’s reconstruction will be the most significant and expensive undertaking in Europe since the post-World War II Marshall Plan. The World Bank estimates that rebuilding the country will require nearly $500 billion over the next decade, dwarfing the costs of the most destructive
EU members will not be for now directly involved in the $50 billion loan for Ukraine, as they will instead focus on developing the guarantee mechanism, Italian Prime Minister Giorgia Meloni said on June 15.
"We have an agreement," a French presidency official said, ahead of a summit in Italy, which starts on June 13.
Kyiv signed a financing agreement with the European Investment Bank under the Recovery III project at the Ukraine Recovery Conference in Berlin.
The European Bank for Reconstruction and Development (EBRD) will give Ukraine nearly 25 million euros ($26.8 million) to restore the water supply in Mykolaiv, Mykolaiv Mayor Oleksandr Sienkevych announced on June 11.
A final agreement on the issue is expected at a G7 summit in Apulia, Italy, on June 13-15, which President Volodymyr Zelensky will attend.
The funds will primarily focus on projects related to Ukraine's transportation and energy infrastructure, hit hard by heavy Russian assaults in 2024.
While refusing to supply Kyiv with military aid on account of its long-term neutrality policy, Switzerland has provided economic and humanitarian support worth over $3 billion.
After the review, nearly $2.2 billion in funds may be allocated in June under the EFF.
Foreign aid is crucial for Ukraine as the economic pressure caused by the full-scale Russian invasion mounts. The besieged country received $42.5 billion in external financing last year, allowing it to function amid the ongoing war.
The EU approved the financial aid package for Ukraine in February, allocating two-thirds of the amount in loans and one-third in grants. Ukraine has agreed to implement various reforms as part of the conditions for receiving the funds.
The EU is set to approve Ukraine's reform plan in May, unlocking an additional 1.9 billion euros ($2.04 billion) in financial aid during late spring.
EU finance ministers will discuss this week a plan and an investment agenda submitted by Kyiv as it seeks to secure 50 billion euros (around $53.7 billion) from the European Union's four-year Ukraine Facility, Reuters reported on April 10, citing sources in the German Finance Ministry.
There’s so much news and noise on the issue of using frozen Russian assets for Ukraine, so I thought it useful to put out a quick Q&A on the issue. How much money are we talking about? There are around $320 billion in Russian central bank assets currently
Belgian Ministers Council approved the 25th assistance package for Ukraine, including 100 million euros ($107 million) for F-16 service through the international "fighter jet coalition," Belgian Defense Minister Ludivine Dedonder announced on March 29.
Ukraine will receive more than $9 billion in financial aid in March, Prime Minister Denys Shmyhal said.
Canada provided Ukraine with 2 billion Canadian dollars ($1.5 billion), which will be used to finance the budget deficit, including social assistance, Prime Minister Denys Shmyhal wrote on March 21 on X.
European Commission President Ursula von der Leyen urged members of the European Parliament "to start a conversation about using the windfall profits of frozen Russian assets to jointly purchase military equipment for Ukraine."
"I think the consequence of inaction every day in Ukraine is dire. I’ve been speaking to some of our G7 partners, and they’re very concerned," U.S. President Joe Biden said.
The European Parliament voted to approve the 50 billion euro ($54 billion) funding package for Ukraine, known as the Ukraine Facility, as part of the EU budget on Feb. 27.
The European Parliament finally approved an 18 billion euro macro-financial aid package to Ukraine on Dec. 14, after striking a deal with Hungary to drop its veto. The parliament employed a so-called "urgent procedure" to allow 26 member states to act as the loan guarantors for Ukraine, relieving Hungary from