Ukraine received a new €1.5 billion ($1.6 bn) tranche of financial support from the European Union on Wednesday and hopes to receive another €10 bn later this year, officials report.
The United States, which has approved billions of dollars in a new aid package to Ukraine, is also an important donor.
“International support is a key to ensure macroeconomic stability and build a foundation for economic growth,” Marchenko said.
Ukraine faces a $37 bn budget deficit this year and relies heavily on financial aid from its Western partners to be able to finance its social and humanitarian spending.
Kyiv uses most of its state revenues to fund defense efforts as its troops fight a larger and better equipped Russian army.Today, we are disbursing an additional €1.5 billion in bridge financing to Ukraine.
— European Commission (@EU_Commission) April 24, 2024
This will ensure that Ukraine can continue to keep the State and basic services running for the population, while it fights back the aggressor.
Total EU support to Ukraine and its people since… pic.twitter.com/M37CXffoFd
First Deputy Prime Minister Yulia Svyrydenko said the government looked forward to final approval of the EU’s Ukraine Facility lending program worth €50 bn and hoped to receive three more tranches this year.
“In fact, we are one step away from the launch of the program and full regular funding under the program,” said Svyrydenko.
She said that following the final approval, Kyiv would be able to receive €1.89 bn in June and two more tranches worth about €4 bn in September and November.
Ukraine receives an additional €1.5 billion under #UkraineFacility bridge financing. We already met five indicators to receive these funds. This includes adopting a National Revenue Strategy, supporting industrial parks, bringing the State Land Cadastre into compliance, and… pic.twitter.com/JJGyBmyfB8
— Yulia Svyrydenko (@Svyrydenko_Y) April 24, 2024
The steps include measures to improve transparency, fight corruption, improve the business environment, and bring the country’s legislation closer to the EU.
