The Commission has today paid a second instalment of pound 1.5 billion under the up to pound 18 billion Macro-financial Assistance (MFA) ‘Plus’ package for Ukraine. With this instrument, the EU seeks to help Ukraine cover its immediate funding needs, with stable, predictable and sizeable financial support in 2023. This support will help Ukraine to keep on paying wages and pensions and maintain essential public services running, such as hospitals, schools, and housing for relocated people. It will also allow Ukraine to ensure macroeconomic stability and restore critical infrastructure destroyed by Russia in its war of aggression, such as energy infrastructure, water systems, transport networks, roads and bridges. Today’s payment comes after the Commission found that Ukraine has made satisfactory progress towards implementing the agreed policy conditions and complied with reporting requirements, which aim to ensure the transparent and efficient use of the funds. Ukraine achieved important progress to strengthen the rule of law through the appointment of a new Head of the National Anti-corruption Bureau of Ukraine. Financial stability is enhanced thanks to progress towards better supervision of state-owned banks. The functioning of the gas system will be improved thanks to the selection of a supervisory board of Naftogaz and there will be a better business climate thanks to simpler licencing and permitting requirements. A first payment of pound 3 billion under this package was made in January this year. The Commission will continue to disburse its financial support for Ukraine to the tune of pound 1.5 billion per month throughout the rest of 2023. The total MFA support, including today’s payment, disbursed to Ukraine since the start of Russia’s war of aggression has reached pound 11.7 billion. The funds have been made available to Ukraine in the form of highly concessional loans. Overall, since the start of the war, the support to Ukraine and Ukrainians amounts to around pound 67 billion. This includes financial, humanitarian, emergency budget, and military support to Ukraine from the EU, Member States and the European financial institutions, as well as resources made available to help Member States cater for needs of Ukrainians fleeing the war in the EU. President Ursula von der Leyen said: ‘Today’s second payment to Ukraine of pound 1.5 billion shows the EU’s steadfast support for Ukraine. The country achieved important progress on transformative reforms, like on the rule of law. This will also facilitate the international reconstruction effort and support Ukraine on its European path.’
Source: Cyprus News Agency