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EU to transfer 4.5 billion euros to Ukraine

by Olena Goncharova March 16, 2024 1:47 AM 2 min read

EU flags in front of the European Commission building in Brussels, Belgium, on Dec. 28, 2023. Photo for illustrative purposes. (Dursun Aydemir/Anadolu via Getty Images)

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Ukraine will receive 4.5 billion euros ($4.9 billion) from the European Union through its four-year Ukraine Facility program next week, Johannes Hahn, European Commissioner for Budget and Administration, announced on March 15.

"Very glad to pave the way for next week’s first disbursement of funds under the Ukraine facility," Johannes Hahn said on X (formerly Twitter). "We stand with Ukraine and invest by this also into our security. A lot of money, yet nothing compared to the Ukrainian people’s sacrifices for Europe."

Kyiv is set to receive an additional 1.5 billion euros ($1.6 billion) to come over the next months.

The European Union Council on Feb. 28 greenlit a substantial aid package of 50 billion euros ($54 billion) in loans and grants earmarked for Kyiv, marking the formal adoption of the Ukraine Facility tool.

This financial support spans from 2024 to 2027, comprising 33 billion euros ($35.8 billion) in loans and 17 billion euros ($18.5 billion) in grants.

Following prolonged opposition from Hungary, European leaders reached a consensus during a summit on Feb. 1 to endorse the four-year financial assistance plan for Kyiv. The European Parliament ratified the decision on Feb. 27.

Among the allocations, 2 billion euros ($2.17 billion) are designated for migration and border management, 7.6 billion euros ($8.2 billion) for neighborhood and international relations, 1.5 billion euros ($1.63 billion) for the European Defense Fund, 2 billion euros ($2.17 billion) for the flexibility instrument, and 1.5 billion euros ($1.63 billion) for Solidarity and Emergency Aid Reserve.

"Grateful for the huge support, which paves the way for prevail and comprehensive recovery of Ukraine," Ukraine's Finance Minister Serhii Marchenko said.

In 2023, Ukraine secured $42.5 billion in external financing, with $11.6 billion constituting non-refundable grants, according to the data provided by the Finance Ministry on Feb. 19.

Foreign aid is crucial for Ukraine as the economic pressure caused by the full-scale Russian invasion grows.

Author: Olena Goncharova

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