{"id":121027,"date":"2022-10-21T03:00:09","date_gmt":"2022-10-21T01:00:09","guid":{"rendered":"https:\/\/www.cde.ual.es\/?p=121027"},"modified":"2022-10-20T12:10:36","modified_gmt":"2022-10-20T10:10:36","slug":"commission-disburses-further-e2-billion-in-exceptional-macro-financial-assistance-to-ukraine","status":"publish","type":"post","link":"https:\/\/www.cde.ual.es\/en\/commission-disburses-further-e2-billion-in-exceptional-macro-financial-assistance-to-ukraine\/","title":{"rendered":"Commission disburses further \u20ac2 billion in exceptional macro-financial assistance to Ukraine"},"content":{"rendered":"<p style=\"text-align: justify;\">The Commission has disbursed a first instalment of \u20ac2 billion under the \u20ac5 billion exceptional macro-financial assistance (MFA) operation for Ukraine.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.cde.ual.es\/wp-content\/uploads\/2022\/10\/josh-appel-NeTPASr-bmQ-unsplash-scaled.jpg\"><img decoding=\"async\" class=\"aligncenter wp-image-121030\" src=\"https:\/\/www.cde.ual.es\/wp-content\/uploads\/2022\/10\/josh-appel-NeTPASr-bmQ-unsplash-scaled.jpg\" alt=\"coins money\" width=\"515\" height=\"386\" srcset=\"https:\/\/www.cde.ual.es\/wp-content\/uploads\/2022\/10\/josh-appel-NeTPASr-bmQ-unsplash-scaled.jpg 2560w, https:\/\/www.cde.ual.es\/wp-content\/uploads\/2022\/10\/josh-appel-NeTPASr-bmQ-unsplash-300x225.jpg 300w, https:\/\/www.cde.ual.es\/wp-content\/uploads\/2022\/10\/josh-appel-NeTPASr-bmQ-unsplash-1024x769.jpg 1024w, https:\/\/www.cde.ual.es\/wp-content\/uploads\/2022\/10\/josh-appel-NeTPASr-bmQ-unsplash-768x577.jpg 768w, https:\/\/www.cde.ual.es\/wp-content\/uploads\/2022\/10\/josh-appel-NeTPASr-bmQ-unsplash-1536x1153.jpg 1536w, https:\/\/www.cde.ual.es\/wp-content\/uploads\/2022\/10\/josh-appel-NeTPASr-bmQ-unsplash-2048x1538.jpg 2048w\" sizes=\"(max-width: 515px) 100vw, 515px\" \/><\/a><\/p>\n<p style=\"text-align: justify;\">This is part of an MFA package of up to \u20ac9 billion, announced in the Commission&#8217;s 18 May <a href=\"https:\/\/ec.europa.eu\/commission\/presscorner\/detail\/en\/ip_22_3121\">Communication<\/a>\u00a0on Ukraine Relief and Reconstruction and\u00a0<a href=\"https:\/\/www.consilium.europa.eu\/en\/press\/press-releases\/2022\/06\/23\/european-council-conclusions-on-ukraine-the-membership-applications-of-ukraine-the-republic-of-moldova-and-georgia-western-balkans-and-external-relations-23-june-2022\/\">endorsed<\/a>\u00a0by the European Council of 23-24 June 2022. It is part of the extraordinary effort by the EU, alongside the international community, to help Ukraine address its immediate financial needs following the unprovoked and unjustified aggression by Russia.<\/p>\n<p style=\"text-align: justify;\">The Commission already disbursed the first \u20ac1 billion of this exceptional MFA package on 1 and 2 August 2022. This followed a previous \u20ac1.2 billion emergency MFA loan paid out to Ukraine in the first half of this year. With the payment, the total MFA support disbursed to Ukraine since the Russian attack on February 24 has reached \u20ac4.2 billion.<\/p>\n<p style=\"text-align: justify;\">The funds have been made available to Ukraine in the form of highly concessional loans, with longer-term maturities than under regular MFAs and on highly favourable terms.\u00a0The assistance supports Ukraine&#8217;s macroeconomic stability and overall resilience in the context of Russia&#8217;s military aggression and the ensuing economic challenges. In a further expression of solidarity, the EU budget for the first time will cover the interest costs on this loan, at least for the current multiannual financial framework. As for all previous MFA loans, the Commission borrows funds on international capital markets and transfers the proceeds on the same terms to Ukraine. This \u20ac2 billion loan to Ukraine is being covered for 70% of its value by funds set aside from the EU budget (for 9%) and by national guarantees by the Member States (for the remaining 61%).<\/p>\n<table style=\"width: 99.9988%; border-collapse: collapse; border-style: double; border-color: #001f7d;\" cellpadding=\"0,5\">\n<tbody>\n<tr>\n<td style=\"width: 100%;\"><a href=\"https:\/\/www.cde.ual.es\/en\/g7-leaders-united-in-supporting-ukraine\/\" target=\"_blank\" rel=\"noopener\"><img decoding=\"async\" class=\"alignleft\" src=\"https:\/\/www.cde.ual.es\/wp-content\/uploads\/2022\/10\/G7-11-de-octubre-1024x577.jpg\" alt=\"\" width=\"201\" height=\"134\" \/><\/a><\/p>\n<h4 class=\"entry-title\"><a href=\"https:\/\/www.cde.ual.es\/en\/g7-leaders-united-in-supporting-ukraine\/\" target=\"_blank\" rel=\"noopener\">G7 leaders united in supporting Ukraine<br \/>\n<\/a><\/h4>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p style=\"text-align: justify;\">The payment was made after Ukraine complied with reporting requirements laid out in the Memorandum of Understanding signed with the Commission and aiming to ensure the efficiency, transparency and accountability of the use of the funds. For subsequent payments, Ukraine will have to demonstrate satisfactory progress towards the implementation of policy actions related to economic resilience and stability, governance and rule of law and energy. These policy conditions were agreed with Ukraine in the Memorandum of Understanding and are deemed feasible and relevant in the current situation of Russia&#8217;s war against Ukraine, also for the future reconstruction of the country.<\/p>\n<p style=\"text-align: justify;\">This financial assistance comes in addition to the unprecedented support provided by the EU to date, notably humanitarian, development and defence assistance, the suspension of all import duties on Ukrainian exports for one year or other solidarity initiatives, e.g. to address transport bottlenecks so that exports, in particular of grains, could be ensured.<\/p>\n<p style=\"text-align: justify;\"><strong>Members of the College said:<\/strong><\/p>\n<blockquote><p>President Ursula\u00a0<strong>von der Leyen<\/strong>\u00a0said:\u00a0\u201cThe EU is standing by Ukraine through financial, humanitarian and military support as well as sanctions against the Russian aggressor. EU Member States are welcoming millions of refugees from Ukraine. Today we are once again delivering on our unwavering commitment to support Ukraine. The \u20ac2 billion paid out today will help address Ukraine&#8217;s acute financing needs. Additional financial support will follow before the end of the year.\u201d<\/p>\n<p>Valdis\u00a0<strong>Dombrovskis<\/strong>, Executive Vice-President for An Economy that Works for People said: \u201cToday&#8217;s EU disbursement of \u20ac2 billion in emergency financial assistance to support Ukraine and its people is timely as winter approaches and Russia continues its brutal aggression.\u00a0This constitutes the first part of the second stage of implementing the EU&#8217;s planned macro-financial assistance package to Ukraine of up to \u20ac9 billion. We are working on unlocking the remaining \u20ac3 billion of this package for later this year and for more structured emergency support to follow in 2023. Today&#8217;s disbursement will strengthen Ukraine&#8217;s immediate resilience, help it to maintain essential services and sustain its capacity towards recovery. The EU remains committed to supporting Ukraine&#8217;s relief, rehabilitation and reconstruction, together with international partners and financial institutions.\u201d<\/p>\n<p>Johannes\u00a0<strong>Hahn<\/strong>, Commissioner for Budget and Administration, said: \u201cToday&#8217;s disbursement of \u20ac2 billion of the exceptional MFA package is evidence of our unwavering support for Ukraine. It enables the country to cover the running costs and most pressing needs. Further disbursements will follow before the end of the year\u201d.<\/p>\n<p><a name=\"_Hlk116942956\"><\/a><em>Paolo\u00a0<strong>Gentiloni<\/strong>, Commissioner for Economy, said: \u201cDay after today, the Russian campaign of terror continues, deliberately targeting Ukrainian civilians and critical infrastructure and demonstrating to the world the moral bankruptcy of the Putin regime. And day after day, Ukrainians demonstrate to the world their incredible courage and resilience. The European Union&#8217;s solidarity with the Ukrainian people is unwavering and today&#8217;s \u20ac2 billion payment is another sign of that commitment. More will follow in the coming weeks and months.\u201d<\/em><\/p><\/blockquote>\n<p style=\"text-align: justify;\"><strong>Next steps<\/strong><\/p>\n<p style=\"text-align: justify;\">The disbursement of the subsequent instalments under this \u20ac5 billion package will follow swiftly and are planned before the end of the year.<\/p>\n<p style=\"text-align: justify;\">In addition, work on the remaining \u20ac3 billion part of the overall exceptional MFA package of up to \u20ac9 billion is ongoing, in parallel to work on a more strategic and predictable approach of EU financing support for Ukraine in 2023.<\/p>\n<p style=\"text-align: justify;\"><strong>Source<\/strong>: <a href=\"https:\/\/ec.europa.eu\/commission\/presscorner\/detail\/es\/IP_22_6237\" target=\"_blank\" rel=\"noopener\">Press release &#8211; European Commission<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Commission has disbursed a first instalment of \u20ac2 billion under the \u20ac5 billion exceptional macro-financial assistance (MFA) operation for Ukraine. This is part of an MFA package of up to \u20ac9 billion, announced in the Commission&#8217;s 18 May Communication\u00a0on Ukraine Relief and Reconstruction and\u00a0endorsed\u00a0by the European Council of 23-24 June 2022. It is part [&hellip;]<\/p>\n","protected":false},"author":101011,"featured_media":121030,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"","_relevanssi_noindex_reason":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[4075,346,4078],"tags":[488,5358,5005],"class_list":{"0":"post-121027","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-defence-security","8":"category-eu-news","9":"category-internat-safety-pol","10":"tag-economy","11":"tag-help","12":"tag-ukraine","13":"entry"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Commission disburses further \u20ac2 billion in exceptional macro-financial assistance to Ukraine | CDE Almer\u00eda - Centro de Documentaci\u00f3n Europea - Universidad de Almer\u00eda<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.cde.ual.es\/?p=121033\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Commission disburses further \u20ac2 billion in exceptional macro-financial assistance to Ukraine | CDE Almer\u00eda - Centro de Documentaci\u00f3n Europea - Universidad de Almer\u00eda\" \/>\n<meta property=\"og:description\" content=\"The Commission has disbursed a first instalment of \u20ac2 billion under the \u20ac5 billion exceptional macro-financial assistance (MFA) operation for Ukraine. 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