The European Union flag flown outside of the Houses of Parliament in Central London, on September 22, 2017. The European Council approved giving Ukraine more than $4 billion on Tuesday. File Photo by Will Oliver/EPA-EFE
The European Council approved $4.59 billion in funds to Ukraine to support its “macro-financial stability” Tuesday as Kyiv continues to fight against the current Russian invasion.
The council said in a statement that the funds should be allocated “as soon as possible” because of Ukraine’s “difficult fiscal situation.” Advertisement
Ukraine, which has been trying to qualify to enter the European Union, will be required to make reforms covering its government’s financial management, state-owned enterprises, business environment and demining, the council said.
“Following the European Commission assessment of the payment request submitted by Ukraine on July 9, 2024, the council concluded that Ukraine has satisfactorily fulfilled reform envisaged in the Ukraine Plane,” the council said. “Today’s implementation decision authorizes the first of these payments to take place.”
Russia has conducted a full-scale invasion of Ukraine since February 2022, concentrating on attacking critical civilian infrastructure around the country and announcing an annexation of different provinces.
The council said an economic plan presented by Ukraine, detailed the impact of Russia’s war on the country, its macroeconomic outlook, along with efforts to the reconstruction and modernization its economy. Advertisement
“If all proposed reforms and investments are fully implemented, the estimate is that Ukraine’s GDP could increase by 6.2% by 2027 and by 14.2% by 2040 and could also lead to a reduction of the debt by about 10 percentage points of GDP by 2033,” the council said.
