The EU Council supported the allocation of €1.2 billion in financial assistance to Ukraine

Posted 14 February, 2022

The EU Council approved the provision of additional macro-financial assistance to Ukraine in the amount of €1.2 billion, according to the website of the Council.

Now the proposal must be considered in the European Parliament.

“The current geopolitical tensions are having a serious economic impact on Ukraine. Member States are ready to provide macro-financial assistance in the amount of €1.2 billion,” said French Economy and Finance Minister Bruno Le Maire.

The assistance is designed for 12 months and will consist of two tranches. First Ukraine will receive “after the entry into force of the Memorandum of Understanding on specific structural policy measures, which should be agreed between the European Commission (on behalf of the EU) and Ukraine”, and subject to the conditions of the IMF.

The receipt of the second tranche will also depend on the continued implementation of the IMF program and the policy measures agreed in the Memorandum of Understanding, which will include “strengthening economic resilience and stability, governance and the rule of law, and energy.”

Negotiations on the allocation of financial assistance to Kiev and the EU began in December 2021. On January 24, the head of the European Commission, Ursula von der Leyen, announced that the European Union would provide €1.2 billion to Ukraine because of the threat of Russia's "invasion". She clarified that the size of the first tranche will be €600 million.

Von der Leyen said the EU will also develop a funding program to support the country's economic modernization plan. Another €120 million will be allocated in the form of grants to Ukraine. In addition, according to the EU investment plan, more than €6 billion of investments are provided for Kiev. In total, according to the head of the European Commission, since 2014 the union has already allocated over €17 billion in assistance to Ukraine.

France also promised to provide financial assistance to Ukraine in the amount of €1.2 billion, Ukrainian President Volodymyr Zelensky said on February 8. He called this assistance a "powerful step" for the sustainability of the Ukrainian economy.

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