European Commission approves $4.3 billion for Ukraine under Ukraine Facility program
The European Commission agreed to allocate 4.1 billion euros ($4.3 billion) to Ukraine under the Ukraine Facility program, European Commission President Ursula von der Leyen confirmed on Nov. 14.
The decision must be approved by the EU Council before the transfer.
"As we're approaching the 1000th day of Russia's atrocious war, we will help keep the Ukrainian state running while the country fights for survival. We are in it for the long haul," Von der Leyen said.
The EU greenlighted the Ukraine Facility in February, and the EU Council approved the framework agreement in mid-May, setting out the Ukrainian government's tasks for recovery, reconstruction, and modernization.
The European Commission also praised Ukraine's recent reforms, which allowed it to receive the latest financial tranche, Prime Minister Denys Shmyhal said.
"We expect the EU Council to approve the decision as soon as possible. After that, the total amount of support under the Ukraine Facility for this year will amount to 16.1 billion euros ($17 billion)," Shmyhal added.
In mid-August, Ukraine received 4.2 billion euros ($4.6 billion) as part of the EU's four-year financial support program. Kyiv also received several pre-financing "bridge" tranches under the assistance plan earlier this year.
Ukraine was provided with $42.5 billion in external financing from various donors last year, allowing it to function amid the ongoing war. The International Monetary Fund said Ukraine will need roughly the same sum to support its budget this year.
According to Finance Minister Serhii Marchenko, the current pledges are still not sufficient to cover the country's needs, adding that Ukraine will likely need an additional $12-15 billion in foreign financial support next year.
Oleg Sukhov
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