Commission disburses additional €1.5 billion in bridge financing to Ukraine

April 25, 2024 by The Sting's Team Leave a Comment

This article is brought to you in association with the European Commission.

Today, the Commission has disbursed the second instalment of exceptional bridge financing to Ukraine under the Ukraine Facility, amounting to €1.5 billion. The disbursement follows the positive assessment by the Commission of the agreed policy conditions linked to reforms in the area of judiciary, anti-money laundering, public finance management, business environment and agriculture, as well as reporting requirements to ensure the transparent and efficient use of the funds. A general precondition for the support under the Ukraine Facility is to respect effective democratic mechanisms.

In March, the Union released the first instalment of the exceptional bridge financing, of €4.5 billion. With today’s payment, the EU has disbursed €6 billion to Ukraine to support the country’s macro financial stability since the entry into force of the Ukraine Facility on 1 March. Total EU support to Ukraine and its people since February 2022 now amounts to €98.5 billion.

Commission President Ursula von der Leyen said: “Ukraine is carrying a heavy burden on its shoulders for all of us. The additional €1.5 billion we disburse today will ensure that Ukraine can continue to keep the State and basic services running for the population, while it fights back the aggressor. We will work closely with the Ukrainian authorities to ensure the implementation of the Ukraine Plan, which I expect the Council to agree on swiftly. This will pave the way for regular and predictable disbursements under the €50 billion Ukraine Facility. Europe remains united and resolute in its support for Ukraine.”

Background

The new Ukraine Facility, which entered into force on 1st March, foresees up to €50 billion of stable financing, in grants and loans, to support Ukraine’s recovery, reconstruction, and modernisation for the period 2024 to 2027. Of this, up to €32 billion of the Ukraine Facility is indicatively earmarked to support reforms and investments set out in the Ukraine Plan, whereby disbursements will be conditioned to the delivery of identified indicators. Close to €7 billion will be mobilised for the Investment Framework to support investments, and provide access to finance, while around €5 billion is foreseen for technical assistance to support reforms and related support measures. Finally, €6 billion are earmarked for exceptional bridge financing, which the EU has already disbursed. The Regulation establishing the Ukraine Facility allows for the Commission to provide exceptional bridge financing for up to six months to support the macro-financial stability of the country. Such bridge financing is foreseen in case the Ukraine Plan has not yet been adopted. The Ukraine Plan is the government of Ukraine’s plan of reforms and investments that will underpin regular payments under the Ukraine Facility.

Following the Commission’s positive assessment of the Ukraine Plan on 15 April, the Council has one month to confirm this assessment. This will pave the way for pre-financing to Ukraine, followed by regular disbursements under the Ukraine Facility upon achievement of the reforms and investments set out in the Ukraine Plan.

For More Information

Commission Implementing Decision of 22.4.2024 on the release by the European Union of the second instalment of the exceptional bridge financing of the Ukraine Facility

Annex to the Commission Implementing Decision on the release by the European Union of the second instalment of the exceptional bridge financing of the Ukraine Facility

EU support to Ukraine

Factsheet: EU solidarity with Ukraine

Quote(s)

Ukraine is carrying a heavy burden on its shoulders for all of us. The additional €1.5 billion we disburse today will ensure that Ukraine can continue to keep the State and basic services running for the population, while it fights back the aggressor. We will work closely with the Ukrainian authorities to ensure the implementation of the Ukraine Plan, which I expect the Council to agree on swiftly. This will pave the way for regular and predictable disbursements under the €50 billion Ukraine Facility. Europe remains united and resolute in its support for Ukraine.

Ursula von der Leyen, President of the European Commission

The disbursement of the second instalment of bridge financing of €1.5 billion under the €50 billion Ukraine Facility is a vital contribution to Ukraine’s budget during challenging times. Further to satisfactorily fulfilling the agreed policy conditions for this disbursement, it is important that Ukraine continues to implement reforms to strengthen the judiciary, public finance management and business environment.

Olivér Várhelyi, Commissioner for Neighbourhood and Enlargement

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