European Union disburses €2 billion in macro-financial assistance to Ukraine

Published in Politics
Tuesday, 18 October 2022 19:16

European Commission President Ursula von der Leyen announced today that the EU is disbursing a further €2 billion in macro-financial assistance to Ukraine.

“More will follow by the end of the year. We’ll stand by Ukraine for as long as it takes,” wrote Ursuka von der Leyen on Twitter.

She added that the EU would discuss how to ensure continued support with global partners at the RebuildUkraine conference, which will take place in Berlin, on 25 October.

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Press release

EU releases first tranche of new €1 billion macro-financial assistance for Ukraine

Published in Economics
Tuesday, 02 August 2022 15:00

The European Commission today disbursed the first half (€500 million) of a new €1 billion macro-financial assistance (MFA) operation for Ukraine. The second tranche (another €500 million) will be disbursed tomorrow, 2 August. 

This additional assistance of €1 billion 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. It is the first part of the exceptional MFA package of up to €9 billion announced in the Commission’s communication of 18 May 2022 and endorsed by the European Council of 23-24 June 2022. It complements the support already provided by the EU, including a €1.2 billion emergency MFA loan paid out in the first half of the year. Taken together, the two strands of the programme bring the total MFA support to Ukraine since the beginning of the war to €2.2 billion.

The funds have been made available to Ukraine in the form of long-term loans on favourable terms. The assistance supports Ukraine’s macroeconomic stability and overall resilience in the context of Russia’s military aggression and the ensuing economic challenges. In a further expression of solidarity, the EU budget will cover the interest costs on this loan. 

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.

Valdis Dombrovskis, the European Commission’s Executive Vice-President for An Economy that Works for People said: “This €1 billion payment is a first part of our €9 billion macro-financial assistance package to help Ukraine meet its emergency financial needs caused by Russia’s brutal war. At the same time, we are working closely with EU Member States and our international partners on the next steps to rebuild Ukraine for the longer term. The EU will provide all political, financial, military and humanitarian support required to assist Ukraine and its people in the face of Russia’s continued illegal aggression – for as long as it takes.”

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Press release

EU disburses around €300 million in emergency Macro-Financial Assistance and adopts €120 million in grant support

Published in Economics
Monday, 21 March 2022 11:09

On 18 March, the European Commission disbursed a further €289 million in emergency Macro-Financial Assistance (MFA) to Ukraine and adopted a €120 million grant for Ukraine. This disbursement will support the Ukrainian government in strengthening civilian crisis preparedness and management at both central and local levels.

This follows last week’s disbursement of €300 million – the initial part of the first €600 million installment under Ukraine’s new €1.2 billion emergency MFA programme, announced by the European Commission on 24 January 2022.

The emergency MFA programme will enhance Ukraine’s macroeconomic stability in the context of Russia’s invasion. It represents a concrete demonstration of the EU’s unwavering support for Ukraine. 

The remaining funds (€600 million) will be disbursed later in the year, in line with the Memorandum of Understanding signed by the EU and Ukraine. 

In parallel, the Commission is preparing an additional MFA programme to further support Ukraine in the longer term, also announced by President von der Leyen at the end of January. 

EU proposes new macro-financial assistance to Georgia

Published in Economics
Wednesday, 04 October 2017 16:49

The European Commission proposed new Macro-Financial Assistance (MFA) to Georgia, worth up to €45 million. According to an EU press release, if adopted by the European Parliament and the Council, this assistance would help Georgia cover part of its external financing needs.

“Today's proposal for additional assistance is another sign of the EU's strong support for the Georgian people,” said Pierre Moscovici, Commissioner for Economic and Financial Affairs, Taxation and Customs. “As Georgia continues its economic transition, we are helping the country to preserve macroeconomic stability and continue the reform process, which is needed to achieve stronger and more inclusive growth.”

Of the total €45 million, €10 million would be provided in the form of grants and up to €35 million in medium-term loans at favourable financing conditions, helping to reduce uncertainty surrounding the economy’s short-term balance of payments and fiscal issues, the EU press release added.

Disbursements under the proposed MFA programme would be strictly conditional and dependent on the implementation of specific policy, to be agreed between Georgia and the EU and set out in a Memorandum of Understanding, and on good progress with the IMF programme.

The MFA is an exceptional EU crisis response instrument available to the EU’s neighbouring partner countries. It is complementary to assistance provided by the International Monetary Fund. MFA loans are financed through EU borrowing on capital markets. The funds are then lent on, with similar financial terms, to the beneficiary countries. MFA grants come from the EU budget.

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