EU Council to allocate €1.8bn to support Ukraine

The Council of the European Union will allocate €1.8 billion in support for Ukraine. Photo: Reuters

The Council of the European Union has approved the fifth disbursement to Ukraine worth more than €1.8 billion under the Ukraine Facility.

This was reported on the EU Council website.

«Ukraine will receive more than €1.8 billion in funding after the Council decided on the fifth regular tranche of support under the Ukraine Facility», the statement said.

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The press service explained that this amount reflects Ukraine's successful completion of the nine steps required for the approval of the fifth tranche, as well as one outstanding step from the previous, fourth tranche of financial assistance.

«The funding is aimed mainly at strengthening Ukraine's macro-financial stability and supporting the further functioning of its public administration», the EU Council said.

It is noted that disbursements under the Ukraine Facility are closely linked to the Ukraine Plan, which outlines Ukraine's strategy for recovery, reconstruction and modernisation, as well as a timetable for implementing the reforms necessary for EU accession over the coming years.

The Ukraine Facility, which entered into force on 1 March 2024, provides up to €50 billion of stable financing in the form of grants and loans to support Ukraine's recovery, reconstruction and modernisation for the period from 2024 to 2027. Of this amount, up to €32 billion is tentatively earmarked to support the reforms and investments outlined in the Ukraine Plan, with the allocation of funds conditional on the achievement of certain benchmarks.

Earlier, President Volodymyr Zelenskyy said that the European Union had committed itself to providing financial assistance to Ukraine until 2027 and confirmed the political will to use frozen Russian assets for the benefit of Ukraine.