HomeAsiaEurasiaEU provides additional €1.5 Billion assistance to Ukraine

EU provides additional €1.5 Billion assistance to Ukraine

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Brussels, 22 August 2023 (TDI): The European Commission has taken another substantial stride in its support for Ukraine, disbursing €1.5 billion as part of the Macro-financial Assistance + package.

This comprehensive package, which is valued at up to €18 billion, seeks to furnish Ukraine with vital financial aid to address its immediate funding requirements.

The EU’s proactive intervention aims to provide Ukraine with a steady and substantial source of support throughout 2023.

In the current year, the EU’s assistance to Ukraine through the Macro-financial Assistance + package has amounted to €12 billion.

The generous assistance extended to Ukraine will play a pivotal role in enabling the country to uphold essential functions such as payment of wages and pensions, the continued operation of crucial public services like hospitals, schools, and housing for displaced individuals.

Furthermore, this funding will empower Ukraine to reinforce macroeconomic stability and rebuild vital infrastructure that suffered damage during Russia’s aggressive war, including energy infrastructure, water systems, transport networks, roads, and bridges.

The recent disbursement follows the European Commission’s assessment on July 25, which confirmed Ukraine’s satisfactory progress in implementing the predetermined policy conditions and fulfilling reporting obligations.

These benchmarks were designed to ensure the efficient and transparent utilization of the allocated funds.

Notably, Ukraine has achieved significant milestones in areas such as financial stability enhancement, rule of law reinforcement, gas system improvement, energy efficiency promotion, and the fostering of a more favorable business environment.

Ursula von der Leyen, President of the European Commission, emphasized the EU’s unwavering dedication to aiding Ukraine in the face of Russia’s aggressive actions.

Also Read: EU condemns Russia’s termination of BSGI

She further stated, “We are mobilizing every effort to help Ukraine. Today, we paid another €1.5 billion in assistance to the country, as it faces Russia’s brutal war of aggression and works on restoring its infrastructure. And our support will go well beyond 2023. We will continue to stand resolutely by Ukraine’s side, with up to €50 billion in support proposed for 2024-2027.”

In cumulative terms, the collective support provided to Ukraine and its citizens since the commencement of the conflict totals €76 billion.

This encompasses a range of assistance, spanning financial aid, humanitarian aid, emergency budget allocations, and military support.

Additionally, the resources made available have helped EU Member States accommodate the needs of Ukrainians displaced by the conflict.

 

Danish Hussain
Danish Hussainhttps://thediplomaticinsight.com
A diligent individual with a Bachelor's in International Relations and currently pursuing a Master's in Political Science at the University of Cologne, Germany. With a strong academic background and a passion for understanding global politics, I aim to make a meaningful impact in the field of international affairs.

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