On Tuesday, European Union member states gave the green light for the first €4.2 billion payment of aid to Ukraine. This is part of a €50 billion support mechanism for Kyiv until 2027.
The 27 member states concluded that Ukraine meets the necessary conditions and reforms to receive the initial funds from the aid program. This fund aims to support the country’s macro-financial stability and the functioning of its public administration. The European Commission had already approved this decision in mid-July, and it has now been ratified by the member states.
The agreed-upon reforms include public finance management, state-owned enterprise governance, business environment improvements, energy, and more.
With this step, the EU has increased total funding to Kyiv to €12 billion since the mechanism for Ukraine began in March this year.
The bloc plans to make periodic quarterly payments under the Ukraine Mechanism, with these funds being conditional on meeting the previously agreed requirements.
