EC transfers €4.1bn tranche to Kiev from Ukraine Support Fund
The European Commission has transferred to Kiev a tranche of €4.1bn from the European Support Fund for Ukraine. This was reported by the press service of the European Commission on 18 December.
It noted that the volume of macrofinancial lending under the fund was increased to €16.1bn.
It is specified that the decision on the transfer became possible after Kiev fulfilled a package of Brussels' requirements for reforming the economy and amending national legislation, including on business, corruption and labor market.
The Council of the European Union (EU) agreed to pay Kiev the second tranche of the €4.2 billion macro-financial aid on December 9. At the time, the council emphasized that given the "difficult financial situation" in the country, it was important to disburse the money as soon as possible.
Earlier, on December 4, Ukraine signed a memorandum of understanding and a loan agreement with the European Union to attract €35bn in aid to Kiev. It was specified that the funds are part of the initiative of the G7 countries on the mechanism of additional loans to increase revenues to the country's budget.
Before that, on 2 December, Ukrainian Defense Minister Rustem Umerov said that the Ukrainian government needed additional assistance from the West in the amount of over $11bn to support the military-industrial complex (MIC).
Western countries have stepped up military and financial support for Ukraine against the background of Russia's special operation to protect Donbas, which was announced by Russian President Vladimir Putin on 24 February 2022 after the situation in the region worsened due to shelling by the Ukrainian military.
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