The European Union (EU) has disbursed the first installment of €4.5 billion from its new €50 billion financing instrument to support Ukraine’s budget until the end of 2027. This significant financial aid was announced during the first meeting of the Association Council between the EU and Ukraine in Brussels on Tuesday.
During the meeting, Ukrainian Prime Minister Denys Schmyhal presented a comprehensive plan for reforms and reconstruction efforts in Ukraine, particularly in the face of ongoing aggression from Russia. Ursula von der Leyen, President of the European Commission, emphasized the importance of this financial support for Ukraine’s stability, describing it as crucial for the nation.
Expressing gratitude for the assistance, Prime Minister Schmyhal highlighted the significance of the €50 billion financing mechanism in addressing Ukraine’s urgent needs. He stressed that the EU’s swift action demonstrates its commitment to safeguarding its vital interests amid the ongoing crisis.
EU High Representative Josep Borrell commended Ukraine for its rapid progress towards EU approximation despite the challenging wartime conditions. However, the formal commencement of accession negotiations between Ukraine and the EU is pending, pending unanimous agreement from all 27 EU member states and Ukraine.
The disbursement of the first installment of financial aid underscores the EU’s solidarity with Ukraine and its commitment to supporting the nation’s efforts towards stability and reconstruction.
